PwC: U.S. M&A Activity “Resilient” Amid Headwinds

Technological innovation, experiential entertainment and mobile gaming are set to power M&A activity in the U.S. media and telecoms space, according to new research from PwC, which highlighted the sector’s “remarkable resilience” in the first half.

From December through mid-May, transaction value surpassed that recorded during the same period in 2024, PwC said.

Among the factors that will shape dealmaking is tech innovation as AI, data and analytics transform the media and entertainment sector, especially in the advertising space.

“Dealmakers should heed consumer preferences and discretionary spending trends and strategically allocate their capital to harness emerging opportunities in experiential entertainment,” PwC added, highlighting consumer interest in immersive experiences.

Mobile gaming is also a key growth area and transactions to improve efficiencies will also be paramount.

The next six months will see a “dynamic period of M&A,” PwC projects, “propelled by strategic realignments and cross industry acquisitions. The sector also continues to monitor the role of AI, as it’s poised to redefine how creators, publishers and other stakeholders generate and enhance value within their respective domains.”

Bart Spiegel, partner, media and entertainment at PwC US, said: “Media and telecom leaders aren’t waiting on stability—they’re scaling with intent, using tech-forward deals to reimagine growth and stay ahead of disruption and regulation.”

The landscape remains uncertain, PwC notes, with anticipated regulatory reforms under the Trump administration yet to materialize, “while the looming threat of tariffs persists. Consequently, dealmakers have adopted a careful yet strategic approach, poised to seize opportunities as favorable conditions emerge. Over the next six months, the prudent allocation of capital will be paramount, with strategies extending beyond traditional mergers and acquisitions,” PwC said.