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Disney's fight for the streaming crown causes further problems: Due to this focus, Disney reaches fewer people via other channels such as TV or cinema, which are particularly important for brand building for families, says François Godard, analyst at the London consulting firm Enders Analysis. “Disney not only needs to make its streaming service profitable, but also focus attention on its iconic content to feed theme parks and merchandising.”

“Mark has been a very good financial steward of the company,” Claire Enders, founder of Enders Analysis, adds, noting some doubters had predicted WPP “would fail or fall apart” after Sorrell left.

Enders says: “Mark is a decent and wise CEO who has the confidence of the investment community and his senior managers. He’s kept it together calmly and quietly and not sought attention – unlike Sir Martin Sorrell.”

Rupert Murdoch’s News UK is expected to chase the Spectator having shown interest in buying the magazine in the past, according to Claire Enders of Enders Analysis.

“Disney, Warners and NBC have had five years of trying to pivot to streaming services,” explains Tom Harrington, analyst at Enders Analysis. “They’re losing crazy money, but they’re supported by their legacy free-to-air networks, which are still very profitable and popular. But they’re not investing in those networks, they’re moving top programmes to streamers, fewer people are watching ads and they’re killing the cash cows.”

Harrington suggests this refinancing will be very expensive, with interest rates much higher, meaning that companies are going to start selling off subsidiaries, with Disney already touting ESPN and ABC for sale. A spate of M&A deals looms — in which the more sanguine and cash-rich operators such as Apple could clean up in a fire sale, acquiring, say, ESPN sports rights at bargain prices.

Niamh Burns at Enders Analysis says: “Meta wouldn’t be doing this if regulators weren’t forcing their hand.”

“[Pixel] was part of Google’s influence over the mobile market, but Google was never competing with the Apples or Samsungs of the world,” explained Joseph Teasdale, head of tech at Enders Analysis, “it never contributed much to Google’s top line.”

While this is unlikely to change, Teasdale asks the question: “Do the improved, AI-focused chips give Pixel phones new superpowers that are actually compelling for customers?”

“[Amazon’s Audible] is easily the dominant player in the space. If you’re a book publisher, they’ll welcome any competition into the market to weaken Amazon’s grasp”, said Abi Watson, analyst at Enders.