New and rapidly changing content distribution and consumption models are driving an unmistakable shift to digital platforms. Only sophisticated, well-capitalized players with the right mix of capabilities will be able to navigate the technology and ecosystem evolution to satisfy growing consumer expectations. However, many communications-sector players will find it increasingly difficult to build these capabilities organically; the investment required could be out of reach for most companies. That’s why M&A will play a major role in keeping communications companies competitive. Where communications companies place their bets and how successfully they execute these deals ultimately could determine their long-term survival.