Enders Analysis estimates that the combined Vodafone-Three entity would instantly become an £8bn revenue company, a little larger than EE at £7bn and O2 at £6bn, and far better placed to take them on. 

Enders calculates that EE earns a return of 24pc on capital expenditure, while the two stragglers, Vodafone and Three, muster 8pc and 5pc respectively.

“The market seems to be heading towards greater polarisation between the haves and have-nots from a scale perspective, such that the smaller players may no longer be credible competitive forces,” Enders Analysis warned in a research note last week. 

Karen Egan of Enders points out that aggregate investment doesn’t even need to go up. Even if it stays the same, with three rather than four, it will be far more effectively deployed, something we’ll tangibly see in more reliable calls and stronger coverage.

Joseph said Meta must persuade software developers that it is “worth their while” to build for its platform. “If Meta can offer creators the tools they need to build great content, and an audience to serve it to, then they’ll have cleared the first hurdle in the long race to rule the metaverse.”

“Salto remains marginal in their economic model”, tempers François Godard, analyst at the London firm Enders. "The future of TF1 will probably be closer to YouTube than to Netflix", he continues, because the historical channels must above all draw a future in the offers financed by advertising. If they want to go back on the offensive, "I don't see how they can do it each on their own, there should be more collaboration between them or possibly with the public audiovisual sector", he believes.

“Bertelsmann's strategy presupposed consolidation at national level in Europe. However, there is none and now M6 is not even for sale”, observes François Godard, however, analyst at the London firm Enders. “Thomas Rabe must react and present an alternative,” he concludes. The long-distance runner does not want to admit defeat. Market consolidation is "a matter of one or two years maximum", he assured the "Financial Times" on Monday. Besides, he has no plan B. This is perhaps the biggest risk for him.

Karen said “Getting approval from the CMA will not be easy. There are concerns about investment levels falling and prices going up if there is a merger. But we haven’t seen any evidence that supports concerns – taking out the duplication costs of a fourth operator actually lowers the cost-base of the industry and ultimately that helps to keep prices low."

She added that while the Vodafone-Three deal would create a “more credible” competitor for EE and O2, “the problem is that everybody knows that so the bigger players won’t cede it."

Francois said “Bundesliga is an inward-looking league. They have not been looking for international opportunities in the way the Premier League and La Liga have done. Their clubs have been less active at building a global fan base than Manchester United or Real Madrid.”