US and Canadian media and telecom companies recorded 85 M&A transactions in June, representing the lowest monthly deal volume year to date, according to S&P Global Market Intelligence data.
The deals had an aggregate value of $727.6 million, a sequential drop from $2.55 billion across 110 transactions in May. The number of deals and their aggregate value in June were also in stark contrast to 156 deals in June 2022 with a total value of $9.73 billion.
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Only two of the 10 largest deals announced in June were in the $100 million range.
The biggest transaction was retail marketing company Neptune Retail Solutions' $505.5 million agreement to acquire Quotient Technology Inc., which is expected to close in the second half of 2023. Neptune's current biggest shareholder, private investment firm Charlesbank Capital Partners LLC, will become the majority investor in the combined entity, according to Dow Jones Newswires.
The Neptune-Quotient deal is the seventh-largest M&A transaction in the media and telecom sector year to date.
ThoughtSpot Inc.'s proposed $200.0 million acquisition of data analytics platform provider Mode Analytics Inc. was the second-largest transaction in June. The cash-and-equity deal is expected to be completed later in 2023.
Endeavor Group Holdings Inc. unit Zuffa LLC's pending $9.78 billion purchase of World Wrestling Entertainment Inc. remains the largest media and telecom deal so far in 2023.
