David Elms, head of the media sector at KPMG UK, reacts to the Brexit outcome in the EU referendum. He said:
“The implications for the media industry are potentially significant and profound. Not only from a purely economic and financing standpoint, where businesses will need to weave their way through complex terms of trade, but in the practicalities of managing a diverse and multi-national workforce. Against this background, it is important that the media sector does not stumble or stand still. Taking a calm and measured approach will allow the sector to recalibrate to a new business environment.
“We are in an enviable position where our creative industries are very strong and contribute enormous value. While clearly there will be challenges ahead, there will also be opportunities. It’s simply too early to tell how everything will pan out, but taking a considered approach will go a long way to securing the continued and sustained growth of the media sector."
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Notes to Editors:
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.