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Karen Egan, an analyst at Enders Analysis, said that the ECJ ruling next year is “going to be absolutely critical for European mergers”, adding that regulators’ view on the Orange-MasMovil deal is “more uncertain than the companies are portraying to the market."

She added “Whether you’ve got three players desperately trying to fill their networks, or four, isn’t that different in terms of competitive intensity."

Gill said "BBC Studios is certainly a very powerful engine that brings money back to the parent company, but it is not a cash cow. Even if its growth has been constant, in production, the profit margins are quite low."

Francois said “Private equity funds, like KKR, seem to have discovered in recent years the value of intellectual property and the relatively predictable income it generates."

The quality of its editorial policy has a lot to do with it. “They have a great flair for investing in blockbuster films. The Mission impossible, for example, will still make money in fifteen years”, notes François Godard. The tremendous success of "Top Gun: Maverick", which at the end of August had accumulated more than 1.4 billion dollars in worldwide box office receipts, provides a recent illustration of this.

Douglas said “Young people worry about a consensus in the news hierarchy and the combative tone of news media. The News Movement cuts through these issues. As a result of the rapid rise in subscriptions, news and media have become investible again. It is great to see a cycle of innovation gathering pace.”

Douglas said “A return to profits is a performance most media would take. The core business, effectively matching 2019 levels, has shifted to more sustainable online subscriptions with some healthy diversification growth on top."

“The FT is also better protected against economic headwinds than consumer media.”

Alice said "Better to sell before the death of one of them, an inheritance would quickly become complex."

She added "They are like these trees which never lose their leaves, because each generation loves them."

But the context is less favorable than for the sales of the Dylan and Springsteen catalogs. “The rates were very low, for the buyer, borrowing at 5 or 6% rather than 2 or 3%, that changes the situation,” says Alice Enders. To the point of considering a price drop? "It's possible" , supports the expert, for whom Pink Floyd have waited too long. In their song "Money", they sang about money: "Share it fairly, but don't take a slice of my pie" . The whole point is there.