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In 2025, Canal+ delivered results in line with or better than guidance, but the (predictable) losses at Multichoice were bruising for the share price.
The Multichoice acquisition proved timely as African economic prospects improve.
Further opportunities for expansion lie ahead in French football distribution, the Nordic territories and in Southeast Asia.
If you look at Springer’s English-language portfolio, the properties sit at very different points on the spectrum of platform dependency, noted head of publishing at Enders Analysis Abi Watson. Business Insider depends on search and social for most of its traffic, and paywalls haven’t exactly helped (though it has built a strong subscriptions foundation): when visits dropped, so did revenue. Morning Brew is a direct hit, but mostly at the top of the funnel. Politico Pro serves a tiny slice of paying professionals, though it’s extremely valuable. Combined, the English-language portfolio is ad-dependent and double-exposed — to both traffic shifts and advertising swings, stressed Watson.
Rapid diffusion of AI products is pressuring all media sectors to take a radical approach to content and IP management (beyond tried and trusted online strategies).
2026 will be a bumper year of AI spend by big tech. Capex growth may moderate in 2027 but with an enduring cumulative impact as AI agents approach the mainstream.
Broadcasters are ramping up activity on YouTube, and as the rules of tech platform distribution change, the industry works to solve content licensing for AI.
Here’s what Enders Analysis said in February after 2025 earnings were released: “VMO2 ended 2025 on a slowing note, with broadband still being hit by altnets and mobile impacted by negative publicity surrounding an October pricing change [see below].
Guidance for 2026 at 3-5% declines for proforma service revenue and EBITDA looks bleak, driven by current momentum and various built-in technical factors, including wholesale payments to nexfibre.
We are not convinced that the agreed nexfibre /Netomnia deal is in any sense a panacea for VMO2’s issues, but there are other green shoots that could help the company back to growth beyond 2026.”
Broadband market revenue growth slightly worsened in Q4 to -1.4% as volume and ARPU pressures persist.
The altnet outlook remains highly uncertain with multiple developments pointing in different directions.
Continued market decline into 2026 is likely, with a coherent (and sustainable) altnet future likely to take some time to emerge.
ITV’s total revenue (£4.1 billion) was flat year-on-year, with growth from Studios balancing a drop from Media & Entertainment: advertising revenue ended 2025 down 5%.
Studios not only grew revenue (£2.1 billion, +5%) but was almost as profitable as the record-breaking 2024, with adjusted EBITA of £297 million. The domestic business remains strong, but US production is looking tough.
Overall engagement continues to fall (-5%) and although there is sizeable reach to be found on YouTube, viewing levels and completion rates markedly trail linear and ITVX.
While it is not clear how the Telegraph deal was funded, the media analyst firm Enders said that the split with KKR had left it with “cash to burn”.
“The media business was valued at €3.5 billion, debt-free, and with reportedly single-digit billions in cash,” Enders added.
Döpfner took cues on publishing from his surrogate father, the late George Weidenfeld, whom he described as “the opposite of cancel culture”. On the pages of his new venture, it seems likely that he will embrace a range of voices. Abi Watson, an analyst at Enders, noted the “trophy asset multiple” paid by Axel Springer: 14.7x the Telegraph’s EBITDA in 2024 – almost exactly the same as the Nikkei multiple. “The price reflects the fact that RedBird IMI overpaid in the first place, setting a floor that subsequent bidders have had to match.”
Still, eyebrows were raised at the price tag. Abi Watson and Laura Darcey of Enders Analysis described £575 million as a “trophy-asset multiple” for The Telegraph, which reported earnings before interest, tax, depreciation and amortisation of £39 million last year.