9 Biggest Billion-Dollar Entertainment and Media Deals in 2017 (Photos)
While all eyes were on AT&T’s $85 billion acquisition of Time Warner, which would change the face of entertainment — and is facing down an antitrust lawsuit from the Justice Department, there were plenty of other megadeals in media, tech and entertainment that kept investment bankers busy in 2017.
Here are some of the biggest deals of the year:
Discovery Communications agrees to buy Scripps Networks Interactive for $11.9 billion
The merger of two cable powerhouses brings together channels including Discovery, Science, Food Network and HGTV – and could give the combined company a stronger position as pay-TV continues to migrate to the internet.
Sinclair Broadcast Group agrees to buy Tribune Media for $3.8 billion
This deal, if approved, would give conservative-leaning Sinclair control of 223 stations in 108 markets, including 39 of the top 50, covering 72 percent of households in the country. And it’s only possible under rule changes implemented by new FCC Chairman Ajit Pai.
Cineworld offers to buy Regal Cinemas for more than $3 billion
After a string of movie theater mergers last year, the sector has quieted down – along with the box office. And while this isn’t a done deal – or even an accepted offer – yet, British chain Cineworld made a late November bid of $23 a share for the U.S.’s No. 2 cinema chain.
Meredith Corp. acquires Time Inc. for $2.8 billion
The magazine megadeal is a sign of changing times in the publishing industry, with the owner of esteemed brands like Time, Fortune and Sports Illustrated selling to the parent of Better Homes and Gardens and Country Life – backed by $650 million from big time conservative donors the Koch brothers.
Verizon acquires Straight Path Communications for $2.3 billion
Straight Path may not be a household name, but it was the subject of a bidding war between AT&T and Verizon. The company is one of the largest owners of millimeter wave spectrum, seen as key to the buildout of 5G networks, which should power much faster mobile internet – better for video – in the near future.
Disney buys the rest of BAMTech for $1.6 billion
The Mouse House jumped into internet TV in a major way in 2017, announcing upcoming Disney and ESPN-branded streaming services and acquiring the rest of streaming tech company BAMTech to power those products.
Entercom buys CBS Radio for $1.5 billion
CBS Radio was intended to be spun off from its broadcast parent in an IPO, but instead it was scooped up by a competitor. The combined company, now the second largest radio business in the country, owns and operates 244 stations in 47 markets.
MGM buys the rest of Epix for $1 billion
The independent studio went all in on the pay-TV business, buying the rest of the premium cable network from Viacom and Lionsgate. And that’s paid immediate dividends, as MGM’s media networks division propelled it to a strong third quarter.
Related stories from TheWrap:
Discovery's Scripps Deal Is All About Streaming TV (Analysis)
Meredith Buys Time Inc. in $2.8 Billion 'All-Cash' Deal
Will Disney-Fox Deal Face Antitrust Challenge From Trump Administration Like AT&T-Time Warner?
