Why is Media & Communications Investment Banking still strong?

I'm trying to better understand the Media & Communications sector[Not discususing Technology here]. While these groups are typically part of TMT (Technology, Media & Telecommunications), I've noticed many banks have separated them into distinct coverage areas.

From what I understand, these groups traditionally cover media companies, communications businesses, and telecom operators. Some firms also include entertainment companies in their coverage, though I've noticed that several banks have established separate Sports & Entertainment groups as well.

However, this raises some questions for me:

1. Given that many traditional media and telecom companies are facing declining revenues or shrinking market sizes, what's driving the strong deal flow in this sector?

2. While consolidation might explain some of the activity, I'm curious about other factors maintaining the sector's strength.

3. Given the typically large size of these companies, I would expect less interest from traditional PE firms, especially larger funds. While there might be more consolidation opportunities in the lower and middle market, this doesn't seem to fully explain the sector's prominence.

4. I understand that telecom and media companies tend to raise significant amounts of equity and debt capital, and given their size, these are typically large deals. However, wouldn't the number of these transactions be relatively limited since there are only so many major players in the space?

Am I missing something about what makes this sector attractive? Would appreciate insights from those familiar with the industry.