The S&P 500 Media Index has surged 17% since Nov. 8, while short interest on an ETF tracking the stocks sits at the lowest in more than a year.
The firm sold 100% of ownership interests in its asset management and family office units.
The insurer pays $4.7 billion, aiming to cut costs, improve earnings and attract new clients.
A surge in M&A is expected as a result of President Trumps plan to cut taxes on companies offshore earnings from the current 35% to 10%, experts say.
Following a year of slowed deal activity, a PwC report addresses the added challenges managers face amid the developing economic, tax and regulatory agenda of the new administration.