Media represents the dissemination of news, entertainment, education and other data through a range of communication channels – from publishing in books, magazines and newspapers to broadcasting by film, TV and radio, to advertising through mail, billboards and online. Despite the diverse range of businesses included under the ‘media’ umbrella, companies in this sector are linked by the same issues, challenges and risks – the move to digital, the fast pace of technological change, attracting and retaining creative talent being just a few.
Financial audit – with a current client portfolio including one of the largest publishers in the UK and the fourth largest communications agency in the world, we have the experience and expertise required to audit companies across the media sector. Our sector knowledge enables us to focus on key risk areas such as revenue recognition and the carrying value of brands, intangibles and goodwill. As such we are able to provide a tailored risk based approach, maximising efficiency and adding value through the audit process.
Financial reporting advisory – our experienced team helps companies interpret and apply International Financial Reporting Standards, UK GAAP and US GAAP, and provides accounting advice on a range of projects. Particularly relevant for companies in the media sector, this includes accounting for business combinations and intangible asset valuations under IFRS3, and valuation of share option schemes, often used to incentivise employees in the creative environment.
Licensing and royalty services – licensing of content is particularly prevalent in the media world, and sale of rights and licenses to companies around the world is a major driver of revenue for many media players. But how can companies be confident that the revenue reported from licensees is accurate? Mazars provides help to media companies in this area by advising on their licensing strategy, performing royalty audits and carrying out investigative assignments where breaches have occurred. Our international reach means that we can perform these assignments on a global scale – leading to efficiency and a streamlined approach for our clients.
Tax planning and compliance – tax planning is particularly important in the rapidly changing media sector. Mazars provides a full range of tax services for every stage of a company’s life cycle from advice on acquisitions, disposals and restructuring to international tax planning for global businesses. Our specialist employment tax team helps companies to reward and retain talent through tax efficient remuneration planning, an area of high importance in the creative sector.
Transaction services and corporate finance – in a dynamic and evolving sector, acquisitions, divestments, capital raising and restructuring are taking place every day. Mazars helps media companies undertake these transactions by providing pre-deal due diligence, post deal transformation and acting as reporting accountants for IPOs and capital raising. Our recent experience in the sector includes fund raising for a new holographic 3D TV, and financial due diligence for a significant acquisition in the publishing sector.
Business performance improvement – in times of change, companies need to adapt their systems and processes quickly to seize opportunities and to address new challenges effectively. Whether you are looking at ways to reduce costs in a challenging environment, or for improvements to your processes and management information, Mazars can provide the expertise that you need.
Mazars Global Media Barometer: GDPR and e-Privacy
Mazars annual barometer provides an overview of the trends and challenges impacting the media sector, based on risk factors disclosed in the annual reports of the 100 largest publicly-listed media companies in Europe and North America.