Deal value for media M&A took a huge hit in the third quarter, down nearly 70%, according to a report released Wednesday by media investment bank The Jordan, Edmiston Group. It’s little wonder deal value is down so significantly, what with the credit crisis and an incipient pullback in advertising spending. Still, it’s the billion-dollar-plus leveraged transactions that are largely on hold, according to Jordan, Edmiston. Strategic buyers, which completed nearly 85% of transactions so far in 2008, continue to focus on smaller opportunities that offer complementary revenue and products and new management talent, the report said. The total number of M&A transactions announced through the third quarter is just shy of the total number of deals for the same period in 2007. Among the 11 media sectors tracked by Jordan, Edmiston, newsletter publishing was the only one to have percentage gains in both deal value and the number of deals.