Media and telecom deal activity slightly improved in August after two successive months of decline, although the total number of transactions remained low compared with the same month in 2021.

Deal volume among U.S. and Canadian media and telecom companies declined 33.2% year over year to 137 transactions against 205 deals struck in August 2021, according to S&P Global Market Intelligence data.

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The total M&A deal volume increased by about 3.8% from 132 transactions in July.

The sector recorded its first deal valued at over $1 billion since June with T-Mobile US Inc.'s agreements to acquire 600 MHz spectrum licenses from Channel 51 LLC for $1.90 billion and LB Spectrum Holdings LLC for $1.60 billion. T-Mobile unit T-Mobile License LLC is purchasing the bandwidth.

Meanwhile, Verizon Communications Inc. unit Cellco Partnership Inc. agreed to acquire the remaining minority limited interests in five wireless partnerships from Consolidated Communications Holdings Inc. for $490 million. The parties did not disclose any financial advisers for the deal.