Publicly traded media and telecom companies in the U.S., Canada and Bermuda raised $2.46 billion through capital offerings in March. But, the latest data from S&P Global Market Intelligence data and analysis show a big year-over-year slowdown in capital raising in all categories but one.
That would be Cable and Satellite. And, that’s based on year-to-date data compiled by S&P Global Market Intelligence through April 24.
Cable and Satellite have raised $5.44 billion in capital, compared to $3.5 billion through that date in 2022.
The amount reflects gross proceeds raised by the company in instances where offerings had primary and secondary components, and excludes exchange and shelf offerings.
By category, the jump for Cable and Satellite bests the only other Media and Telecommunications category that enjoyed an uptick in capital — Integrated Telecommunication Services. And, the capital there rose to $3.44 billion from $3.31 billion.
Otherwise, the capital raises from some of media’s key sectors, including Broadcasting and Interactive Media and Services, fell significantly. For Broadcasting, the dollars seen through April 24, 2023 are too small to even make S&P Global Market Intelligence’s data compilation.
That said, Movies and Entertainment, after a huge 2022, is seeing just a fraction of the capital investment enjoyed one year ago.
S&P Global Market Intelligence also looked specifically at March, and that $2.46 billion raised through capital offerings in the U.S., Canada and Bermuda is “a significant decline” from the $11.37 billion raised in February and the $41.62 billion raised in March 2022.
WarnerMedia Holdings Inc. emerged as the top capital raiser in the media and telecom sectors for the month of March, completing a $1.50 billion fixed-income offering on March 6.
Liberty Media Corp. secured the second spot by raising $575.0 million through a fixed-income offering.
