Merger and acquisition activity in the entertainment, media and telecommunications industry rose in the second quarter from a year ago, although the value of those deals dropped slightly, according to PwC.
The quarter saw 232 deals, up from 216 deals a year ago but down from the first quarter's 255 deals.
Related: Viacom Pulls Out of Bidding for Scripps Networks
The deals announced in the second quarter were worth $18.8 billion, down from total deal value of $21.3 billion in Q2 2016. In the first quarter, mergers and acquisitions were worth $10.4 billion.
Big deals in Q2 included Sinclair Broadcasting Group’s $3.8 billion bid to acquire Tribune Media, RCN’s $2.4B merger with WaveDivision Holdings and Verizon’s acquisition of Straight Path Communications, worth $2.3 billion.
“Deal activity in 2017 continues to outpace 2016 as market participants look to secure their footing in the digital value chain and position themselves in anticipation of regulatory change,” said Bart Spiegel, partner, media and telecommunications deals.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
