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It will also, says Enders Analysis analyst François Godard, position RTL as the “unavoidable” partner for streamers looking to launch, or expand, in Europe’s largest TV market.

“HBO Max is launching in Germany next year; they won’t be able to do it alone,” says Godard. “The logical move now would be for them to partner with RTL/Sky. Disney+ needs growth [in Germany]. Bundling with RTL would make sense.”

While RTL focused on the importance of the Sky deal for its German streaming business, Godard noted that the push to consolidate is also driven by competition in the advertising market. “The streamers have begun carrying ads, competing with the traditional broadcasters,” he notes, “and YouTube, of course, is a huge threat for them.”

Francois Godard, an analyst at Enders Analysis, said Sky had struggled in Germany with market share languishing around 10pc.

Mr Godard said that earlier valuations of Sky Deutschland had been based on “magic growth ... Of course, that did not happen”.

He added: “Germany has always been different from the UK. They never reached the kind of penetration they had in the UK.”

According to François Godard, an analyst at Enders Analysis, one option would be to establish a system of progressive amounts over two years, with a sharing of profits and risks. In return, Canal+ could commit to marketing attractive packages, bundled with the rest of its content.

"The bundle is the essential criterion for a good commercial launch: finding all the matches in the same place, as well as entertainment programs to limit cancellations during the year, and especially in the summer," emphasizes the expert.

"RTL has proven that it can drive momentum in the subscription market," said François Godard, an analyst at the British consulting firm Enders Analysis. He believes that Sky and RTL could become the most important TV providers in Germany.

Any actual enforcement isn’t pegged until 2026. The CMS has deliberately broken up its measures into three waves to speed up the first wave, said Jamie MacEwan, senior analyst at media analysis firm Enders. “It just goes to show how slow the regulatory process is compared to tech companies’ ability to iterate and transform their products at speed,” he said. “Google’s new products are already impacting publishers, and it is only likely to go further, so any delay could mean extra months adapting to a difficult operating environment.”  

It’s a bit of a tight-rope walk for the CMA. “Finding a middle ground on things like fair ranking, the CMS could upset Google and publishers alike if it isn’t careful,” added MacEwan. “A key tension is between principles-based and outcomes-based regulation.”

Research by Enders Analysis showed that the UK’s network operators lost contract subscribers for the first time last year, while MVNOs gained 1.65 million.

The research specialist attributes the rise of virtual operators to the cost of living crisis and longer handset lifespans, which has increased demand for Sim-only contracts, “a traditional area of strength” for the MVNOs.