Media sector's capital markets activity jumps in November

After raising less than $1 billion in October, capital market activity in publicly traded media companies in the U.S., Canada and Bermuda bounced back in November, bringing in about $5.82 billion.

The sector raised roughly $5.79 billion in debt offerings and $30 million in common equity offerings in the month, compared to aggregate raises of $848.3 million across offering types in October.

DISH Network Corp. unit DISH DBS Corp. raised the most amount in November, with an offering of $2.75 billion of its 5.25% senior secured notes due 2026 and $2.5 billion of its 5.75% senior secured notes due 2028. The net proceeds from the offering were used to make an intercompany loan to DISH Network to finance the potential purchase of wireless spectrum licenses and for general corporate purposes, including the buildout of wireless infrastructure.

Technology solutions company NextPlay Technologies Inc. was the only company in the sector that raised capital via an equity offering in November. The company sold about $30 million of its common shares and warrants to purchase common shares in a registered direct offering. The company said net proceeds will be used for debt repayments, working capital and general corporate purposes.

Most of the media sector's capital raising activity occurred earlier in the year. Three August debt offerings by Comcast Corp. ranked as the sector's largest individual raises for the year-to-date, bringing in $6 billion, $5 billion and $4 billion, respectively. Comcast also raised the most capital overall for the year-to-date, with $17.07 billion in aggregate, including exchanges of several series of notes.

With respect to equity offerings, media conglomerate ViacomCBS Inc. raised the most with a common stock offering of $1.7 billion as well as a $1 billion preferred stock offering.

Within the broader media sector, cable and satellite companies raised the most capital year-to-date, with $40.85 billion in aggregate, followed by broadcasting companies, with $12.30 billion.