The M&A revival is truly a global phenomenon, and it's not just driven by the developed markets like the U.S.. In parts of Europe - Germany and Central and Eastern Europe - there are areas that are not so mature.

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But it would not surprise me. If it did happen it would be pretty much a failure of leadership.

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People are more prepared since then, whether that is media owners with more opportunities or, more importantly, clients who have taken a wiser look at it.

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