There were fewer but bigger deals in the media and telecom business in the second quarter, according to a new report from PwC.
The value of merger and acquisition activity was $44.9 billion in the quarter, up 19% from a year ago. The value was also up from the first quarter, when deals were valued at $37.6 billion
But there were 194 transactions, down 20% from a year ago.
The advertising and marketing and internet and information sectors led deal volume in the first half.
“Blockbuster deals dominate the headlines as consolidation continues to play itself out all across the Media & Telecom landscape. “Key market players are evaluating their position and deciphering their next move in a very dynamic ecosystem while keeping a close eye on how regulators address several pending transactions,” said Bart Spiegel, deals partner, U.S. media and telecommunications, PwC.
There has been a lot of activity in the broadcast sector as consolidation leads to divestitures in order to gain regulatory approval.
The number of announced deals was up 44% from a year ago, with the value of the deal at $5.5 billion.
Over the next 24 months, PwC sees a new wave of convergence leading to new forms of competition; end-user relationships also driving convergence; disruption in revenue streams reinventing business models in media; new battlegrounds being propelled by new technologies; and companies generating trust, partly by complying with regulations.
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