On September 28, S&P Dow Jones Indices and GICS will create a new sector for tech, media, and telecoms companies. "The lines among media, communications, and content are blurred," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said. "It is time to acknowledge this convergence and the overlapping services these companies provide."
It will only have 60 components, making it the eighth-largest by this metric. However, those components will include some of the biggest stocks on the market. Walt Disney Co., Netflix, Facebook, Alphabet, Comcast Corp., AT&T, Verizon, CenturyLink and others, such as 21st Century Fox, TripAdvisor and Electronic Arts.
“The last several years have seen an evolution in the mode in which people communicate and access entertainment content and other information,” S&P Global says. “This evolution is a result of the integration between telecommunications, media, and internet companies.”