PwC: Mixed Picture for M&A in First Quarter

More deals but lower dollar volume

Despite an uncertain regulatory environment, the number of deals done involving companies in the entertainment, media and communications business rose in the first quarter, according to PwC.

PwC found there were 256 deals, from 194 in the fourth quarter of 2016 and 183 in the first quarter of 2016.

However, the dollar value of those deals lagged. The first-quarter deals were worth $10.4 billion, down from $125.9 billion in the fourth quarter and flat with a year ago.

“Given the high volume of deals to kick off 2017, we remain optimistic that the uncertainties in the market present more tailwinds than headwinds for deals,” PwC said in its report.

Among the big deals was CBS’ proposed merger of its radio division with Entercom, valued at $1.5 billion.

PwC counted nine broadcasting deals worth $1.7 billion and two cable deals totaling $735 million.

(Photo via 401(K) 2012's FlickrImage taken on Feb. 21, 2017 and used per Creative Commons 2.0 license. The photo was cropped to fit 9x16 aspect ratio.)