Senior telecoms analyst at Enders, Karen Egan, said the Vodafone dividend is “certainly the one most at risk” but more due to recent operational pressures than rising rates yet. 

“The sector as a whole has really been struggling over the past few years with revenues usually in decline, and where there is any revenue growth, it is way below inflation,” Egan told City A.M

“Add to that the cost of 5G and fibre roll-out, it is hardly surprising that dividends are under pressure, even before accounting for the headwind of rising rates,” she explained.

There are, broadly speaking, two reasons for that. One is simple: The status quo works for the league. “They are too happy with the deals they have made” to start experimenting, said Francois Godard, a senior media and telecoms analyst at Enders Analysis. The Premier League is the richest, most coveted and most popular sports league in the world. There is not, Godard said, “an incentive to try things.”

It is testament to the increasingly evident symbiosis between the Premier League and Sky: The league needs its loyal, longstanding broadcast partner, but not nearly as much as the broadcaster needs the league. “Sky is more dependent on the Premier League than any other pay TV operator is on any sport elsewhere,” Godard said.

Media consultant Alice Enders has claimed the BBC's world renowned wildlife shows could be next in line for cuts due to their high production budgets. 

The original Planet Earth in 2006 cost £16million to make.

'If the licence fee continues to wither, you are looking at the BBC's big-ticket items to make savings so nothing can be immune,' Ms Enders told the i. 'David Attenborough's natural history series sell well globally but they are expensive too. There would need to be more co-productions with international broadcasters.'

Ms Enders warned big ticket drama could also be the focus of cost-cutting, adding: 'There could be less high-end drama, it's a big expense and streamers are forcing prices up. 

'The costume budget alone for The Crown is huge.'

“It was very clear that the government was very intent on producing a squeaky clean appointment process,” said Alice Enders, director of research at the media research firm Enders Analysis.

The deal, nevertheless, is “a good one for everybody involved”, Francois Godard, senior media and telecoms analyst at Enders Analysis.

Godard says that despite the plateau – or real terms drop – within the context of broadcast deals across Europe “it keeps the gap between them and the other European leagues.”

“The importance is maintaining the gap and Premier League clubs are the richest,” Godard tells.

“They have more resources to pay for players and nobody can outbid them. It could mean less money for players, but the players can't play elsewhere. They can play in Saudi Arabia in United States, but it's quite marginal. Few players have a good offer to go to these places.”

Godard says that the EPL maintaining that competitive gap with the other big five leagues feeds a “virtuous circle” in which the EPL continues to showcase the best players and which boost the next round of international rights sales.

The Premier League’s handling of its latest domestic rights sale has been declared a success by Francois Godard, a senior media and telecoms analyst at Enders Analysis.

“I think it’s a good deal because prices for rights are flat across Europe, or declining,” Godard told PA.

“The important thing is to maintain the gap between the money they earn and the money earned by the closest (rival) continentally, Spain’s LaLiga.”

Godard felt the structure of the deal – spread over four years instead of the traditional three years and with two fewer packages on offer – suited the largest incumbent rights holders Sky Sports, which he feels has a symbiotic relationship with the league.

“Sky need the Premier League. It’s their best and most valuable content,” Godard added.

Now, though, the situation looks set to worsen. If the Government were to opt for only a 6.7pc increase in the licence fee next year – reflecting the inflation rate in September – the BBC’s annual shortfall would balloon to around £516m, according to Enders Analysis.

Alice Enders at Enders Analysis says the BBC is likely to swing the axe on big-budget productions, rather than tinkering around with smaller cutbacks.

“The problem is the minute you cut the content you cut the audience,” says Enders. “It’s very difficult to recover from that as a public service broadcaster.”

Francois Godard, of Enders Analysis, told The Times: “This is in line with expectation — it’s good for Sky, they have more games and don’t pay much more.

“The important thing is the Premier League keeps the gap between the money they get and the other European leagues. Prices are flat everywhere in all countries and there was no real competition.”

“This is good for Sky, said Francois Godard from Enders Analysis. “They get more matches, more coverage — but also it’s quite honorable for the Premier League.”