Key M&A Insights and Public Market Trends
M&A activity across the Digital Media and Marketing Technology landscape remained relatively steady in Q3 2026, with 101 transactions, down one from Q2 and (8%) year-over-year. Strategic acquirers continued to drive activity, accounting for 73% of transactions during the quarter, up from 66% in Q3 2025.
Public market performance was mixed in Q3 2026, with the LUMA.A Index declining (6%), while the LUMA.M Index rebounded +24% during the quarter. Despite divergent market performance, Q2 2026 earnings across Ad Tech and MarTech were generally positive, with most companies meeting or exceeding consensus revenue and EBITDA expectations.
Looking Ahead:
We expect buyers to remain focused on differentiated, strategically valuable capabilities across each subsector: proprietary data, advanced measurement and AI-driven solutions in Ad Tech; AI-powered customer intelligence, personalization and automation in MarTech; and scaled, highly engaged audiences with strategic value in Digital Content.
Q3 M&A Activity Highlights:
- Total Q3 2026 deal volume declined (8%) YoY, and (1%) sequentially
- Ad Tech M&A: declined (9%) YoY, and (9%) QoQ
- MarTech M&A: declined (6%) YoY, but increased +5% QoQ
- Notable Transactions:
• Nielsen’s ~$2.2bn acquisition of DoubleVerify
• Citi’s acquisition of Kard
• Salesforce’s $2.0bn acquisition of Listen Labs
• Sky’s $2.1bn acquisition of ITV’s Media & Entertainment business
• Hearst’s $1.2bn acquisition of Disney’s remaining 50% stake in A+E Global Media
Public Markets & LUMA Indices Highlights (Market Data as of 9/30/2026)
- LUMA.A: Declined (6%) in Q3. Zeta led performance, gaining +60%, followed by Unity and PubMatic, each up +43%. AppLovin and Cardlytics were the weakest performers, declining (44%) and (35%), respectively.
- LUMA.M: Gained +24% in Q3. Amplitude led with an +81% gain, followed by Appier +79%, Zeta +60%, and Wix +59%. Comscore was the weakest performer, declining (37%).
Download the full report for detailed insights on Ad Tech, MarTech, and Digital Content, including the following:
- Quarterly deal activity and sector trends
- Public market performance and earnings highlights
- Public valuation and operational benchmarking
- Private financing trends and investor activity