As a general principle, I would much rather my business use cash...

As a general principle, I would much rather my business use cash to grow and make the business more valuable over time as opposed to returning capital to me.

And if there was a meaningful asset that sky could buy with the cash I would be open to it. I don't think that is the case for sky though as the assets I would have in mind cost a lot more than $150M and sky don't seem to want to borrow money.

So the next best option I think is a merger which would give me two option to still participate as an owner of the business.

Failing that, and given the low EV of Sky I think takeover isn't the next option. And if Sky are able to get an attractive offer for shareholders I think it would be ludicrous not to take it at this junction.

If Sky management can't grow the business in a meaningful way the SP will continue to languish as the market will continue to believe that she will only be viable for the duration of current content rights. So if the current Board and management aren't up to the job, someone else will buy Sky for a good price and do it.