I specialised in M&E so can answer this with some confidence. You are right in that there is generally less coverage from the big strategy houses within M&E with most focussed more on the Telco side.
My observations on why this was the case was that
- M&E corporates preferred to keep strategy work in-house instead of farming out - they would RFP out more tactical pieces around go-to-market such as pricing, M&A screening, tech transformation
- The top studios, producers, broadcasters, and content creators had strong in-house strategy teams to rely on e.g. Disney SPG, NBC Strategy, BBC strategy - often poached from the consultancies
- Geographic coverage played a part with the big conglomerates keeping strategic work close to base i.e. West Coast - and the regions acting almost as satellite offices - this meant the work shipped out in Europe was less corporate strategy and more executional
Now, that said, at Strategy&, there was a strong portfolio of media clients, particularly driven from the PwC relationship. Especially in MENA. Big 4 was a sweet spot for ops and strategy work within M&E. I personally know people at who did work in media were Deloitte(Monitor and S&O), Accenture (but more tech implementation so not strategic), and OC&C (a bit)
Boutiques that are known for this sort of work are - Activate, MTM, Oliver & Ohlbaum (index towards rights owners though).
I disagree with some of the other commenters on Delta Partners who are more heavy on the telco side more than anything else