“You can make an enormous amount of money from a kids TV show and it can be more successful than almost any other large format,” agrees Tom Harrington, analyst at Enders Analysis. “It travels well, language can change easily, there’s a new audience every couple of years and lots of merch opportunities. But to get commissioned in the first place is very difficult. In the UK there’s so many limits on what ads you can put around it so there’s no demand from advertisers and it’s not a good business for commercial broadcasters.”

“Dollar signs start flashing when we talk about search because of Google’s almost $200 billion in search revenues. But it’s very tricky to take share of that market, as Bing knows all too well,” Jamie MacEwan, senior media analyst at Enders Analysis, explained.

“The Observer is already closer to a premium news and culture magazine than an all-encompassing newspaper,” says Douglas McCabe, the chief executive of Enders Analysis.

As Jamie MacEwan, who covers tech for Enders Analysis, puts it: “The idea of seamlessly blending entertainment and productivity into the world is exciting. But still theoretical, as manufacturers have a mountain to climb first. You need an affordable, lightweight device that’s comfortable to wear but has decent battery life, compelling applications and a good enough display to be truly usable.

“These glasses simply don’t do enough to change the world. But they are closer to the form factor and pricing that will sell AR than Apple's headset."

Karen Egan, head of mobile at Enders Analysis, said: “Vodafone has already stated that it is ready to provide binding commitment on its planned network spend. “The proposed temporary retail and wholesale pricing protections, although arguably not necessary, are not likely to be deal-breakers.”

Karen Egan, head of telecoms at Enders Analysis, said in a note that the CMA seemed “somewhat dismissive of structural remedies”, adding that remedies sought in the form of network and pricing commitments were “workable”. She expects the merger to gain approval.

Head of telecoms at Enders Analysis, Karen Egan, said that the CMA’s provisional findings are “a lot more positive than first appears,” pointing out that the expected price rise would amount to just 28p per subscriber per month. She said Enders now expects the conclusion to be a “positive one”.

Karen Egan from Enders Analysis said the CMA’s decision was essentially a green light for the merger. The pricing harms were “modest” and the proposed remedies are easy for the companies to follow.