Ann: Half Yearly Report and Accounts, page-3

Agree with your positive sentiment around the commitment to a return of dividend with potentially high yield of FCF.

With regards to the other bit about growth spending....

Of course none of us want them to spend it on silly bullshit that just sqanders our cash. Everyone would prefer the capital just be returned in that scenario.

However, I think Sophie and the team have earned our respect in terms of their ability to deliver. I think we can give them the benefit of the doubt at this junction. If they are seeing opportunities for growth that will diversify revenue streams and grow earnings then I do believe those investments are likely to create a higher return for shareholders as opposed to just giving us cash.

And Sky do need to continue diversifying revenue streams. In doing so, they significantly reduce the risk to the business of losing any one particular content contract.

These results highlight that Sky is still significantly undervalued.