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Goldman Sachs leads media debt advisers YTD

Editor's note: S&P Global Market Intelligence has reclassified industries according to the Global Industry Classification Standard. The league table data dispatch articles are now based on the new industry classification and are not comparable with 2017 and prior league table data dispatch articles.

Goldman Sachs & Co. LLC was the top adviser on debt offerings in the media sector for the first nine months of the year, with a total of about $2.91 billion in deal credit from eight offerings, according to data compiled by S&P Global Market Intelligence.

The investment bank served as an underwriter on four offerings by Charter Communications Inc. subsidiaries Charter Communications Operating LLC and Charter Communications Operating Capital Corp., as well as a $1.9 billion debt offering by Netflix Inc., during the second quarter. Earlier in the year, Goldman Sachs acted as a book manager on a $1.05 billion debt offering from Suddenlink Communications, a $1 billion offering from CSC Holdings LLC and a smaller offering from WMG Acquisition Corp.

Debt was the most popular offering type for the media sector in the year-to-date as of Sept. 30. Media companies issued 57 total debt offerings during the period, with an aggregate value of $21.65 billion and an average size of $379.8 million, according to S&P Global Market Intelligence data.

RBC Capital Markets LLC came in second among media debt advisers, with about $1.66 billion in deal credit from eight offerings, including three large offerings from Comcast Corp. and a $1.4 billion offering from Meredith Corp. that the company used in part to pay for its acquisition of Time Inc.

Deutsche Bank Securities Inc. was at No. 3 on the media debt adviser ranking with about $1.61 billion in deal credit from six offerings, including the Netflix and Charter offerings on which Goldman Sachs also advised.

Morgan Stanley was the top common equity adviser among media companies during the measured period, with $94.7 million in deal credit from its work as a book manager on two offerings, both of which completed during the second quarter: one by Pandora Media Inc. and one by New Media Investment Group Inc.

Common equity was the sector's second most popular offering type. S&P Global Market Intelligence counted 83 common equity offerings from the media sector with an aggregate value of $1.16 billion and an average size of $13.9 million during the first nine months of the year.

Credit Suisse (USA) Inc. came in second among media common equity advisers with $49.5 million in deal credit for its work on the New Media Investment Group; Guggenheim Securities LLC was at No. 3 with $23.5 million in deal credit from an offering by Beasley Broadcast Group Inc.

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