The Gross Margin from Retailing Premium Pay-TV Channels

VMO2’s broadband and mobile segments both worsened in Q1 to decline at 3–4%, with altnets hitting the former and an over-publicised price rise change hitting the latter.

Subscriber trends however improved on both, with the broadband base notably reaching near stability as altnet pressure gradually recedes.

2026 will still be a tough year for the company, with service revenue/EBITDA guidance of a 3–5% decline for both looking realistic, but momentum thereafter is likely to be much improved

Disney's Entertainment revenues rose 10% year-on-year to $11.7 billion in Q2, part of a company-wide lift of 7% (to $25.2 billion), with parks remaining resilient despite headwinds. New CEO Josh D'Amaro has begun to outline his vision for the company.

Corporate reorganisation has created a unified marketing vertical, while interactive entertainment and gaming has finally been brought under Entertainment and into the core of Disney's content creation engine.

In the UK, the impact of Disney+'s near-blanket availability to Sky subscribers has so far been muted, indicating that there are few shortcuts to growth in a mature streaming market.

The low price, low quality vicious cycle in UK mobile is becoming ever more apparent in both revenue pressure and in network quality surveys.

Policymakers meanwhile demand better quality, coverage and resilience which will be tough to deliver without a more robust revenue outlook.

Without radical change, the government’s affordability priority looks set to win out over its growth one, driving the industry towards (self-reinforcing) sub-optimal outcomes for both consumers and growth.