<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0122-8285</journal-id>
<journal-title><![CDATA[Palabra Clave]]></journal-title>
<abbrev-journal-title><![CDATA[Palabra Clave]]></abbrev-journal-title>
<issn>0122-8285</issn>
<publisher>
<publisher-name><![CDATA[Universidad de La Sabana]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0122-82852020000100007</article-id>
<article-id pub-id-type="doi">10.5294/pacla.2020.23.1.7</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Growth Strategies of Media Companies: Efficiency Analysis]]></article-title>
<article-title xml:lang="es"><![CDATA[Estrategias de crecimiento de las empresas de medios: análisis de eficiencia]]></article-title>
<article-title xml:lang="pt"><![CDATA[Estratégias de crescimento das empresas de mídia: análise de eficiência]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Medina]]></surname>
<given-names><![CDATA[Mercedes]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sánchez-Tabernero]]></surname>
<given-names><![CDATA[Alfonso]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Larrainzar]]></surname>
<given-names><![CDATA[Arturo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Navarra  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Navarra  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Atresmedia  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2020</year>
</pub-date>
<volume>23</volume>
<numero>1</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0122-82852020000100007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0122-82852020000100007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0122-82852020000100007&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper analyzes the media and entertainment companies&#8217; main strategic options about what to do for growing-internationalization or diversification-and how to do it-organic and inorganic growth-in a context of ever growing competition. We identify correlations between those strategies and three basic pillars of managers&#8217; decision-making process: growth, profitability, and indebtedness. We conclude that mergers and acquisitions can generate rapid growth, but they are expensive in terms of Return on Investment Capital (ROIC) and they usually increase the leverage of the company. Therefore, the inorganic path could not be the best option for companies with difficulties to get access to capital or for very cyclical businesses. In addition, we identify that vertical integration generates a lower ROIC than horizontal integration, and we show how internationalization strategies increase the profitability of audiovisual companies. We analyze the basic indicators of 50 listed companies in the sector that meet three criteria necessary for our study: data transparency, sufficient size of the company, and a certain trajectory that would allow us to study the consequences of the chosen strategies over long periods of time, at least 15 years. We study the firms&#8217; evolution from 2010 to 2016 with metrics from the Thomson Reuters database. In that last year, they accounted for 88 percent of global television revenue.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo analiza las principales opciones estratégicas de las empresas de medios y entretenimiento sobre qué hacer para crecer - internacionalización o diversificación - y cómo hacerlo - crecimiento orgánico e inorgánico - en un contexto de competencia cada vez mayor. Identificamos correlaciones entre dichas estrategias y tres pilares básicos del proceso de toma de decisiones de los gerentes: crecimiento, rentabilidad y endeudamiento. Se concluye que las fusiones y las adquisiciones pueden generar un rápido crecimiento, pero son costosas en términos de Retorno sobre el Capital de Inversión (ROIC) y generalmente aumentan el apalancamiento de la empresa. Por consiguiente, la vía inorgánica no podría ser la mejor opción para las empresas con dificultades para acceder al capital o para negocios muy cíclicos. Adicionalmente, se identifica que la integración vertical genera un ROIC más bajo que la integración horizontal, y se muestra cómo las estrategias de internacionalización aumentan la rentabilidad de las empresas audiovisuales. Se analizan los indicadores básicos de 50 empresas cotizadas en el sector que cumplen con tres criterios necesarios para nuestro estudio: transparencia de datos, tamaño suficiente de la empresa y una cierta trayectoria que nos permitiría estudiar las consecuencias de las estrategias escogidas durante largos períodos de tiempo, al menos 15 años. Se estudia la evolución de las empresas entre los años 2010 y 2016 con métricas de la base de datos de Thomson Reuters. En ese último año, representaron el 88 por ciento de los ingresos mundiales de televisión.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Este artigo analisa as principais opções estratégicas das empresas de mídia e entretenimento sobre o que fazer para crescer - internacionalização ou diversificação - e como fazê-lo - crescimento orgânico e inorgânico - em um contexto de crescente concorrência. Identificam-se correlações entre essas estratégias e três pilares básicos do processo de tomada de decisões dos gerentes: crescimento, rentabilidade e endividamento. Conclui-se que as fusões e as aquisições podem gerar crescimento rápido, mas são caras em termos de Retorno do Investimento (ROIC) e geralmente aumentam a alavancagem da empresa. Portanto, o crescimento inorgânico não poderia ser a melhor opção para empresas com dificuldades de acesso ao capital ou para negócios muito cíclicos. Além disso, identifica-se que a integração vertical gera um ROIC menor que a integração horizontal e mostra-se como as estratégias de internacionalização aumentam o rendimento das empresas audiovisuais. Analisam-se os indicadores básicos de 50 empresas listadas no setor que atendem a três critérios necessários para o nosso estudo: transparência de dados, tamanho suficiente da empresa e uma trajetória que nos permitiria estudar as consequências das estratégias escolhidas por longos períodos de tempo, pelo menos 15 anos. Estuda-se a evolução das empresas entre 2010 e 2016 com métricas do banco de dados Thomson Reuters. Nesse último ano, representaram 88% da receita mundial de televisão.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Communication administration]]></kwd>
