“I can see Amazon taking an interest because it’s much more willing to experiment than, say, Apple, and TikTok’s push into shopping would give Amazon a world of possible integrations,” said Jamie MacEwan, senior research analyst at Enders Analysis.

Even MacEwan said he doesn’t think Project Texas is a strong enough argument for why Oracle should be considered.

“It [Oracle] will struggle with the business-critical aspects, like ensuring a clean technical and operational separation from ByteDance,” MacEwan said. “And then whether TikTok needs to rebuild the algorithm or is allowed to transfer critical technology from ByteDance, you really need a strategic corporate buyer to make that a successful transition. Otherwise it’s TikTok going it alone – which also runs into the trust issue of are they truly shutting down all the backdoors as they transfer systems to the US? Either way, it will take years to get right.”

The early results have been mixed, which is partially a function of timing, according to Abi Watson, senior media analyst at Enders Analysis. By the time Le Monde launched its English-language product in 2022, many members of its target audience—English-speaking news consumers with an international bent—had likely already subscribed to a primary and even secondary news source.

“They were quite late to market for an international play, especially in English language,” Watson said. “Its appeal is obviously more niche than they might have hoped at launch.”

In the diagram drawn by the “New York Times”, Apple would be, as for the MLS, the sole holder of the rights. “In its investments in sport, Apple wants competitions that it can control, package and offer as it wants,” underlines François Godard, of Enders Analysis.

Despite the changes, BBC Two is still regularly watched by more than half the TV-viewing public every month and its five per cent share compares favourably with rivals. “You’re still talking about millions of people watching,” says Tom Harrington of the media company Enders Analysis. “You compare it to 10 or 15 years ago and there’s a decline, but that’s still a lot of people.”

“The New York Times is not becoming a gaming company any more than the acquisition of the Athletic would imply they are becoming a sports company,” said Gareth Sutcliffe, an analyst for the market research service Enders Analysis. “NYT is simply acknowledging that being a broad generalist spells death online, and they have prioritized and valued the means of addressing that.”

In a note to clients last July, the media analysts Enders suggested strong profitability in 2023 could justify a valuation of £740m for The Telegraph alone, implying that a package with The Spectator could be worth £800m. In the immediate aftermath of its raid on last year’s auction, RedBird IMI won praise in US media circles for bagging the pair for only £600m.

The key difference that the UK enjoys is a vigorous wholesale market with millions choosing to use virtual operators (MVNOs) like Lebara, Tesco and Sky. Cumulatively this adds up to a bigger operator than Three. These virtual operators are better off with three strong networks providing wholesale, rather than four, reckons Enders Analysis.

“There is not a big licensing opportunity. I don’t think the aim of [the ai models] is to provide alternatives to news,” says Alice Enders of Enders Analysis, a media-research firm.

Record numbers of young viewers are switching off traditional television in favour of short-form content, according to the media regulator, Ofcom, with Enders Analysis suggesting a 30% decline in 16- to 34-year-olds watching TV shows with their parents over the last 10 years.