Media & Marketing transaction volume declined six percent over the past three months, from 465 to 437. Deal value decreased 12 percent, from $43.5 billion to $38.3 billion. The top ten largest transactions accounted for 72 percent of the industry’s total value in Q1 2016, compared to 46 percent in Q1 2015.

The industry’s largest deal in Q1 2016 was IHS’ announced merger with Markit Group, a global provider of financial information services, for $11 billion. In addition to Markit, IHS acquired Oil Price Information Services, a comprehensive source for petroleum pricing and news information, for $650 million.

Total volume in the B2B Publishing and Information segment remained about constant during the past quarter but gained 38 percent relative to Q1 2015. Three of the industry’s top ten largest transactions thus far in 2016 occurred in the B2B segment. Along with Markit Group and Oil Price Information Services, which were acquired by IHS, this consisted of IBM Watson Health’s announced acquisition of Truven Health Analytics, a provider of healthcare data, analytics and insights, for $3.6 billion.

The Marketing segment experienced a 15 percent increase in volume on a quarter-to-quarter basis. Marketing transactions represented 41 percent of the industry’s aggregate volume in Q1 2016, as opposed to 33 percent in Q4 2015. The largest Marketing deal year-to-date was Lamar Advertising’s acquisition of Clear Channel Outdoor Holdings’ out-of-home assets in five U.S. markets for $459 million.

As for other selected markets covered in the report, M&A activity in the Internet Media segment improved four percent in Q1 2016. Meanwhile, deal volume in the Consumer Publishing segment fell 51 percent. This followed a 29 percent rise in Q4 2015.