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Communications Services Up Amid Deal Activity -- Communications Services Roundup

05/03/2021 | 03:08pm EDT

Communications services companies rose amid deal activity.

Verizon Communications shares rose after investment firms Apollo Global Management agreed to pay about $5 billion to acquire Yahoo and AOL from the wireless-telephone carrier company, a move that Wall Street analysts applauded as a necessary exit from digital media businesses whose value Verizon had already written down sharply.

Magazine publisher Meredith agreed to sell its broadcast-television business to local-television rival Gray Television. Meredith said Gray agreed to purchase its business that owns or operates 17 television stations for $2.7 billion in cash, giving Gray more access to some of the largest metropolitan markets.

Amazon.com will take over exclusive video rights for "Thursday Night Football" starting in the 2022-23 season, a year earlier than anticipated, the company and the National Football League said. Meanwhile, deals continued to surface in the Denmark-based Better Collective, which offers tools and media content to help subscribers place more-informed bets, agreed to purchase rival Action Network for $240 million. Last week, DraftKings, a digital entertainment and gaming company, purchased rights to a popular podcast by former ESPN host Dan Le Batard for $50 million. Also in April, gambling company Bally's announced a $2.7 billion merger with online-gaming company Gamesys Group.

Electronics giant Sony Group struck a deal with the online chat startup Discord, which is particularly popular with gamers, a development that came shortly after reports that Discord had halted talks to sell itself to potential suitors including Microsoft.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

05-03-21 1708ET

Stocks mentioned in the article
ChangeLast1st jan.
APOLLO GLOBAL MANAGEMENT, INC. -1.81% 57.37 Delayed Quote.17.13%
BETTER COLLECTIVE A/S 1.96% 202.5 Delayed Quote.33.66%
DIGITAL MEDIA SOLUTIONS, INC. -4.87% 9.76 Delayed Quote.-18.94%
DJ INDUSTRIAL -1.58% 33290.08 Delayed Quote.10.51%
DRAFTKINGS INC. -2.32% 48.06 Delayed Quote.3.22%
GAMESYS GROUP PLC -0.11% 1851 Delayed Quote.62.37%
GRAY TELEVISION, INC. -3.42% 22.32 Delayed Quote.24.76%
MEREDITH CORPORATION -1.75% 40.31 Delayed Quote.109.95%
MICROSOFT CORPORATION -0.56% 259.43 Delayed Quote.17.30%
SONY GROUP CORPORATION 0.48% 10500 End-of-day quote.2.09%
VERIZON COMMUNICATIONS INC. -1.26% 55.82 Delayed Quote.-3.78%
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