Deal volume among U.S. and Canadian media and telecommunications companies declined 25.6% year over year in April to 122 transactions, according to S&P Global Market Intelligence data.

The total M&A deal volume also decreased 11.6% from the 138 deals announced in March.

Twitter Inc.'s agreement with an entity wholly owned by Tesla Inc. CEO Elon Musk to take the social media company private for a gross transaction value of $47.08 billion was the biggest deal announced in the media and telecom sectors in April. It was the only transaction that topped the billion-dollar mark.

Morgan Stanley & Co. LLC, BofA Securities Inc. and Barclays Capital Inc. are advisers to Musk for the transaction, while J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Allen & Co. LLC are advisers to Twitter. The parties did not disclose any adviser fees.

SBA Communications Corp.'s agreement to acquire 358 communication sites and one data center from an undisclosed seller for $177.1 million ranked second for the month. SBA plans to pay for the deal in cash.

As for the third-largest deal of the month, Hasbro Inc. agreed to acquire TPG Capital LP-owned home software entertainment company D&D Beyond for $146.3 million. The parties did not disclose any financial advisers for the transaction.