Yes indeed, even if they did barebones CAPEX and let key (expensive) sports rights go I think they would generate much more than $300M for shareholders before they went bust.
There are a lot of people over the age of 50 who would subscribe to Sky until the bitter end so long as 'enough' of their channels were still available.
Only a minority are 'sport only' customers. The vast bulk subscribe to Sky Entertainment.
The valuation is irrational. But who am I to argue with Mr Market?
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