Sky’s revamped model has delivered a sharp reduction in churn and higher gross additions, accelerating subscriber growth. Rising high definition take-up is sustaining the increase in average revenue per user

Business prospects are improving on stronger private consumption and a carriage deal for HD versions of German commercial channels

Our forecasts have been revised upwards and we now expect faster improvement in cash flow, though it will still be negative in 2013

Growth in advertising for TV and the largest popular newspapers has not spread to local media, with regional press suffering declines in recruitment, auto and retail in 2010 despite colossal falls the previous year

Operating profit recovery in 2010 demonstrates firm management cost control, although the largest businesses have suffered 20% decline in annual profits since 2006

Publishers have engaged in various brand extensions, yet digital and other revenues remain stubbornly low, suggesting the scale of opportunity is destined to be a fraction of that from the sector’s recent past – and that consolidation is an industry inevitability