Sonera Smart Trust

BT’s financial performance in Q2 was much the same as the previous quarter, despite growing pressure on consumer and wholesale broadband from altnets and competitive responses to them.
 

We see this pressure easing in time, due to roll-out slowdowns and the inevitable consolidation of the altnet industry into a wholesale model, but there may be some tricky quarters ahead.
 

Current full year guidance looks nonetheless very achievable and sustained growth thereafter looks likely, with earlier rather than later consolidation good for BT as well as the altnets themselves.

Bids for the Champions League media rights from 2027 are expected by 18 November across all top five European markets.

In an attempt at injecting competitive tension, a new ‘global’ Tuesday first pick fixture is on offer. Amazon looks like the favourite bidder.

Incumbent rights licensees prioritise cost savings over coverage expansion.

ITV's advertising revenue held broadly flat YoY in Q3, but remains 5% down across 2025 (£1,247 million  v. 1,313 million). This was more than balanced by the back-end weighted revenues of Studios: now well up on 2024 (£1,350 million v. £1,217 million) 

A very challenging Q4 awaits: pre-budget economic and consumer uncertainty could lead to TAR down 6% across 2025. Digital remains a bright spot

As a whole, the viewing mix of ITV is increasingly dictated by ITVX: going forward, this will mean proportionally less viewing of news and more of drama, including that which is foreign-produced