Media, telecom capital markets activity plummets in June

Publicly traded media and telecom companies in North America collectively raised $868.0 million through capital offerings in June, according to S&P Global Market Intelligence data.

Debt offerings comprised $803.0 million of the total capital raised in June. The remaining $65.0 million came from common equity offerings.

The total represents a significant decline from the revised $26.51 billion raised in May and the $1.33 billion raised in June 2022.

Cox Communications Inc.'s $500.0 million fixed-income offering on June 20 was the biggest offering in the media and telecom sector during the month. Another notable transaction was Sphere Entertainment Co.'s $187.2 million follow-on equity offering that was completed June 23.

In the first half of 2023, T-Mobile US Inc. and its T-Mobile USA Inc. unit led media and telecom companies in capital markets activity, securing a combined $10.85 billion through a series of debt offerings in February and May. The gross offering amount for these ranged from $750.0 million to $1.35 billion.

–Read through a preview of the US infotech sector's M&A activity in June – Run a custom screen of capital offerings by industry or geography on our Transactions Statistics page.

Year to date, cable and satellite companies raised the highest amount of capital among the media and telecom subsectors with $11.94 billion. Integrated telecommunications companies ranked next with $11.60 billion.