James said “If you look at companies’ stated plans — even dismissing some of them as speculative — you get to a market that doesn’t make any sense in terms of the degree of overlap."

Claire said issues like this may continue to crop up, given the technical limitations of ageing batteries.

"Technology in newer devices improves in leaps and bounds, not as a steady crawl, creating issues when releasing software updates which have to work on devices with often wildly different capabilities. Apple generates 84% of its revenue from selling new devices, making them reluctant to hold back updates to ensure older models keep working smoothly."

She added "Until problems of devices and software updates outlasting and exceeding the capabilities of aging batteries are resolved, this challenge will recur."

According to calculations from Enders Analysis wonk Abi Watson, she estimated that Harry Potter made up around 17 per cent of Bloomsbury total revenues in the latest financial year.

Douglas said “there is no consumer demand problem within publishing, but often we are held back on the supply side by not being willing to experiment and risk.”

James said “The timing looks linked to Altice’s takeover restrictions lapsing in June, and this may be more a warning about further control being acquired than an objection to the 18 per cent stake per se."

“BT is highly sensitive in national security terms — it does work for a government that it is not allowed to talk about, as well as being crucial for network resilience. I would not expect the government to allow a full takeover or control to pass to a foreign investor.”

Alice said “Video sharing platforms are ad supported and streaming services are mainly subscription supported and those are highly distinct business models – Spotify licenses music and video sharing platforms do not license the content and that gives them a breadth the streaming services lack."

Francois said “In all three markets, DAZN moved in when the biggest player stepped back. They moved in without creating inflation in prices — they didn’t throw money at it. But it doesn’t mean there’s an obvious path to profitability.”

Tom believes it is still early days and internal changes can be made to turn the venture around. There could be a number of reasons [for its current performance]," he says. "It could be that it is a bit too brash and lurid for British tastes. It could be that it is not actually differentiated enough amid a crowded market of opinion and debate programmes. It might be that the British public doesn't care about gender neutral toilets as much as Piers Morgan does."

"They will be in a testing phase and it is not the first TV channel that Rupert Murdoch has launched. He will understand that it takes time to build an audience."

It later became a standalone magazine, riding the luxury goods – and financial services boom – of the 1990s and 2000s. Alice Pickthall, of Enders Analysis, told a 2018 Guardian long read that the magazine was best understood as the “Argos catalogue for rich people."