Ann: Sky and WarnerMedia expand long term relationship, page-24

Continuing the upward trajectory - 3 days in a row which has to be a record for SKT!

It will be interesting to see where it settles, and then what plans for the property proceeds do to the quoted value.

If the SP settles around $2/share post consolidation... and then if they further reduce shares outstanding to ~130M from Buybacks...the price will increase significantly again (depending on how much the campus value is built into the SP).

Sky are talking up further permanent cost savings...which will no doubt mean significant redundancies. When Martin took over there were about 1200 staff. I believe that is down to about 900 now...but ultimately they want to get it down to 600 or so. Lean and mean moving forward.

If they can get it to the point when Sky Box + Commercial + Advertising revenue can cover the total Operating costs + stay in business CAPEX + taxes (which would probably be around $550M after permanent savings) then all the streaming revenue from NEON, Vodafone TV and Sky Sport NOW becomes profit.

Streaming revenue was $73M FY21 and they expect to see this base grow by a CAGR of 10-15% for the next few years...