Content destinations and content management software companies each represented 4% of the Internet M&A activity last year, according to Webmergers. Most of the activity was in infrastructure, consulting, and access businesses.

Buyers last year acquired 1,087 Internet-related properties for total spending of $23.3 billion, 15% fewer companies for 70% less money. In 2001, acquirers bought 1,283 Internet-related companies for a total deal value of $78 billion.

Top 10 Internet Categories – 2002

Sector % of 2002 spending
Ecommerce destinations 16%
E-business enablement 14%
E-business payments 10%
Internet equipment 9%
Internet security 6%
Outsourced business services 5%
Internet systems integration 5%
Enterprise applications 4%
Content management 4%
Content destinations 4%

Source: Webmergers Database

Apparently, even the bottom-feeders aren’t interested in the content business. At least not yet.