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“Investors are very nervous in the climate of international uncertainty and they may overreact to the decline in subscribers in South Africa,” notes François Godard, analyst at Enders Analysis.

“Canal+ needs to better explain what’s happening with MultiChoice; it’s a bit opaque for European investors,” adds François Godard. “Not to mention that Canal+ is the only publicly traded pay-TV company (along with Viaplay, which is tiny), so the market doesn’t have easy points of comparison.”

While it is not clear how the Telegraph deal was funded, the media analyst firm Enders said that the split with KKR had left it with “cash to burn”.

“The media business was valued at €3.5 billion, debt-free, and with reportedly single-digit billions in cash,” ­Enders added.

Döpfner took cues on publishing from his surrogate father, the late George Weidenfeld, whom he described as “the opposite of cancel culture”. On the pages of his new venture, it seems likely that he will embrace a range of voices. Abi Watson, an analyst at Enders, noted the “trophy asset multiple” paid by Axel Springer: 14.7x the Telegraph’s EBITDA in 2024 – almost exactly the same as the Nikkei multiple. “The price reflects the fact that RedBird IMI overpaid in the first place, setting a floor that subsequent bidders have had to match.”

Still, eyebrows were raised at the price tag. Abi Watson and Laura Darcey of Enders Analysis described £575 million as a “trophy-asset multiple” for The Telegraph, which reported earnings before interest, tax, depreciation and amortisation of £39 million last year. 

Karen Egan, head of telecoms at Enders Analysis, said that VMO2 had been gearing up for wholesale customers for some time but now “has an extra incentive to do so, as evidence that it is a credible wholesale network is likely to improve the chances of its takeover of Netomnia being approved”. 

The House of Mouse, it seems, has opted for the latter. According to a new Enders Analysis report, its decision to licence elements of its intellectual property (IP) to OpenAI' sora is not a ‘moonshot’ into the future of storytelling, so much as a pragmatic effort to “regain agency in a consumer ecosystem dominated by rampant unlicensed IP usage”.

Enders suggests the OpenAI agreement is therefore an act of containment – a way to channel activity that was effectively already happening into a framework with guardrails it could control.

“User-generated content, especially in video form, is in many ways a great thing for franchise owners,” said Gareth Sutcliffe, analyst at Enders Analysis.

“It signals what’s working and what isn’t with the IP rather than being perceived as direct competition. It allows for an expression of fandom to keep characters and stories alive between movie or TV series releases.”