<kwd lng="en"><![CDATA[economics of communication]]></kwd>
<kwd lng="en"><![CDATA[merger]]></kwd>
<kwd lng="en"><![CDATA[acquisitions]]></kwd>
<kwd lng="en"><![CDATA[competition]]></kwd>
<kwd lng="en"><![CDATA[international trade]]></kwd>
<kwd lng="en"><![CDATA[digitization]]></kwd>
<kwd lng="es"><![CDATA[Administración de comunicaciones]]></kwd>
<kwd lng="es"><![CDATA[economía de la comunicación]]></kwd>
<kwd lng="es"><![CDATA[fusión]]></kwd>
<kwd lng="es"><![CDATA[adquisiciones]]></kwd>
<kwd lng="es"><![CDATA[competencia]]></kwd>
<kwd lng="es"><![CDATA[comercio internacional]]></kwd>
<kwd lng="es"><![CDATA[digitalización]]></kwd>
<kwd lng="pt"><![CDATA[Administração de comunicações]]></kwd>
<kwd lng="pt"><![CDATA[economia da comunicação]]></kwd>
<kwd lng="pt"><![CDATA[fusão]]></kwd>
<kwd lng="pt"><![CDATA[aquisições]]></kwd>
<kwd lng="pt"><![CDATA[concorrência]]></kwd>
<kwd lng="pt"><![CDATA[comércio internacional]]></kwd>
<kwd lng="pt"><![CDATA[digitalização]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Albarran]]></surname>
<given-names><![CDATA[A. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Dimmick]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Concentration and economics of multiformity in the communication industries]]></article-title>
<source><![CDATA[Journal of Media Economics]]></source>
<year>1996</year>
<volume>9</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>41-50</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aldrich]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Auster]]></surname>
<given-names><![CDATA[E. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Even dwarfs started small: Liabilities of age and size and their strategic implications.]]></article-title>
<source><![CDATA[Research in organizational behavior]]></source>
<year>1986</year>
<numero>8</numero>
<issue>8</issue>
<page-range>165-86</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Allocca]]></surname>
<given-names><![CDATA[M. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Kessler]]></surname>
<given-names><![CDATA[E. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Innovation speed in small and medium&#8208;sized enterprises.]]></article-title>
<source><![CDATA[Creativity and Innovation Management]]></source>
<year>2006</year>
<volume>15</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>279-95</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ansoff]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Strategies for diversification]]></article-title>
<source><![CDATA[Harvard Business Review]]></source>
<year>1957</year>
<volume>35</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>113-24</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Buzzell]]></surname>
<given-names><![CDATA[R. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Gale]]></surname>
<given-names><![CDATA[B. T.]]></given-names>
</name>
<name>
<surname><![CDATA[Sultan]]></surname>
<given-names><![CDATA[R. G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Market share - a key to profitability]]></article-title>
<source><![CDATA[Harvard Business Review]]></source>
<year>1975</year>
<volume>53</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>97-106</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Carayannis]]></surname>
<given-names><![CDATA[E. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Rakhmatullin]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The quadruple/quintuple innovation helixes and smart specialisation strategies for sustainable and inclusive growth in Europe and beyond.]]></article-title>
<source><![CDATA[Journal of the Knowledge Economy]]></source>
<year>2014</year>
<volume>5</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>212-39</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Carman]]></surname>
<given-names><![CDATA[J. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Langeard]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Growth strategies for service firms.]]></article-title>
<source><![CDATA[Strategic Management Journal]]></source>
<year>1980</year>
<volume>1</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>7-22</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Carvajal]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[García Avilés]]></surname>
<given-names><![CDATA[J. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[From newspapers to multimedia groups: Business growth strategies of the regional press in Spain.]]></article-title>
<source><![CDATA[Journalism Practice]]></source>
<year>2008</year>
<volume>2</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>453-62</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Casero-Ripollés]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Izquierdo-Castillo]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Between decline and a new online business model: The case of the Spanish newspaper industry.]]></article-title>
<source><![CDATA[Journal of Media Business Studies]]></source>
<year>2013</year>
<volume>10</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>63-78</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chalaby]]></surname>
<given-names><![CDATA[J. K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Television and globalization: The TV content global value chain.]]></article-title>
<source><![CDATA[Journal of Communication]]></source>
<year>2016</year>
<volume>66</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>35-59</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chalaby]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Hedging against disaster: Risk and mitigation in the media and entertainment industries.]]></article-title>
