Sorry - but that sounds like someone speaking with the benefit...

Sorry - but that sounds like someone speaking with the benefit of hindsight. That is, a lot of nonsense. How easily we forget about how grave and uncertain the situation looked last year. No one knew what was going to happen to content or how subscribers were going to respond.

Remember how high the SKT bond yield shot up? That tells you something about how viable issuing debt would have been. When things are grave and the very survival of a business is in question, equity may make sense, as the potential upside may be sufficient to balance out the threat of death. But a paltry debt yield may certainly not be.

Whatever price the CR was made at is now history - and paying a 'premium' to it, is an irrelevance.