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For companies with progressive values, the context of where their advertisements appear matters greatly, and this context includes other advertisers in the space, according to Jamie MacEwan, the senior media analyst at Enders Analysis.

“I could see this being a sell to advertisers with high standards for context who prioritize publications that walk the walk and build a strong connection with their readers based on shared values,” MacEwan said.

Karen Egan of Enders Analysis, however, believes there are good reasons to allow the merger: "The negative financial spiral of [Three] and, to a lesser extent, Vodafone, indicates that the market is too crowded. Compared to 2015, the revenues of mobile operators , in real value, are down 20%," she underlines.

Karen Egan, an analyst at Enders Analysis, added the regulator had been “rather hawkish” in recent months, pointing to its decision to block Microsoft’s $69bn (£54bn) takeover of Call of Duty video games maker Activision.

Karen Egan, head of mobile at Enders Analysis, said: “They are certainly making a strong case for merger approval, focusing on the benefits of the quality of a combined network, and wanting to emphasise that they will continue to offer a range of tariffs, including social tariffs.

“We think that there is a very strong case for approval with traffic up tenfold since the last mobile merger was proposed and revenues down by 5 per cent over the same time. The economics of sub-scale nationwide operators is not viable any more. Whether the CMA will be convinced is another thing. It is going to be a long and tortuous road to approval, taking around 12 to 18 months.”

Karen Egan, head on mobile at Enders Analysis, said the companies were "certainly making a strong case for merger approval".

However, getting there "is going to be a long and tortuous road", she said and could take up to 18 months.

Ms Egan added that the "CMA's hawkish approach to mergers of late is not encouraging", after the competition watchdog blocked UK approval for Microsoft's proposed $69bn takeover of Call of Duty-owner Activision Blizzard.