Sky flexes its AI muscles

Artificial intelligence might be the buzzword of 2018, but few actually know what to do with the technology. That said, Sky seems to be surging ahead of the pack.

At the Telco Data Analytics and AI conference in London, an interesting statistic was put to the audience; 60% of the AI R&D spend in the telco industry is being directed towards network optimization. This is certainly a valid quest, though the problem with inward R&D investment is that it won’t prevent the slow wander towards utilitisation. To create value, telcos need to be investing in projects which actually create value, drive diversification and capitalise on new revenues. This is exactly what Sky seems to be doing.

“We have a data liquidity problem,” said Rob McLaughlin, Head of Digital Decisioning and Analytics for Sky UK. “Getting data is not an issue, we get it without trying, it’s about getting value from it.”

It seems the Sky UK team has a lot of ‘nice to have problems’, which demonstrate the effective steps forward the business is making in the intelligence-orientated world. While many telcos are struggling with the basic concepts, Sky is really setting the pace.

Aside from the overwhelming amount of data, McLaughlin complained of the management teams attitude towards artificial intelligence. Here, the team aren’t resisting, but asking for solutions which are overly complex. McLaughlin pointed out the Sky business was missing out on the low-hanging fruit, the simple problems which AI can address, instead the management team is looking for the top-line, super-complex solutions which can bring about revolutionary-change.

As McLaughlin told the audience, this is frustrating, but at least the management team is embracing new concepts and technologies, even if they are trying to run before they can walk. This is arguably a perfect scenario however. Change is led from the top of an organization, and McLaughlin seems to be describing a culture which is desperate to embrace change and create value.

Another interesting point made by McLaughlin was a claim there was no POC.

“We launched these projects at scale from day one,” said McLaughlin. “We didn’t want to do a POC as it was a bit of an insult to our intelligence. Why do they need to test whether data is good for the business?”

This demonstrates the much-hyped fail fast business model which has been employed so effectively by the internet giants. These companies don’t need to prove there is value in personalising services, they just need to make it work. The only way to get the algorithms to work is to get them out in the real world, trained by data, honed by machine learning and real-time experiences. This culture of creating results, not trying to prove perfection, will certainly drive value for Sky.

McLaughlin’s team are implementing AI in four different ways at Sky. Firstly, using customer information to cross sell services and products. Secondly, increasing engagement with products and services customers have already bought. Third, anticipating customer needs and problems, a project which is saving Sky millions in customer services and improving the overall NPS score. Finally, AI is being used in media optimisation to improve the advertising platform.

While these projects are still in the early days, the results are clear according to McLaughlin. NPS has been improving, cost saving are being realised and proactive selling of product through personalisation is increasing. With the cross-selling side, the results are quite remarkable. The success of sales of Sky Sport products are up 57% due to two simple changes. Firstly, putting the product in front of the customer at the right time, Saturday afternoon not Friday night for example, and Secondly, selling the product in the right way. If you know you are engaging a football fan, tell them about the football benefits not Formula One.

“Just crazy we haven’t been doing this for 30 years,” said McLaughlin.

All of these initiatives are built on identity. For McLaughlin this is the most important aspect of any data analytics and AI programme, and receives more attention than anything else. If you cannot identify your customer, it is impossible to personalise services effectively. It seems simple, but it is an aspect which is often overlooked.

“If we have the opportunity to speak to someone, don’t tell them something, treat them as the person the data says they are,” said McLaughlin.

Sky might not have a reputation as an particularly innovative organization, nothing out of the ordinary at least, but this approach to data analytics and artificial intelligence is certainly worth noting. The culture is accepting and proactive, there is an attitude which is geared toward doing, not planning, and the objectives are clearly outlined. McLaughlin might have his frustrations, but if you want an example of an organization which is proving the value of intelligence, you won’t have to look much farther.

And the winner is… Comcast!!!!

Comcast has emerged as the winner of the drawn-out Sky acquisition battle with 21st Century Fox, offering shareholders £17.28 per share.

After 21 months, much bickering and passive aggressive commentary, the auction was completed on Saturday 22 September, with Comcast valuing the business at £30 billion. The unusual auction process was overseen by The Takeover Panel, an independent body established in 1968, whose main function is to issue and administer the City Code on M&A.

