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Some prominent news media—notably the Financial Times, Guardian and New York Times—generate most of their consumer revenue online, shining a light on the industry’s long-term sustainability

Many newsbrands are also moving towards two-thirds reader funding, one-third advertising, emphasising that their business, not just their operating purpose, is journalism; where relevant, the legacy of the advertising boom period (1980s to mid 2000s) is finally shaking off

Perhaps most importantly, an extraordinary decade of transformation has instilled executive and cultural confidence at the top end of the market. Realising the same outcome for popular, local and magazine media will require even more radical transformation—but positive  signals are emerging

The tender for UK rights to the revamped Champions League (CL) and Europa League is now underway. The incumbent, BT Sport, is likely to want to retain full rights and we would expect it to be prepared to pay a flat-to-modest increase

English clubs' recent strong performance in the Champions League may make the rights seem better value, but this won't necessarily translate to inflation going forward

Amazon and DAZN may be interested, but disciplined bidders are unlikely to push up prices

With more clubs, more games and no long Christmas break, the revamped Champions League (CL) will test its value to broadcasters with a tender that has just been released in France, over two years before the cycle begins

UEFA is banking on the rivalry between Canal+/BeIN, the ongoing rights-holders, and Amazon, broadcaster of Ligue 1 in France, and of the CL in Germany and Italy

Prime’s economics point to Amazon sticking to cautious, ‘value’-driven bidding in France. It could expand its limited sports line up in the UK and Spain with the CL, but only if current licensees BT/Warner Bros. Discovery and Telefónica take a step back from 100% coverage

This report is free to access.

The Protocol on Ireland/Northern Ireland has been a thorn in the side of relations between the UK and the European Union (EU) since the ink was barely dry. It seeks to uphold the Belfast Good Friday Agreement concluded in 1998, which established power-sharing between unionists and nationalists, but this has collapsed since February 2022, because the unionists, supported by the UK Government, oppose Northern Ireland being carved out from the UK Internal Market

By doing so, the Protocol removes any requirement for customs formalities for goods crossing the land border between Northern Ireland and the Republic of Ireland. The Protocol led to a customs border in the Irish Sea for 'exports' from Great Britain to Northern Ireland, and also requires Parliament to legislate the EU Single Market for goods in Northern Ireland and to carve out the territory from otherwise applicable UK legislation

UK divergence from the rules of the EU Single Market will threaten Northern Ireland’s position in UK supply chains and also potentially undermine the EU Single Market, which is of concern to the EU, especially for matters of human health, such as “genetically modified organisms” (GMOs). This report concludes that a revised agreement should be attached to the EU/UK Trade and Cooperation Agreement (TCA), which then applies to all of the UK

Buoyed by an impressive 49% growth in digital subscribers, and a refocus on reader revenues, the Telegraph's profits have rebounded to 2016 levels

With current momentum the Telegraph’s 1 million online subscription target looks on track, though doing so sustainably requires further cultural development

Beyond the 2023 target the Telegraph is designing its next phase of growth, and while M&A—and a sale to DMGT—are all possible, the immediate focus will be on growing journalism products that its audience (and potential audience) will pay for