We have revised our central case forecasts of total year-on-year NAR (Net Advertising Revenue) growth in 2011 from 5% to 1%, as the advertising outlook has progressively worsened since mid April

2011 is marked by a further round of consolidation in airtime sales and a number of noteworthy channel and programming changes

Channel 4 Sales, and above all its flagship Channel 4, appears the most challenged of the leading market players, while we expect the ITV group to continue to outperform the NAR market in the rest of 2011 and 2012

The Hargreaves review of UK intellectual property law proposes to introduce a “limited private copying” exception to legalise existing recopying across devices

The proposed Digital Copyright Exchange (DCE) is a good idea, but industry reticence to financing and using a DCE is a challenge

Practical solutions to licensing digital content-based services should be the focus of Coalition efforts to spur innovation and economic growth

C&W Worldwide’s performance over the year to March was weak, with the most meaningful metrics showing positive but very low growth

The sharp decline in the mid-market business appears to be over, but price pressure and accelerating loss of ‘traditional’ voice revenue is preventing further progress

Guidance for the year to March 2012 is uninspiring. Beyond that, growing momentum in cloud services and the overseas businesses should generate more significant progress, but organic growth looks set to remain modest

In this presentation we show our analysis of revenue growth trends for mobile operators in the top five European markets (UK, Germany, France, Italy and Spain). The historical analysis is based on the published results of the operators, although they include our estimates where their data is inconsistent or not complete.

Revenues and profits continue to crash at the directory giant as local and small business expenditure shifts to cheaper online media

We believe Yell’s challenges may be less about share of voice, and more about how to absorb the pace of structural change – and to operate its business effectively from a much lower top-line

Tough conditions in all territories – UK, US, Spain and Latin America – have accelerated structural change, but Yell has some advantages over the start-ups, search algorithms and social networks that surround it

TTG’s full year results were, in the most important respects, solid, despite customer service issues and high churn caused by the migration of former Tiscali customers onto a single set of platforms

We remain cautious about the speed with which churn can be reduced, but there is little sign of the problem spreading beyond the former Tiscali base

Operating leverage and cost reduction have been impressive and give us confidence that new financial guidance will be met, although other sources of growth remain elusive

Amazon now sells more ebooks than print books on Amazon.com, while overall US ebook sales were 15.6% of the consumer market in March, up 142% from last year. Meanwhile, for some publishers over half of book sales are now through companies that are not book sellers

Waterstone’s has been bought by a Russian investor for £53m, with James Daunt parachuted in to take it back to its roots in bookselling, while in the USA John Malone has bid for Barnes & Noble valuing it at $1.45bn

As book buying moves away from bookshops and away from print, both retailers and publishers will need to rethink both their scale and the way that they engage with readers. Beautiful shops and beautiful apps are probably an insufficient response

Vodafone Europe’s service revenue growth dipped by 1ppt in the March 2011 quarter, but nearly all of this was due to regulated MTR cuts, with its competitive performance actually improving again

The combined Europe and common cost EBITDA margin was actually held flat in H2 10/11 on H2 09/10, aided by some heroic (and, frankly, uncharacteristic) cost cutting efforts, with Vodafone’s cost profligacy days apparently behind it

The outlook for next quarter is poor due to the UK MTR cut, but we then expect revenue growth to steadily improve for the rest of the year, with smartphone-driven data growth a help rather than a hindrance

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

BT met its full year guidance for the second year running, but new guidance reflects the weak revenue outlook and limited potential for further cost reduction

Group performance continues to hinge on capex levels, in particular deployment of next generation access, scheduled to continue until 2015

BT is not a financial basket case doomed to be eaten alive by mobile, satellite, cable or internet-based alternatives. But nor does it look like a huge growth story