Building on the H/Advisors’ proprietary database of M&A transactions, our team analyzed pre-announcement media leaks of U.S. M&A transactions with announced values above $1 billion through the first six months of 2026 to understand the frequency at which deals leak as well as how a leak may affect perception of the transaction among media and digital audiences.
In the first half of the year, we found that:
- Consistent with an overall uptick in deal activity, leaks have become even more prevalent.
- On the sector level, we are seeing a more nuanced picture, with a few notable shifts from last year in both directions.
- Healthcare and Pharmaceutical deals have greatly increased, up 56% from 1H 2025, while fewer such deals leaked to the media on a relative basis.
- Deals for sports, entertainment, and consumer product assets have been nearly impossible to contain, leaking over 80% of the time, well-up from 1H 2025.
In its sixth annual edition, H/Advisors U.S. proprietary research – Active Market, Fewer Secrets: When Deals Spring a Leak Volume VI – provides corporate leaders, Boards of Directors and M&A advisors with key insights and trends on dealmaking and strategic communications.