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The slowdown of deal activity in the media and telecommunications sector continued through the second half of 2023, with an uptick in deal value primarily driven by the $27 billion stock merger between DISH Network Corporation and EchoStar Corporation. Without this transaction, deal values would have been $68 billion — commensurate with the first half of 2023.
As the Writers Guild of America (WGA) and Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) strikes have officially concluded, we expect to see upward momentum in the sector and an increase in transformational deals and creative deal structures. Looking ahead to 2024, dealmakers will continue to be resilient during economic and regulatory uncertainty.
Note: The primary M&A data source used in the year-end outlook is S&P Capital IQ. This is a change from our past outlook reports.
“Despite continued financing challenges and regulatory pressure, we nonetheless expect an uptick in 2024 M&A as market players have spent the last several months re-evaluating their portfolios and are committed to seeking strategic partnerships that can drive growth — all with a consumer-centric focus on finding new and innovative ways to engage with their customers.”