George Salmon

While the core business is still growing impressively, the significant spending shows growth isn't quite as capital-light as had been hoped.

These numbers are actually some of the most reassuring in its short history, not only are login trends in Europe improving after a stagnant couple of quarters, the group has beaten expectations on revenue and profit. These results will go a long way towards regaining the trust of Wall Street.

The worry is that international bruisers like Disney and Amazon aren't going to go down without a fight, and both have the financial clout to counterpunch pretty hard, the battle for viewers' eyeballs is only just getting started.

Fox coming back in for Sky isn't a surprise in itself, but the fact the offer is slightly behind what some had anticipated brings another twist.

There are enough sub-plots in the race to acquire Sky to commission a prime-time drama, fox coming back in for Sky isn't a surprise in itself, but the fact the offer is slightly behind what some had anticipated brings another twist. In fact, there's every chance it might entice another counter from Comcast.