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Rigorous Fearless Independent

Service revenue took a dip in Q4 to 1.5% as a waning price rise impact in the UK combined with the loss of positive one-offs in Germany.

We expect growth to slow further through 2024 as many operators implement lower index-linked price rises which are also coming under increasing regulatory scrutiny.

Vodafone has made progress on its turnaround plan—striking deals for its Italian and Spanish units—but it is not yet out of the woods, with ongoing challenges in Germany and approval still uncertain in the UK.

The precise form of the scheme that will be chosen remains to be specified, as some analysts, such as François Godard at the British firm Enders Analysis, imagine the creation of a local entity that would be listed in the country. In any case, the pay-TV channel confirmed its intention to maintain a listing in Johannesburg, "so that South African investors can benefit from the future growth of the company," the statement said.

“It is in decline,” said Tom Harrington, the head of television at the research firm Enders Analysis. “Viewership numbers are pushed up by older people, who only watch broadcast television, and watch a lot of it.”

That decline is not the whole picture, though, Harrington said. “People still spend more time watching linear television than they spend doing anything else, except sleep and work,” he said. “It still commands an enormous amount of attention.”

The greater change, Harrington said, was in the “communality” of the experience: We consume more content than ever, but we tend to do it on our own. That means there is less overlap between what young people watch and what older generations do. “Those touch points have been lost,” he said. “And that means there is a lack of common culture, which is a little bit sad.”

The German football league’s rights tender for its 2025-29 cycle is designed to create competitive tension between Sky and DAZN.

Based on precedents and public statements, we would expect Sky to increase coverage and DAZN to scale it down without a head-on bidding battle.

With low international potential, the Bundesliga can only count on its deep fan base to meet competitive pressure from the Premier League.

"Peltz is an unusual character because what he's doing is going around to multiple companies and saying ‘I'm going to fix the show,'" says senior media entertainment analyst Gareth Sutcliffe from Enders Analysis.

"But the key point is an activist investor is only as good as the questions that they are asking of the board.

"And I think that the key point is that you want to have nominees who clearly have a background and experience and are helpful in terms of moving a company forward to the next stage."

"You cannot underestimate the level of interest there is in a company like Disney and the fact that people always think that they have the best ideas," Mr Sutcliffe said.

Shareholders have voted down director nominees proposed by Trian Partners and Blackwells Capital, providing a convincing, but hard fought, victory for Bob Iger and the current board

The proxy battle surfaced useful ideas and recommendations that Disney should implement: appointing a Chief Technology Officer to the C-Suite would help the company better respond to technology-first competitors and AI

After months of distraction, Disney leadership can now focus on important unresolved issues: completing the acquisition of Hulu, achieving profitability in direct-to-consumer services, and what to do with Linear Networks