M&A deal volume among U.S. and Canadian media and telecommunications companies fell 16.4% year over year in February even though the sector saw three deals that crossed the billion-dollar mark during the month.

S&P Global Market Intelligence counted 102 sector deal announcements with disclosed transaction values in February, compared to 109 in January. By comparison, the sector saw 122 deal announcements in February 2020.

Video game publisher Electronic Arts Inc.'s $2.2 billion offer to buy mobile games Glu Mobile Inc. marked the largest sector deal announced in February. 451 Research, an offering of S&P Global Market Intelligence, noted that the bid for Glu marks the second 10-figure deal ever for Electronic Arts, coming just a couple months after the company's first. In December 2020, EA struck a $1.2 billion deal to acquire Codemasters Group Holdings PLC.

The Glu Mobile deal is significant, according to 451, because it "corrects a flaw," moving the console-game maker into mobile games.

Taking EA's two acquisitions together, 451 said, "Both of EA's $1bn-plus purchases aim to grow the business at a time when more people are stuck at home and playing games."

The EA/Glu deal is expected to close in the quarter ending June 30, with Glu Mobile's team of almost 800 staff due to join Electronic Arts after deal completion.

The second-largest deal was independent sell-side advertising platform Magnite Inc.'s $1.17 billion agreement to purchase online video advertising platform developer SpotX Inc. from RTL Group SA. Magnite expects the deal to be completed in the second quarter, with both companies anticipated to operate independently until deal closure.

Sinch AB's agreement to acquire Inteliquent Inc. for $1.1 billion was No. 3 on the list.