There’s been a flurry of M&A activity among media brands this year. Vox acquired New York Media, Vice announced its purchase of Refinery 29 and NowThis parent Group Nine has taken over PopSugar. Dealmakers in the space have taken on a different approach in recent years, as opposed to when venture-capital money flooded the sector and valuations soared. The new acquirer largely follows a different playbook that has cash flows and profit front of mind, not simply growth at all costs. Savvy media brands are looking at how they can convince their audiences to hand over money for their content, such as paywalls, creating a membership model or executing intelligent affiliate linking strategies.