<source><![CDATA[International Journal of Digital Television]]></source>
<year>2018</year>
<volume>9</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>167-84</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chan-Olmsted]]></surname>
<given-names><![CDATA[S. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Chang]]></surname>
<given-names><![CDATA[B. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Diversification strategy of global media conglomerates: Examining its patterns and determinants.]]></article-title>
<source><![CDATA[The Journal of Media Economics]]></source>
<year>2003</year>
<volume>16</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>213-33</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chon]]></surname>
<given-names><![CDATA[B. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Choi]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Barnett]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Danowski]]></surname>
<given-names><![CDATA[J. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Joo]]></surname>
<given-names><![CDATA[S. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A structural analysis of media convergence: Cross-industry mergers and acquisitions in the information industries.]]></article-title>
<source><![CDATA[Journal of Media Economics]]></source>
<year>2003</year>
<volume>16</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>141-57</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Coad]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Daunfeldt]]></surname>
<given-names><![CDATA[S. O.]]></given-names>
</name>
<name>
<surname><![CDATA[Hölzl]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Johansson]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Nightingale]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[High-growth firms: Introduction to the special section]]></article-title>
<source><![CDATA[Industrial and Corporate Change]]></source>
<year>2014</year>
<volume>23</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>91-112</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cronin Jr.]]></surname>
<given-names><![CDATA[J. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Page Jr.]]></surname>
<given-names><![CDATA[T. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[An examination of the relative impact of growth strategies on profit performance.]]></article-title>
<source><![CDATA[European Journal of Marketing]]></source>
<year>1988</year>
<volume>22</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>57-68</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[D&#8217;Annunzio]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Vertical integration in the TV market: Exclusive provision and program quality.]]></article-title>
<source><![CDATA[International Journal of Industrial Organization]]></source>
<year>2017</year>
<numero>53</numero>
<issue>53</issue>
<page-range>114-44</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Doyle]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Television production: Configuring for sustainability in the digital era.]]></article-title>
<source><![CDATA[Media, Culture &amp; Society]]></source>
<year>2018</year>
<volume>40</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>285-95</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Doyle]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Multi-platform media and the miracle of the loaves and fishes]]></article-title>
<source><![CDATA[Journal of Media Business Studies]]></source>
<year>2015</year>
<volume>12</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>49-65</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Esser]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Challenging US leadership in entertainment industries? The rise and sale of Europe&#8217;s international TV production groups.]]></article-title>
<source><![CDATA[International Journal of Communications]]></source>
<year>2016</year>
<numero>10</numero>
<issue>10</issue>
<page-range>3585-614</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Evens]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Donders]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Mergers and acquisitions in TV broadcasting and distribution: Challenges for Competition, industrial and media policy]]></article-title>
<source><![CDATA[Telematics and Informatics]]></source>
<year>2016</year>
<volume>33</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>674-82</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gutiérrez-Rentería]]></surname>
<given-names><![CDATA[M. E.]]></given-names>
</name>
<name>
<surname><![CDATA[López Hernández]]></surname>
<given-names><![CDATA[C. E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La convergencia digital propicia convergencia entre industrias: principales empresas que participan en el mercado de capitales concentran los mayores ingresos en 2013.]]></article-title>
<source><![CDATA[Revista de Comunicación]]></source>
<year>2014</year>
<numero>13</numero>
<issue>13</issue>
<page-range>144-62</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hendriks]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Communications policy and industrial dynamics in media markets: Toward a theoretical framework for analyzing media industry organization]]></article-title>
<source><![CDATA[Journal of Media Economics]]></source>
<year>1995</year>
<volume>8</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>61-76</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jung]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Chan-Olmsted]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Impacts of media conglomerates&#8217; dual diversification on financial performance]]></article-title>
<source><![CDATA[Journal of Media Economics]]></source>
<year>2005</year>
<volume>18</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>183-202</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kerr]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Slocum]]></surname>
