If you look at Springer’s English-language portfolio, the properties sit at very different points on the spectrum of platform dependency, noted head of publishing at Enders Analysis Abi Watson. Business Insider depends on search and social for most of its traffic, and paywalls haven’t exactly helped (though it has built a strong subscriptions foundation): when visits dropped, so did revenue. Morning Brew is a direct hit, but mostly at the top of the funnel. Politico Pro serves a tiny slice of paying professionals, though it’s extremely valuable. Combined, the English-language portfolio is ad-dependent and double-exposed — to both traffic shifts and advertising swings, stressed Watson.

Here’s what Enders Analysis said in February after 2025 earnings were released: “VMO2 ended 2025 on a slowing note, with broadband still being hit by altnets and mobile impacted by negative publicity surrounding an October pricing change [see below].

Guidance for 2026 at 3-5% declines for proforma service revenue and EBITDA looks bleak, driven by current momentum and various built-in technical factors, including wholesale payments to nexfibre.

We are not convinced that the agreed nexfibre /Netomnia deal is in any sense a panacea for VMO2’s issues, but there are other green shoots that could help the company back to growth beyond 2026.”

According to François Godard, a media and telecoms analyst at Enders Analysis who covers the development of football media rights agreements and subscription trends across Europe, centralisation may help address the widening financial gap between clubs competing regularly in European competitions and the rest of the domestic league.

“The discrepancy between the top club and the smaller club is exploding because of the Champions League and Europa League and Conference League,” Godard says.

“On balance, maybe Benfica will suffer a little bit, but the balance is a healthier domestic competition and eventually growth in domestic revenues and total revenues,” he says.

Francois Godard agrees arguing that centralised rights sales typically make the overall product easier for broadcasters to market and distribute.

“Investors are very nervous in the climate of international uncertainty and they may overreact to the decline in subscribers in South Africa,” notes François Godard, analyst at Enders Analysis.

“Canal+ needs to better explain what’s happening with MultiChoice; it’s a bit opaque for European investors,” adds François Godard. “Not to mention that Canal+ is the only publicly traded pay-TV company (along with Viaplay, which is tiny), so the market doesn’t have easy points of comparison.”

While it is not clear how the Telegraph deal was funded, the media analyst firm Enders said that the split with KKR had left it with “cash to burn”.

“The media business was valued at €3.5 billion, debt-free, and with reportedly single-digit billions in cash,” ­Enders added.

Döpfner took cues on publishing from his surrogate father, the late George Weidenfeld, whom he described as “the opposite of cancel culture”. On the pages of his new venture, it seems likely that he will embrace a range of voices. Abi Watson, an analyst at Enders, noted the “trophy asset multiple” paid by Axel Springer: 14.7x the Telegraph’s EBITDA in 2024 – almost exactly the same as the Nikkei multiple. “The price reflects the fact that RedBird IMI overpaid in the first place, setting a floor that subsequent bidders have had to match.”

Still, eyebrows were raised at the price tag. Abi Watson and Laura Darcey of Enders Analysis described £575 million as a “trophy-asset multiple” for The Telegraph, which reported earnings before interest, tax, depreciation and amortisation of £39 million last year. 

Karen Egan, head of telecoms at Enders Analysis, said that VMO2 had been gearing up for wholesale customers for some time but now “has an extra incentive to do so, as evidence that it is a credible wholesale network is likely to improve the chances of its takeover of Netomnia being approved”. 

The House of Mouse, it seems, has opted for the latter. According to a new Enders Analysis report, its decision to licence elements of its intellectual property (IP) to OpenAI' sora is not a ‘moonshot’ into the future of storytelling, so much as a pragmatic effort to “regain agency in a consumer ecosystem dominated by rampant unlicensed IP usage”.

Enders suggests the OpenAI agreement is therefore an act of containment – a way to channel activity that was effectively already happening into a framework with guardrails it could control.

“User-generated content, especially in video form, is in many ways a great thing for franchise owners,” said Gareth Sutcliffe, analyst at Enders Analysis.

“It signals what’s working and what isn’t with the IP rather than being perceived as direct competition. It allows for an expression of fandom to keep characters and stories alive between movie or TV series releases.”

"There's a lot of benefit ​to scale," said Claire Enders, founder and chief executive of Enders Analysis. "They are combining two very strong entities, that are well-placed in a number of different major European markets, including ‌the UK."