Media companies in the U.S., Canada and Bermuda raised about $6.48 billion through capital offerings in May, marking the second-highest monthly total for the sector in 2021.
The majority of the capital raised during the month came from senior debt offerings, which brought in about $6.05 billion for the media industry in aggregate. Media companies also raised about $428 million from common equity offerings.
Capital markets activity from the sector for the year-to-date peaked in February, when companies raised about $7.01 billion through senior debt offerings and another $202 million through common equity offerings.
A March common stock offering by media conglomerate ViacomCBS Inc. is the sector's largest raise for the year-to-date, bringing in $1.7 billion. ViacomCBS launched the common equity raise alongside a $1 billion preferred stock offering, with the proceeds from both slated to be used for general corporate purposes, including investments in streaming.
Charter Communications Inc. and unit Charter Communications Operating LLC ranked among the sector's most active, raising a total of $5.8 billion through two separate note offerings spread across five tranches. Charter or its units accounted for four of the top 15 largest sector offerings in the year-to-date.
Within the broader media sector, cable and satellite companies raised the most capital year-to-date, with $11.40 billion in aggregate, followed by broadcasting companies with $7.70 billion and advertising companies with $5.90 billion.