New York—Media mergers and acquisitions activity picked up in the third quarter, according to a report released Wednesday by media investment bank DeSilva & Phillips.
There were 29 M&A deals in the quarter, up from 28 in the third quarter of 2003. The total value of the transactions more than doubled to $792 million, from $392 million.
For the first three quarters of this year, the value of deals increased 64% from $920 million (excluding the $1.5 billion recapitalization of American Media) to $1.507 billion.
"There is a very nice view in the rear-view mirror, but we like the view ahead even better," the report said.
Investcorp’s $350 million acquisition of Thomson Media last week is one of several deals that have already brightened the fourth quarter.
"The climate for M&A has dramatically improved and we expect to see a number of high-profile deals consummated in the last quarter [of 2004]," the report said.