Staff have nothing to fear. “They’re not going to sell Channel 5,” she said, pointing to the broadcaster’s profits and the leadership of Rose, a “great diplomat” whom she predicts will win the affections of Paramount’s next owners.

The other considerable uncertainty facing 5 concerns Rose herself. A former longstanding executive of Channel 4, many in the sector identify her as a star candidate to return as the company’s next chief executive. Some even think she could replace Tim Davie as director-general of the BBC. Enders thinks Rose will stay put.

Enders Analysis’ Rome-based media and telecoms analyst François Godard says the partnership bonanza “came out of nowhere for me.” You’d never see this in America, he adds. The TF1/Netflix deal would be tantamount to seeing live feeds from NBC on the streamer. (That said: Never say never.)

One of Europe’s most respected media analysts, Godard adds: “I was positively impressed because you see European commercial TV trying to do something and not saying, ‘We passively accept our decline!’”

Meanwhile, streamers need new avenues for growth, too. The reality is that most are “plateauing” in Europe, says Enders’ Godard, and need to lower churn, keep viewers on the platform for longer and draw demos they’re not fully reaching on their own. Analysts point to these cross-carriage deals as an effective way of stocking up on local content in order to achieve all of the above.

Still, analysts pointed to underlying trends in the market, like a decline in broadband and mobile customers, that risk “clouding the German recovery story,” Karen Egan, an analyst with Enders Analysis, wrote in a note.

Publishers’ visibility on Google search results has fallen since 2019, but this trend has accelerated sharply since April, according to a recent report by Enders Analysis. And since March, publishers’ search keywords have become over three times more likely to trigger an AI Overview. For now, the impact on publishers’ businesses is minimal, according to the analysis. Publishers’ discoverability and top-of-the-funnel brand awareness are most at risk.

Others think there is less to the spat than meets the eye. 

“People are treating this as a vendetta,” says Claire Enders, a media analyst and longtime Murdoch-watcher. In reality, she believes, it is a screw-up.  She suspects that Mr Trump’s demand that the story be dropped, apparently delivered to Mr Murdoch at a football match, may not have been heard or understood by the 94-year-old. What’s more, she adds, Mr Murdoch is keen to avoid any suggestion that he has editorial control over his companies, amid a libel complaint against Fox News by Smartmatic, a provider of voting systems. “He doesn’t want to be seen to have the power to cut a story—and it is scrupulously denied him, to avoid trouble with Smartmatic,” says Ms Enders.

Enders Analysis’ senior research analyst, Jamie MacEwan echoed this. 

“The solution for advertisers who look at the reporting and really want to cut out an underperforming channel is to run separate campaigns targeting only the desired channels,” he explained. “But that is a lot of extra work and undoes the cross-channel and automation benefits of Performance Max if an advertiser has been getting globally good results from it.” 

“I always felt like it was a good idea,” says Enders Analysis Head of Television Tom Harrington. “You want to diversify at your peak rather than later on. I can see why Netflix would want them for the kind of  audience they can bring, and I can see why [The Sidemen] would want to be on Netflix.”

The new financing is “far from a ringing endorsement of the sector,” telecommunications analysts James Barford and Karen Egan from Enders Analysis wrote in a note. “This capital raise will not be the first of many across the alt-net sector in our view, as CityFibre’s business model is unique, and now partially dependent on the struggles of others to encourage consolidation.”

"The financing is certainly counter-trend to the current desert of funds available to altnets, and will not change this paradigm in our view given CityFibre's unique wholesale business model, which is now dependent on others struggling to raise funds to enable its consolidation ambitions," said James Barford, an analyst with Enders Analysis, in a LinkedIn post. "With cash and a solid business model, we expect CityFibre to make rapid progress with consolidation, but it is all far from over, with years of deals to come, and there will still be opportunities for others to play their part."

“The hope is that agents are able to bring some real utility to users – to actually do things for them rather than just outputting polished text and sounding impressive,” said Niamh Burns, senior media analyst at Enders Analysis.

But Open AI has acknowledged that allowing an AI agent even limited reign over computer systems meant that “with this model there are more risks than with previous models”.

Burns, an independent analyst, said: “It’s easy to say the system will require your approval before making a purchase, but what goes into the process of that system finding the products? Would there be commercial deals where brands pay to be featured by assistants, or cases where they might feature their own products more than competitors?

“These AI companies are under growing pressure to monetise their products, so some version of ads or sponsored placement feels inevitable.”