The number of media and telecom deals rose about 28% this year, with 1,014 transactions valued at $469 billion, according to PricewaterhouseCoopers. The figures come as Elon Musk’s pending $44 billion takeover of social media giant Twitter and Microsoft’s upcoming purchase of video game maker Activision Blizzard for $68.7 billion dominated the landscape.

Media deals were more on the internet and software side, according to PwC, although Amazon agreed to purchase movie studio MGM in March for $8.5 billion. In its Mid-Year Deals Outlook report, PwC Deals Partner Bart Spiegel and Technology, Media and Telecommunications Deals Leader Alan Stephen Jones wrote that M&A “activity has recently slowed among some of the major media companies, after a peak driven by content and technology acquisitions to fuel expansion of streaming services.”

But PwC was optimistic that deal growth will continue in the media and telecom sectors, adding that the volume of activity hasn’t slowed despite inflation and rising interest rates. The research giant added that while the pace of deals may slow, a significant amount of cash remains in the system to get deals done. And as always, “businesses are under pressure to transform; the fastest way to do that is through M&A,” PwC said.

According to PwC, private equity players accounted for a big chunk of transactions — increasing to 42% of deals in the past 12 months from 24% in 2018. All in all, private equity deals represented $194 billion of announced deal value, of which 75% were concentrated in the internet and software sectors, PwC said in the report.

Other key drivers include the demand for sports content, as the combination of streaming, ad sales opportunities, sports gambling and other tailwinds have boosted team and league values. PwC also pointed to huge streaming music content deals for legendary musicians like Bob Dylan, Neil Young and Bruce Springsteen, as well as the shift to digital advertising and an emphasis on audience targeting and engagement tracking, as catalysts for deals. ■

Disney/ABC Television Group has named former gaming executive Martin Keely executive vice president of product and technology. He will report to DATG’s president, business operations, Bruce Rosenblum.

Keely will oversee all aspects of Disney/ABC’s digital media strategy and products across platforms and will collaborate with the group’s leadership on existing products and developing new ones. In addition Keely will work closely with affiliates, ad sales, marketing and content teams and will oversee DATG’s digital backbone and infrastructure.

“Martin has a proven track record of building and operating profitable digital businesses, directing creative and technical teams and strategically growing partnerships,” Rosenblum said in a statement. “His mission at Disney|ABC will be to more precisely define and execute plans to monetize both new and existing content, as well as to harness the power of our strong portfolio into a more unified and holistic consumer experience.”

Keely has more than 20 years experience in digital media, most recently serviing as head of Operations for Activision Blizzard’s Major League Gaming, where he was responsible for building and running the company’s esports media networks.

Prior to joining MLG, he served as general manager at Fullscreen Media, a global leader in social entertainment. Before that, he spent 14 years at Major League Baseball Advanced Media (MLBAM), the league’s digital development group, beginning as a producer and rising to the position of senior vice president of Partner Solutions where he was responsible for leading the business’ partnership operations and strategy.

“I am excited to have the opportunity to join the great team at Disney|ABC, especially given their long history of digital innovation and incredibly strong brands,” Keely said in a statement. “There is an unprecedented opportunity for creating new product experiences and driving revenue growth in digital video. I look forward to contributing my knowledge and relationships to further innovate and evolve the business at Disney/ABC.”