I believe "Merger and Acquisition" is a department of its own in financial institutions and related businesses. The merger and acquisition activity refers to what these kind of department do (buying other companies and/or carefully planning for that) as a noun. Basically, this means the market has been consolidating.
You can see two movies back-to-back for the price of one.
Have you seen "The Rocky Horror Picture Show?" I can still hum along the lyrics, "Wo oh oh oh oh oh At the late night, double feature, picture show." I saw it in SanFrancisco. You can see a group of walk-on and actors acting in front of a screen. Audience can enjoy the movie on the screen and watching real actors playing on the stage.