Agree.
The fact that the intangible value of the TV licenses have been written down considerably is testament to this. Owning a TV license is no longer a barrier to competition which can be achieved via digital delivery channels.
Hence their focus on BVOD.
Then you have the challenges of WAN and declining print revenues / increasing costs (offset to some degree via the internet subscription revenues). It will be interesting if WAN can continue to bounce back in the next few years as the subscription model rebuilds the revenue base.
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