S&P Dow Jones Indices on Wednesday said it would combine telecommunication and media and entertainment company shares into a single sector in a long-anticipated overhaul of its stock market indexes, including the benchmark S&P 500.

The move reflects “an evolution in the way we communicate and access entertainment content and other information” and the dramatic integration of these industries through a wave of mergers and acquisitions, the index provider said in a statement.

The new sector schematic will take affect in late September 2018 and the names of the large-cap companies whose stocks will be impacted by the change will be announced in January, it said.

Source: Investment Cnbc
S&P to combine telecom, media stocks into one sector