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BFD Expert Voices - Media Deals

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Zeta Global CEO David Steinberg predicts 2025 will be a big M&A year in the U.S. but is unclear if that will be the case for his company. He dined with Kerry last month for our "1 big meal" interview series.

The big picture: Zeta is a $4.4 billion marketing tech company that agreed to buy LiveIntent in October. Its stock soared 114% to $17.99 in 2024, and that gain includes losing more than a third of its value on the day Culper Research released a short-seller report. Zeta issued a rebuttal.

🗽 The restaurant: Wolfgang's Steakhouse on Park Avenue. Steinberg says the food is "spectacular," the service is "incredibly good," and it's conveniently across from his office.

🐟 What we ate: He ate grilled salmon and drank a Diet Coke. I ate the chicken paillard and drank an iced Americano. We shared a Caesar salad.

This interview was edited for clarity, style and length.

My understanding is the LiveIntent acquisition aligns with your investment in AI and data. What am I missing?

"From a philosophical perspective, we have four pillars to M&A. The biggest of which is the deal's got to be accretive to us the day we do it. No. 2, we have to believe we can fully integrate that company into our tech stack within 12 months."

"No. 3, our clients want to buy their products and vice versa, and No. 4, they bring people, technology, and/or a diverse set of data. And it's no particular order. LiveIntent checked all four."

Any trends of the companies that are exploring sales?

"For a very long time, there was a massive disconnect between what people thought companies were worth and what people were willing to pay. Because prior to COVID, valuations had skyrocketed."

"We're now coming to the point where the disconnect between a buyer and seller is getting smaller, and I think a lot of that is just time and some of it is necessity."

In marketing tech, where do you expect more deal activity?

"Because of the disconnect over the last three years, a lot of businesses that are really products didn't get gobbled up. The best example is standalone [customer data platforms]."

"I think CDP companies, of which there are many, are going to get bought, or they're going to have to start buying other products and services."

🎾 Fun fact: Steinberg played tennis in college and still tries to play at least once or twice a week.

Zeta Global CEO David Steinberg on M&A strategy

The marketing tech company agreed to buy LiveIntent in October.

Photo illustration of David Steinberg in front of a picnic table print background.

David Steinberg. Illustration: Axios Visuals. Photo: Courtesy of Zeta Global

Zeta Global CEO David Steinberg predicts 2025 will be a big M&amp;A year in the U.S. but is unclear if that will be the case for his company. He dined with Kerry last month for our <a class="gtmContentClick" data-vars-link-text="&quot;1 big meal&quot; interview series" data-vars-click-url="https://www.axios.com/pro/media-deals/2024/12/16/build-a-bear-ceo-sharon-price-john" data-vars-content-id="6d59c136-dc14-4298-805c-2bff52ee1ab1" data-vars-headline="Zeta Global CEO David Steinberg on M&amp;A strategy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/media-deals/2024/12/16/build-a-bear-ceo-sharon-price-john" target="_self">&quot;1 big meal&quot; interview series</a>.The big picture: Zeta is a $4.4 billion marketing tech company that <a class="gtmContentClick" data-vars-link-text="agreed to buy LiveIntent" data-vars-click-url="https://www.axios.com/pro/media-deals/2024/10/09/zeta-global-liveintent-acquires" data-vars-content-id="6d59c136-dc14-4298-805c-2bff52ee1ab1" data-vars-headline="Zeta Global CEO David Steinberg on M&amp;A strategy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/media-deals/2024/10/09/zeta-global-liveintent-acquires" target="_self">agreed to buy LiveIntent</a> in October. Its stock soared 114% to $17.99 in 2024, and that gain includes losing more than a third of its value on the day <a class="gtmContentClick" data-vars-link-text="Culper Research" data-vars-click-url="https://img1.wsimg.com/blobby/go/cc91fda7-4669-4d1b-81ce-a0b8d77f25ab/downloads/0819f0d2-64be-46af-8977-6762c6dae944/Culper_ZETA_11-13-24.pdf?ver=1733419998283" data-vars-content-id="6d59c136-dc14-4298-805c-2bff52ee1ab1" data-vars-headline="Zeta Global CEO David Steinberg on M&amp;A strategy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://img1.wsimg.com/blobby/go/cc91fda7-4669-4d1b-81ce-a0b8d77f25ab/downloads/0819f0d2-64be-46af-8977-6762c6dae944/Culper_ZETA_11-13-24.pdf?ver=1733419998283" target="_blank">Culper Research</a> released a short-seller report. Zeta <a class="gtmContentClick" data-vars-link-text="issued a rebuttal" data-vars-click-url="https://s202.q4cdn.com/623583957/files/doc_presentations/2024/Nov/20/Zeta-Global-Corrects-False-and-Misleading-Claims-About-Its-Business.pdf" data-vars-content-id="6d59c136-dc14-4298-805c-2bff52ee1ab1" data-vars-headline="Zeta Global CEO David Steinberg on M&amp;A strategy" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://s202.q4cdn.com/623583957/files/doc_presentations/2024/Nov/20/Zeta-Global-Corrects-False-and-Misleading-Claims-About-Its-Business.pdf" target="_blank">issued a rebuttal</a>.

Zeta Global CEO David Steinberg on M&A strategy

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