Ann: Sky and TVNZ partner to deliver the Olympic Games Tokyo 2020, page-4

Good to see you here @Transversal.

I haven't re-assessed valuation since I made initial purchase. Letting the dust settle before coming back and deciding whether to add, reduce or leave unchanged.

i assume you are aware that SKT has used its equity for a number of purchases (acquisitions and even content) since June 2019.

Many moving parts here and much depends on factors outside of SKT's control. For example, how will Netflix cope with the new global challengers and the tap being tightened in terms of cheap content. Or, how will the Netflix shareholder tap hold. Or, how far will SKT subscriber numbers have to fall before the highest value stickiest (sports) subsribers are reached. Or how well can the high value subscribers be leveraged to attract more marginal non-sports eyeballs (depends on how the global field plays out). Or how much harder will Spark fight to further its sports ambitions - or will Spark settle for a sports niche in NZ? How well can SKT leverage and further its brand as the sports flag bearer for NZ (it seems to be making progress here).

Most of these factors are interrelated, and I suggest their outworkings are unpredictable. One thing is almost certain, margins are coming down, so subscriber numbers need to stabilize.

Whilst I accept that there is a chance SKT could go to zero, my sense is it has a better than even chance of a profitable future as the leading aggregator and producer of local sports content and also local-interest non-sports content, and leveraging that via partnerships with the global giants (leveraging scarce eyeballs as supply becomes plentiful).