North American media and telecom companies struck 96 M&A transactions in February worth close to $160.0 million in aggregate transaction value, according to S&P Global Market Intelligence data.

This is the sector's weakest showing in M&A activity since January 2023, when there were 142 deals with an aggregate value of $65.7 million. It also represents a sequential drop from the $1.84 billion generated from 98 transactions in January.

Online media company BuzzFeed Inc., through BuzzFeed Media Enterprises Inc., completed the sale of its Complex Networks business to e-commerce company Commerce Media Holdings LLC (NTWRK) on Feb. 21 for $114.3 million, making it the biggest media and telecom deal in February.

Reports on the sale of global youth entertainment company Complex Networks, or Complex Media Inc., began surfacing as early as June 2023. The transaction's closing price is less than half the approximately $300.0 million BuzzFeed paid in 2021 to acquire Complex Networks from former owners Hearst Corp. and Verizon Communications Inc.

UBS Investment Bank was a financial adviser to BuzzFeed on the Complex Networks sale as BuzzFeed and its industry peers struggled to survive amid a volatile ad market and a decline in online traffic.

– Learn more about the sale of BuzzFeed's Complex Networks business on S&P Capital IQ. – Run a custom screen of M&A by industry or geography on our Transactions Statistics page.

The second-biggest transaction was Llorente & Cuenca SA's acquisition of an initial 70% stake in Michigan-based strategic communications firm Lambert & Co. for $18.2 million. The deal price is based on Lambert's EBITDA performance in the next two years.

The acquisition is the largest for Spain-based Llorente & Cuenca, which is investing to expand in key markets globally. The communication, digital marketing and public affairs consultancy firm expects to triple its size in the US following the transaction.

Five of the month's top 10 transactions involved the purchase of radio stations, led by Saga Communications Inc.'s $5.3 million purchase of the assets of radio stations WKOA, WKHY, WASK, WXXB and WASK and FM translator station W269DJ from Neuhoff Communications. Kalil & Co. Inc. was the exclusive broker for the deal, which is subject to Federal Communications Commission approval.

World Wrestling Entertainment LLC's $9.77 billion sale to Endeavor Group Holdings Inc.-owned Zuffa LLC remained the sector's biggest transaction over the past 12 months. The deal resulted in a new publicly listed entity, TKO Group Holdings Inc.

The second-largest transaction overall was Walt Disney Co.'s $8.61 billion purchase of Comcast Corp.'s 33% stake in streaming platform Hulu LLC.