<given-names><![CDATA[J. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Managing corporate culture through reward systems]]></article-title>
<source><![CDATA[The Academy of Management Executive]]></source>
<year>1987</year>
<volume>1</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>99-107</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kolo]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Vogt]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Strategies for growth in the media and communications industry: Does size really matter?]]></article-title>
<source><![CDATA[International Journal on Media Management]]></source>
<year>2003</year>
<volume>5</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>251-61</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Krugman]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Scale economies, product differentiation, and the pattern of trade.]]></article-title>
<source><![CDATA[The American Economic Review]]></source>
<year>1980</year>
<volume>70</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>950-9</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lawler]]></surname>
<given-names><![CDATA[E. E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Rethinking organization size]]></article-title>
<source><![CDATA[Organizational Dynamics]]></source>
<year>1997</year>
<volume>26</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>24-35</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Makidies]]></surname>
<given-names><![CDATA[C. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Williamson]]></surname>
<given-names><![CDATA[P. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Related diversification, core competences and core performance.]]></article-title>
<source><![CDATA[Strategic Management Journal]]></source>
<year>1994</year>
<volume>15</volume>
<numero>^sS2</numero>
<issue>^sS2</issue>
<supplement>S2</supplement>
<page-range>149-65</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Matsusaka]]></surname>
<given-names><![CDATA[J. G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate diversification, value maximization, and organizational capabilities.]]></article-title>
<source><![CDATA[The Journal of Business]]></source>
<year>2001</year>
<volume>74</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>409-31</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Medina]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Sánchez-Tabernero]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Arrese]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Content as products in media markets]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Lowe]]></surname>
<given-names><![CDATA[G. F]]></given-names>
</name>
<name>
<surname><![CDATA[Brown]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Managing media firms and industries. what&#8217;s so special about media management?]]></source>
<year>2016</year>
<page-range>243-61</page-range><publisher-loc><![CDATA[Heidelberg, Germany ]]></publisher-loc>
<publisher-name><![CDATA[Springer-Verlag]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Medina]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Herrero]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Keys to monetize social media in the audiovisual business]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Friedrichsen]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Mühl-Benninghaus]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<source><![CDATA[Handbook of social media management value chain and business models in changing media markets]]></source>
<year>2013</year>
<page-range>311-25</page-range><publisher-loc><![CDATA[Berlin, Germany ]]></publisher-loc>
<publisher-name><![CDATA[Springer]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Noam]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Who owns the world&#8217;s media? Media concentration and ownership around the world.]]></source>
<year>2016</year>
<publisher-loc><![CDATA[Oxford, UK ]]></publisher-loc>
<publisher-name><![CDATA[Oxford University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="">
<collab>Ofcom</collab>
<source><![CDATA[International communications market report]]></source>
<year>2017</year>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Oliver]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dynamic capabilities and superior firm performance in the UK media industry.]]></article-title>
<source><![CDATA[Journal of Media Business Studies]]></source>
<year>2014</year>
<volume>11</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>57-78</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Papadakis]]></surname>
<given-names><![CDATA[V. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Thanos]]></surname>
<given-names><![CDATA[I. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Measuring the performance of acquisitions: An empirical investigation using multiple criteria.]]></article-title>
<source><![CDATA[British Journal of Management]]></source>
<year>2010</year>
<volume>21</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>859-73</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Peltier]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Mergers and acquisitions in the media industries: Where failures really unforseeable?]]></article-title>
<source><![CDATA[Journal of Media Economics]]></source>
<year>2004</year>
<volume>17</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>261-78</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Picard]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Twilight or new dawn of journalism?: Evidence from the changing news ecosystem.]]></article-title>
<source><![CDATA[Journalism Studies]]></source>
<year>2014</year>
<volume>15</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1-11</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="">
<collab>PwC</collab>
<source><![CDATA[Global entertainment and media outlook 2016-2020: A world of differences. PwC.]]></source>
