The PE firms, which invested in so-called altnets — or alternative networks — are now faced with a sector that has more than £9bn of net debt, according to Enders Analysis, with the dozens of companies posting a combined loss of more than £1.5bn in 2024.

“The overlapping networks between buyer and seller will prompt the CMA to look carefully at the deal to ensure that there will not be anti-competitive effects that will lead to higher consumer pricing,” said Karen Egan, head of telecoms at Enders Analysis. 

“However, the companies will argue that the increase in wholesale competition over a wider geographic area will mitigate these concerns.” 

Karen Egan, head of telecoms at the analyst firm Enders, said networks have long been trying to conserve spiralling energy costs, even before the war.

Each 5G mast gobbles about as much power as 73 households, according to experts, with some even calling them ‘energy vampires’.

The entire mobile network consumes 370,000 homes’ worth of power a year, or a little under one terawatt-hour of electricity.

‘Of course they are mindful to ensure that there is no customer disruption from this,’ Egan told Metro. ‘If there are energy shortages, then they could possibly push these capacity-limiting efforts a bit harder, getting closer to the levels where some customer disruption is possible.’

“The price reflects scarcity value,” said Abi Watson, an analyst at Enders Analysis. “It’s above what the underlying economics of a still print-heavy business would traditionally support, but he’s been after it for two decades, his rationale is different to most owners, and it is a done deal.”

“In theory, this deal will let SiriusXM find the same people when they are on YouTube and fill in some of those gaps,” said Jamie MacEwan, senior research analyst at Enders Analysis, noting that it seems to be more about reaching scale and depth in a way SiriusXM’s own platforms alone can’t

Abi Watson, head of publishing at media research firm Enders, argues that the FT’s move into personality-led YouTube franchises is less a bid for raw reach than a signal of a structural shift in audience development. 

The FT is unusually well insulated compared with most publishers: its corporate subscription base effectively acts as its own funnel, stressed Watson. Large professional services and accountancy firms buy institutional access, which then familiarizes young professionals with the brand long before they might pay for an individual subscription. “So when the FT decides it needs personality-led YouTube franchises, that’s not a publisher in distress reaching for reach,” said Watson. “It’s a publisher with an unusually defensible position accepting that discovery is now a creator economy problem, and that parasocial attachment to named journalists is doing work that SEO and brand alone no longer do,” she said. 

According to Enders Analysis, publishers are facing headwinds thanks to “structural assymetry” in how consumers interact with them vis-à-vis platforms.

As Enders Analysis notes, this leads to a situation in which “publishers are producing journalism, but platforms are capturing the majority of time spent with it.”

Meanwhile, as Enders writes, credit and compensation for original content “are coming further adrift”, with newsrooms that break stories “capturing less and less of the commercial reward it generates”.

As the report’s authors (head of publishing Abi Watson, senior research analyst Claire Holubowskyj, and media analyst Laura Darcey) explain, in the days of print news, scoops provided news organisations with hours, if not days, of competitive advantage, both in attaining audience and driving revenue based on that audience.

“However, today, exclusives rarely act as moats,” they note.

“OpenAI’s experimentation with CPC is driven largely by its need to maintain demand growth and build trust with advertisers, though declining CPMs and an expanding pilot are also factors,” said Claire Holubowskyj, senior research analyst at Enders Analysis. 

As Enders Analysis recently argued, habit has become the north star for publishers. Light users haven’t vanished — they’ve simply stopped arriving at the front door, with “what happened” increasingly answered upstream by platforms and AI summaries. The homepage now primarily services the already-converted; breadth alone does not create defensibility. Durable value, the analysts wrote, depends on occupying a recurring need state through vertical products, distinctive voice and community, and reinforcing it through authority and belonging. The Mail’s strategy is essentially a live response to that diagnosis.

“Netflix didn’t invent streaming, but they managed to perfect it a lot faster than anyone else,” Tom Harrington, head of television at Enders Analysis, said. “Netflix were, and still are, several years ahead of everybody in terms of the user interface, which basically means that they set the perception of streaming.”

The streaming giant has been seeking to grow revenue from new programming formats such as video podcasts, live sporting events and video games. “For a decade, it was quite easy for Netflix, they could have a pretty simplistic offering,” Harrington said. “Now, they’re fighting amongst everyone else for incremental growth.”

The market was less convinced by the growth story, particularly given Hastings’ departure, and shares fell nearly 10 per cent after the results. The problem for analysts is that Netflix is in uncharted territory. “There are no clear parallels on which to base potential penetration,” Harrington said.