Discovery Communications’ pending $14.6 billion purchase of Scripps Networks dominated the dealmaking in the U.S. during the third quarter, but according to a recent study by Mergermarket, global investors are focusing on technology.

According to Mergermarket, The US once again led global Technology, Media & Telecom activity by capturing 43% of market share by value with 892 deals worth $127.9 billion, and claiming the period’s top deal – Discovery Communications’ $14.6 billion acquisition of Scripps Networks Interactive.

Europe was close behind the US with 813 transactions valued at an aggregate $ 47.4 billion, and reflecting a market share by value of 16%.

But globally, according to Mergermarket, deals were down by almost 25% in Q3 to $299.5 billion compared to $391.1 billion during the same period last year. Overall deal count remained more or less steady at 2,370 transactions.

Where Media and Telecom lost ground globally in terms of volume as both sectors struggle to reinvent themselves in a rapidly digitizing world, Tech made up the difference, with such gains likely to continue through the rest of the year, according to Mergermarket.