A key hypothesis here, for me, is that at some point the global giants are going to run out of puff in their content war - and partnerships with national champions with a strong hold on eye balls, will be inevitable. If the tech giants market ratings really crash from here, their capital-markets driven growth model is going to die. This will expedite the process.
On top of that, content costs are forcing up prices. Customer choice is becoming overwhelming. So less incentive to 'chord cut' on two counts. Additionally, the most fickle clients have probably already left. We are already seeing the beginnings of a resurgence in other legacy media co's (eg Nine, News Corp, and Spanish free-to-air broadcasters that I've bought into).
If SKT becomes a 'growth story', as it may be morphing into, then it's a bargain.
I see a lollapalooza of upside developing, with some (but modest) downside - at current prices.
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