Case Analysis of SPEARHEAD's Cross Border M&A of Germany Smaato

With the improvement of the position of digital marketing in China's media industry, many Chinese media companies have entered the field of online marketing through M&A and other means. This article mainly analyses the case of Beijing SPEARHEAD Integrated Marketing Consulting Group Co., Ltd.'s cross-border merger and acquisition of German Smaato. First, it gives an overview of the Chinese media industry and the companies on both sides. Second, it analyses the preliminary preparations for the merger and acquisition, and analyses the merger and acquisition process. Finally, it selects typical media companies such as Blue Cursor as comparable companies to compare with SPEARHEAD to analyse the reasons for the failure of the merger.