Wireless

Disney saw a 7% YoY uptick in Q3 revenues (to $25.2 billion) and a 21% jump in operating income (to $5.6 billion) with the concern over domestic parks admissions abated, while streaming performance masked the persistent waning of linear: both face continuing advertising headwinds

For now, Josh D’Amaro’s leadership appears necessarily understated, immediately concerning itself with retooling operations. At some point it will have to yield to a growth strategy that must accelerate without drawing political heat

Disney+ UK’s reach remains resilient despite sluggish engagement, suggesting subscribers now prioritise baseline price over the usage-based perks of higher tiers

ITV had a good World Cup, with the tournament driving H1 total advertising revenue up 3% YoY (£850 million), while average viewing per game was marginally better than the BBC.

Although the football provided a welcome bump, H1 viewing remained bleak (-8.5%): the broadcaster currently commands its smallest share of the decade and our 2026 forecast of a 6% drop in total engagement may turn out to be optimistic.

As expected, Studios had a steady half and will accelerate towards the end of the year with a particularly high profile pipeline.

VMO2 suffered a dip in revenue growth in Q2, albeit mainly due to price rise phasing issues and the Daisy integration, with EBITDA growth actually improving.

There were some concerning signs however, with mobile net adds remaining stubbornly low. Full year 2026 guidance is still achievable, but a return to growth in 2027 is challenging.

Regulatory developments have been mixed, and VMO2 will have to be careful what it wishes for as regards the future competitive structure of the sector.