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My Profile Holiday Gift Guide Gift ideas & reviews for this holiday season Start Browsing You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Holiday Gift Guide Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures You Witness The Great Debate Blogs Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters You Witness News Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Media execs see deal opportunities in downturn Fri Dec 5, 2008 6:58pm EST Email | Print | Share | Reprints | Single Page [-] Text [+] By Anupreeta Das NEW YORK (Reuters) - The media and technology sector, which has seen a spate of failed merger attempts in 2008, should brace for more aggressive dealmaking next year spurred by bargain-basement valuations. Top executives at the Reuters Media Summit in New York this week said they saw increased opportunities for the strong to buy the weak, as the recession causes share prices to tumble further. And with tight credit markets making it tough for many companies to borrow money for acquisitions, executives expect more creative deals, such as share swaps between distressed companies without a lot of cash. IAC/InterActiveCorp Chief Executive Barry Diller said he was building a $2.2 billion stockpile of cash and could swoop in on a "cascade of acquisition opportunities" in the media and entertainment sectors. "I don't think now is the time to buy frankly anything unless you desperately need it," Diller said, noting that valuations will only get lower in coming months as the economy worsens. Chris DeWolfe, co-founder and CEO of MySpace, the social networking site owned by News Corp, was equally aggressive, pointing out that start-ups valued at between $200 million and $300 million just six months ago are now willing to sell themselves for as little as a tenth of that value. With venture capital funding for start-ups expected to trickle off if the economy worsens, DeWolfe expects valuations to get even cheaper, creating more deal opportunities. Such comments were echoed by many executives, from No.2 U.S. cable company Time Warner Cable Inc's Chief Financial Officer Robert Marcus to leading cinema chain Regal Entertainment Group's CEO Mike Campbell. But they also said the low valuations would make target companies reluctant to sell unless they had to, and frozen lending markets also makes financing for deals tough. CREATIVE DEALS Take Two Interactive Software Inc CEO Strauss Zelnick, who turned down a takeover bid from larger video game publisher Electronic Arts Inc this year, said he expects more innovative dealmaking ahead. "What you may see are stock-for-stock transactions, where people say, 'we don't really care about the stock value because the relevant fundamentals look attractive and there are synergies," he said. Depressed stock prices also provide large, diversified media conglomerates the opportunity to make strategic buys of high-growth companies such as video game publishers or digital media providers, Zelnick said. Media conglomerates, which typically trade at low price-to-earnings multiples, have sometimes shied away from buying smaller companies that trade at higher multiples for fear that the resulting dilution would anger shareholders, especially if a deal doesn't immediately add to earnings. But the topsy-turvy market frees companies from these constraints and smart buyers could easily use the opportunity to do deals to boost their assets, Zelnick said. Continued... View article on single page Share: Del.icio.us Digg Mixx My Web Facebook LinkedIn Next Article: Rent your way out of the credit crunch online Also on Reuters Jobless numbers spell hard times for unemployed Tips are falling victim to financial crisis Blog: Blog: Ask Adam Sandler a "Bedtime Stories" question Video Diller: hoard cash. Play Video More Video... Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video Recommended Canadian PM wins suspension of Parliament | Video Destructive Koobface virus turns up on Facebook U.S. military sets high-stakes missile-shield test U.S. job losses worst since 1974 as downturn deepens "Koobface" virus turns up on Facebook Auto aid still uncertain, job losses feared | Video Minn. 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