The Kyiv Independent diversified its revenue by creating Kyiv Insights, a research unit providing ad-hoc analysis for embassies and investment funds. This strategy transforms their on-the-ground journalistic expertise into a high-margin B2B service, creating a revenue stream independent of audience attention cycles.

Before hunting for acquisitions, the internal business owner (deal sponsor) must write a thesis answering "what problem are we solving?" This prevents reactive M&A driven by inbound opportunities and ensures strategic alignment from the start, separating the "why" from the "who."

Act like an investor with your time by forming hypotheses about which industries are most likely to experience your key compelling events. By predicting where M&A or new market entries will occur (e.g., in telecom), you can proactively focus your territory on high-probability accounts before events are announced.

Instead of paying for leads, buy established, profitable media outlets at low multiples (3-5x EBITDA). These brands, like Flying Magazine, generate profit while also serving as a powerful, trusted top-of-funnel engine for your other data or product businesses.

The pool of potential media buyers extends beyond traditional media. Any business paying a "toll" to Google or Facebook for customers is a strategic acquirer for a media asset that owns a direct audience in its niche. This reframes media M&A as a CAC-reduction strategy for non-media companies like Uber.

Instead of creating everything from scratch, Klue's Compete Network began by aggregating content and partnering with existing thought leaders. They provided the production 'plumbing,' allowing creators to focus on their expertise, which accelerated the network's growth and value.

The acquisition of Weed Week, a one-person newsletter, reveals a smart M&A strategy. The parent company buys brands with excellent core content and audience trust, then leverages its own infrastructure to build a full media stack (events, ads, memberships) around that strong foundation.

The old investment banking model of mass-emailing a deal to many potential buyers is ineffective for media assets. Selling a media company now requires a custom, hands-on process targeting a handful of highly specific, strategic buyers, as the universe of potential acquirers has shrunk and their needs have changed.

A marketing agency acquired its industry's largest trade publication not to become a publisher, but to create a powerful lead generation engine. Owning the trusted media source for his target clients (real estate agents) provided an unmatched top-of-funnel strategy, driving high-quality leads directly to his agency.