Enders Analysis, the consultancy firm, has estimated that the combination of the Telegraph Media Group and DMGT would create a group controlling 30 per cent of the total revenues generated from the national newspaper market.

“The buying-up of vodcasts is a direct response by Netflix to the threat of YouTube, by providing more ‘ambient’ or background content to its subscribers,” says Tom Harrington, analyst at Enders Analysis. He suggests it will also help answer a few nagging questions about podcasts.

“Big podcasts are pushing the boat out more in terms of video production, which means they are turning into TV shows,” Harrington says. “Everything is television now.”

The mainstream view in the telecoms industry is that satellite broadband will never be a mass market proposition. “In fixed broadband, satellite costs are still a multiple of the average costs of traditional networks, only becoming competitive for a proportion of the hardest 1pc of households to reach,” argued a note from Enders Analysis. Well, perhaps. For now, it is certainly true that providing broadband access via satellite is much more expensive than via a fibre-optic cable running along your street. It will struggle to attract more than a handful of customers living in very remote areas.

The UK’s “altnet” broadband sector is struggling with a net debt of more than £9bn, according to data from Enders Analysis, following rapid growth after the pandemic.

Karen Egan, head of telecoms at Enders Analysis, said the G.Network case had shown “that lenders can act quite decisively and are relatively quick to accept harsh writedowns once hope is lost.” 

 “While it’s painful for equity investors in particular right now in the altnet space, once the challenging economics of most of these ventures becomes irrefutable, the faster an alternative course is taken the better it is for all concerned,” she added.

“It’s one of those really interesting areas that flew under the radar for slightly too long because it hadn’t been considered an explicit thing,” Claire Holubowsky, a senior analyst at media strategist Enders Analysis, tells City AM “But all the conditions for its success have been there for 20 years.”

“Advertising is a much higher margin business,” says Holubowsky. “A lot of the significance to supermarkets isn’t quite visible yet. But then that’s beginning to change as everyone realises that retail media is big. And it’s not going away.”

Karen Egan, at Enders Analysis, said: “There are certainly a lot of alt-nets out there that are really struggling financially and hoping that they will be bought. G Network is a reminder that there won’t be a buyer for all of them.”

But no good deed goes unpunished and competition for territory among Openreach, Virgin Media 02 and the altnets has been intense and costly. “I cannot tell you how crazy a market it is out there,” says Karen Egan, head of telecoms at Enders Analysis. The altnets suffered £1.5bn net losses in 2024, while Openreach lost a net 828,000 customers in that year.

The UK has a related challenge. The saying goes that “if you build it, they will come” but not enough have. Only 38 per cent of homes and businesses that could now connect to full fibre through Openreach have done so, while the altnets achieved only 15 per cent take-up by the end of 2024, according to Enders.

Karen Egan, head of telecoms at Enders Analysis, said FitzWalter’s acquisition of G.Network was “difficult to comprehend as a strategic sale given the buyer’s reputation as a distressed debt specialist” and “the likely difficulty they would have in selling the company on to someone else”. 

“FitzWalter Capital are likely to be able to at least keep the lights on during an insolvency process so that customers are not put at risk of losing service,” she added.

Claire Holubowskyj, at research service Enders Analysis, said the fact that clients were looking to other firms meant WPP needed to 'show some results' in 2026 if it wanted to reverse the decline.

'They are getting better at communicating that things are changing, but the proof will be in the pudding when we see how the revenues are performing in six or 12 months time.'

She added that a break-up of the business was still a possibility if Rose's turnaround failed to achieve results.

'We can't rule out a break-up. It may not be a full fragmentation but they haven't recovered enough to remove that as a prospect,' Holubowskyj said.