Mergers and acquisitions in the third quarter cooled off somewhat, according to new reports from accounting firm PwC.

The deal activity in the entertainment, media, and communications sectors softened in the third quarter, with deal value down 53 percent to $19.2 billion from the previous quarter and deal volume down 23 percent to 145 deals. The tech sector saw a record $102.5 billion in deals in the third quarter, but the volume of tech deals dropped 26 percent from the prior quarter.

PwC said that deals, joint ventures, and alliance reflected the pursuit of quality content, superior customer experience, complementary distribution channels, consolidation of assets in search of economies of scale, and technology.

The internet and information subsector included four megadeals (those over $1 billion), with the total deal value at $11.9 billion in the quarter. The most significant of those deals was the Verizon acquisition of Yahoo, valued at $4.8 billion. Advertising and marketing led the way in deal volume, and these sectors were the only ones to see volume growth in Q3 versus Q2. All of the other sectors saw declines.

On the tech side, there were 24 deals greater than $1 billion in the quarter. Regardless of the fourth quarter outcome, 2016 will be near the top of the list for technology M&A mega-years, according to PwC.

And the report said the tepid initial public offering (IPO) market showed some further signs of life, with five technology exits during the quarter. Software drove both technology deal volumes and values with total deal value of $45.3 billion in Q3 2016.