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“Della Valle has definitely done enough to prove herself more than capable,” says Karen Egan, head of telecoms at Enders Analysis. “But there is a limited time to get Germany right. There have been a series of challenges there that have not been surmounted as well as they might have been.”

Egan says the shares have suffered from a “conglomerate discount” and that Della Valle’s work “tidying up the group is going to help with that”.

She adds: “But the story has been marred by the ongoing difficulties in Germany, if Germany was firing on all cylinders, so would the shares.”

Karen Egan, head of telecoms at Enders Analysis, said the approval was the right outcome after Hutchison warned it was struggling to invest because it did not make a return on its capital.

“Three high-quality networks instead of four inferior ones will serve consumers and businesses better, and the industry can move away from the low returns, low investment cycle that has dogged it.”

“Is it worth it?” asks Francois Godard, a senior media and telecoms analyst at Enders Analysis. “It’s an ambitious deal. On the one hand, it will be a very nice marketing campaign for DAZN because people will need to register to their platform to view the matches.

“They will sell advertising against this and it will give them a higher profile for football fans in the U.S., where they are mainly associated with boxing. It’s an investment, and they are investing in building their subscriber base and growing their brand. 

“It’s taking place at a time of the year when there is no football in Europe, so it can act as a bridge for football fans. It also comes at the time of the year when DAZN loses lots of subscribers because the football season is over, so it is a good opportunity to get them hooked.”

“It’s an ambitious target,” Godard says when asked if he thinks they can recoup their investment through selling commercial deals.  

The deal was welcomed by the media consultancy Enders, which said that The Observer had been “under-utilised” by The Guardian.

Claire Holubowskyj, a senior research analyst, said: “It now has the chance to reassert its own identity: a crucial factor for long-term sustain­ability within today’s rapidly shifting media environment. The purchase process will be the beginning of a long road towards integrating the two complementary brands, and has every chance of a bright future.”

However, the group could create a separate company, listed in Paris, which it would control 51% of, and in which the two free-to-air channels would be housed, estimates François Godard, from the Enders Analysis firm. Having gone to London to attract international investors, "it is unlikely that Canal will refuse an interesting offer to save CNews and CStar," notes the analyst.

"There is always the option of selling CNews to the Bolloré group. This channel may be a commercial success, but will never be a source of substantial profits," adds the expert.

“Is this one worth a billion dollars?” asks Francois Godard, media analyst at Enders Analysis. “DAZN has yet to break even in its established markets like Germany, Italy and Spain, and it has just launched premium coverage in France, a new venture that will need a while to become cash positive.” Godard concludes DAZN may have other reasons to go into such a partnership.

Godard says the deal will expand DAZN’s reach in the US where it is mostly associated with boxing. DAZN added that the deal isn’t restricted to the tournament but relates to a broader partnership with FIFA.

Streaming shows can't be included in the profit calculation as subscribers don't specifically pay to watch each one but instead are billed a flat fee which gives them access to all of the content. As Tom Harrington of media consultants Enders Analysis explains, "given the structure of the streaming model it is almost impossible to robustly attribute profitability to any single piece of content." Therein lies the problem.

If confirmed, the amount put on the table would be "significant for a channel that has never been profitable," notes François Godard, from the Enders Analysis firm. But the free service could still "pull up advertising revenue," which DAZN relies on to make money.

The deal will increase pressure on other mobile operators in the UK, according to Karen Egan, senior telecoms analyst at Enders.

BT Group Plc’s mobile network EE will face the “greatest challenges in adapting to the new market structure,” with everyone under pressure to invest more in their networks, she added.