The Court of Appeal has judged that the Competition Appeal Tribunal erred in law in its rejection of the Ofcom Wholesale Must Offer remedy for premium sports by failing to deal adequately with all of Ofcom’s competition concerns but agreed with the Competition Appeal Tribunal that Ofcom had acted within its regulatory powers Sky’s appeal against the 2010 Ofcom decision will therefore be re-heard at the Competition Appeal Tribunal and we believe the likelihood is that the Wholesale Must Offer remedy will be approved, while the jurisdiction issue may yet have some life if Sky takes its appeal to the Supreme Court The seven year old pay-TV saga is far from over as major changes have occurred in the last four years. Irrespective of the progress of the Competition Appeal Tribunal review, we think it will have little bearing on the outcome of the Premier League auction in light of the strategic objectives of Sky and BT

TalkTalk enjoyed a healthy December quarter, with broadband net adds steady, TV net adds accelerating, churn falling and revenue growth accelerating to 5%

Revenue growth was boosted by a big wholesale contract win and the timing of line rental price increases, but the company did achieve a complex price restructuring with no negative ARPU impact

With churn heading down again, the company appears to have successfully weathered the BT Sport-related storm, leaving it on track to achieve its aims