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.
Read more at broadcastingcable.com.
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