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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. -0.68% 58.83 Delayed Quote.20.11%
BETTER COLLECTIVE A/S 0.49% 204 Delayed Quote.33.99%
DIGITAL MEDIA SOLUTIONS, INC. 2.70% 8.36 Delayed Quote.-30.56%
DJ INDUSTRIAL -0.36% 34930.93 Delayed Quote.14.83%
DRAFTKINGS INC. 3.85% 50.65 Delayed Quote.8.78%
GAMESYS GROUP PLC -0.38% 1836 Delayed Quote.61.67%
GRAY TELEVISION, INC. 1.85% 22.05 Delayed Quote.23.25%
MEREDITH CORPORATION 3.67% 43.25 Delayed Quote.125.26%
MICROSOFT CORPORATION -0.11% 286.22 Delayed Quote.28.68%
SONY GROUP CORPORATION 0.77% 11135 End-of-day quote.8.26%
VERIZON COMMUNICATIONS -0.85% 55.72 Delayed Quote.-4.34%
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