<year>2016</year>
</nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Roos]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[von Krogh]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<source><![CDATA[Managing strategy processes in emergent industries: The case of media firms]]></source>
<year>2016</year>
<publisher-loc><![CDATA[Heidelberg, Germany ]]></publisher-loc>
<publisher-name><![CDATA[Springer]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sánchez-Tabernero]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Carvajal]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Media concentration in the European market. New trends and challenges]]></source>
<year>2002</year>
<publisher-loc><![CDATA[Pamplona, Spain ]]></publisher-loc>
<publisher-name><![CDATA[Servicio de publicaciones de la Universidad de Navarra]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schlesinger]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Doyle]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[From organizational crisis to multi-platform salvation? Creative destruction and the recomposition of news media.]]></article-title>
<source><![CDATA[Journalism]]></source>
<year>2015</year>
<volume>16</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>305-23</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schmalensee]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Economies of scale and barriers to entry.]]></article-title>
<source><![CDATA[Journal of political Economy]]></source>
<year>1981</year>
<volume>89</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1228-38</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Schwartz]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Davis]]></surname>
<given-names><![CDATA[S. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Matching corporate culture and business strategy]]></article-title>
<source><![CDATA[Organizational Dynamics]]></source>
<year>1981</year>
<volume>10</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>30-48</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Stigler]]></surname>
<given-names><![CDATA[G. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The economies of scale]]></article-title>
<source><![CDATA[The Journal of Law and Economics]]></source>
<year>1958</year>
<volume>1</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>54-71</page-range></nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Storper]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The transition to flexible specialisation in the US film industry: external economies, the division of labour, and the crossing of industrial divides.]]></article-title>
<source><![CDATA[Cambridge Journal of Economics]]></source>
<year>1989</year>
<volume>13</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>273-305</page-range></nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Urgellés]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[From attention to engagement in the battle for the audiences.]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Medina]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[Current and emerging issues in the audiovisual industry]]></source>
<year>2017</year>
<page-range>97-117</page-range><publisher-loc><![CDATA[London, UK ]]></publisher-loc>
<publisher-name><![CDATA[ISTE-Wiley]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Van Kranenburg]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Ziggers]]></surname>
<given-names><![CDATA[G. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Mergers and acquisitions and their performance]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Albarran]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Mierzejewska]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Jung]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Handbook of media economics and media management]]></source>
<year>2018</year>
<page-range>201-18</page-range><publisher-loc><![CDATA[New York, NY ]]></publisher-loc>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Verhoeven]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[von Rimscha]]></surname>
<given-names><![CDATA[M. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Krebs]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Siegert]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Sommer]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Identifying paths to audience success of media products: The media decision-makers&#8217; perspective]]></article-title>
<source><![CDATA[International Journal on Media Management]]></source>
<year>2018</year>
<volume>20</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>51-77</page-range></nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wirtz]]></surname>
<given-names><![CDATA[B. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Reconfiguration of value chains in converging media and communications markets.]]></article-title>
<source><![CDATA[Long Range Planning]]></source>
<year>2001</year>
<volume>34</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>489-506</page-range></nlm-citation>
</ref>
<ref id="B50">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wirth]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Bloch]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Industrial organization theory and media industry analysis]]></article-title>
<source><![CDATA[Journal of Media Economics]]></source>
<year>1995</year>
<volume>8</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>15-26</page-range></nlm-citation>
</ref>
<ref id="B51">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yoo]]></surname>
<given-names><![CDATA[C. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Vertical integration and media regulation in the new economy.]]></article-title>
<source><![CDATA[Yale Journal on Regulation]]></source>
<year>2002</year>
<volume>19</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>171-295</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
