Media and telecommunications: US Deals 2026 Outlook

For media and telecommunications mergers & acquisitions, the past six months have been characterized by headline-grabbing megadeals, increased consolidation within streaming, and a pronounced shift toward profitability and scale—underscoring a renewed confidence among both strategic and financial buyers in deploying capital. Sector M&A activity saw a marked uptick in the second half of 2025, driven by more favorable financing conditions, strategic portfolio realignments, and a rejuvenated investor appetite for premium intellectual property. 

• A streaming megadeal is reshaping the industry. Netflix’s announced acquisition of Warner Bros. Discovery, valued at $82.7 billion total enterprise value, marks the largest streaming transaction to date and a defining moment for the sector. Add to that Paramount Skydance’s sweetened offer and as of the date of this report, you have all the ingredients for a protracted battle over one of the most storied studios in Hollywood.
• Gaming is solidifying its place as a core pillar of the entertainment ecosystem.
• Sports valuations are surging across the ecosystem.
• Telecommunications M&A is gaining momentum around network scale and capital efficiency. Operators are pursuing fiber carve-outs, tower divestitures, and regional consolidation to fund 5G and AI-driven upgrades. AT&T’s $5.75 billion acquisition of Lumen’s mass-market fiber business, covering about 1 million existing and 7 million planned locations, exemplifies this trend.