Report: M&A Deal Activity Slowed During 2019

Merger and acquisition activity in the media and telecommunications business slowed in the fourth quarter, leaving deal making down for all of 2019, according to a new report from consultant PwC.

While deal volumes declined across the board, 2019 has proven to be a transformational year for the Media & Telecom industries. Disney completed its highly anticipated acquisition of 21st Century Fox, AT&T overcame regulatory hurdles to close its acquisition of Time Warner and CBS and Viacom have merged - resulting in a media landscape that closes the year looking very different from where it began 12 months ago.

Highlights:

• Deal volumes declined by 27% in 2019 with 635 announced deals compared to the prior year. Q4 2019 marked a two-year low of 137 deals.
• Announced deal value also declined in 2019, largely driven by 4 mega deals over $5B totaling $40.6B, compared to 5 in 2018 totaling $68.1B. Total announced deal value in 2019 of $91.9B declined by 25% from 2018.
• Advertising & Marketing and Internet & Information continue to dominate deal activity, together comprising 58% of deal volumes in FY 2019.
• Though declining in absolute deal volume, private equity acquirers accounted for 28% of 2019 deals - the highest level seen in recent years.