Paramount Skydance leads the current momentum, with shares climbing after the studio offered concessions to European Union watchdogs. The move aims to clear the way for an $81 billion acquisition of Warner Bros Discovery, a deal that would reshape the media landscape if it successfully clears regulatory hurdles.

Elsewhere, the sector shows signs of volatility. Cell-phone carriers are moving in different directions, caught between internal growth strategies and the looming threat of a partnership between Charter Communications and SpaceX. Meanwhile, the consolidation trend hit a roadblock: Getty Images is terminating its merger with Shutterstock. The collapse follows a U.K. regulator’s ultimatum requiring Shutterstock to divest its editorial business, a condition the company found untenable for the deal to proceed.