“We consider the Comcast Offer to be an excellent outcome for Sky shareholders, and we are recommending it as it represents materially superior value,” said Martin Gilbert, Chairman of the Independent Committee of Sky. “We are focused on drawing this process to a successful and swift close and therefore urge shareholders to accept the recommended Comcast Offer.”

“Sky is a wonderful company with a great platform, tremendous brand, and accomplished management team,” said Comcast CEO Brian Roberts. “This acquisition will allow us to quickly, efficiently and meaningfully increase our customer base and expand internationally.”

In securing Sky, Comcast not only adds an additional 23 million customer relationships to its current subscriber base of 29 million, it also increases its footprint in international markets. Prior to swallowing the Sky business, Comcast attributed 9% of its revenues to the international markets, though this now increases to 25%. It’s a more diversified business, offering comfort for Comcast shareholders, while also creating a broad and varied content portfolio. Alongside partnerships with HBO and Showtime, Sky also brings with it a heavyweight position in sport content, a presence which has underpinned its success.

Looking more specifically at the auction process, it was a slightly unusual one. Starting on Friday night, both companies made a starting bid, with the lowest offeror at the commencement being afforded the opportunity to make an increased bid in the first round. In the second round, only the offeror that was not eligible to make a bid in the first round could make an increased bid. If there was not an increased bid in the second round, the auction would have been concluded, though it did run to the third (and final) round, where both companies were offered a final opportunity to increase bids.

As a result of this process, Comcast tabled a bid of £17.28 compared to £15.67 per share from 21st Century Fox. The winning bid represents a premium of 125% to the closing price of £7.69 on 6 December 2016, the last business day before 21st Century Fox’s initial approach. Sky has proven to be a very successful bet for investors representing a ten-year total shareholder return (since 1 July 2008) of +402%, compared to +97% as an average of the FTSE 100.

While this might seem to be the end of a prolonged saga, there are a couple of twists yet to be turned. Firstly, Comcast still has to convince shareholders to part with their assets, and secondly, what will the future hold for the Sky telco business?

In terms of the shareholders, for Comcast to officially secure Sky it will have to gain approval of 50% of shareholders. Fox/Disney currently owns 39% of the business and is yet to disclose what its own position will be, meaning Comcast will have to convince 82% of the remaining shareholders to be safe. Due to the Fox/Disney 39% stake, de-listing Sky will be an unlikely outcome (75% threshold is needed), as will squeezing out remaining shareholders (90% ownership is required). 21st Century Fox could remain a thorn in Comcast’s side for some time.

Another question worth considering is what to do with the Sky telco business. Comcast’s intentions in acquiring Sky have been clear; it is Europe’s most powerful content business; though the telco business comes with this prize. Sky certainly has a notable broadband business in the UK (roughly 6 million subscriptions) and has successfully launched its own MVNO, though it is currently unclear whether this is an area Comcast would like to develop or whether it will look for a sale.

According to RBC Capital Markets, an acquirer would have to shell out in the region of £4.5 billion to purchase the Sky telco business, though there do not seem to be many suitors. BT, Virgin Media and TalkTalk are too large for antitrust approval, leaving only O2 and Three in the telco space. Considering the precarious financial position of O2’s parent company Telefonica, and recent comments from CEO Mark Evans dismissing the convergence craze, O2 seems unlikely.

Like O2, Three has a large mobile business but no presence in the broadband space; a converged offer would be of interest to cash-conscious consumers. It is unknown whether Three parent company Hutchison would want to pursue this avenue, though considering it has begrudgingly spent and cash in the past, instead trying to use political influence to better Three’s prospects (it has a reputation as a moany, spoilt child for a reason), we can’t see this as realistic.

The only other option which would be on the table would be a player from the financial market, though RBC Capital Markets feels Comcast will retain the telco business without expanding it to the continent. Sky is demonstrating the convergence business model can work, and it is an important aspect of the offering in customer eyes; why would it want to undermine a healthy position. As the old Bert Lance motto goes, ‘if it ain’t broke, don’t fix it’.

The auctions bring to close a long-running chapter in the European content game, but this is by no means the end of the story. With its 39% stake in the business, 21st Century Fox can still be a prominent character.

Sky convinces Netflix to do the thinkable: move titles off its platform

Having initially announced a tie-up earlier this year, Sky has somehow managed to convince Netflix to loosen the grip on customer experience, integrating its biggest titles into a very chunky on-demand package.

As part of the partnership, Netflix content will be hosted on the Sky platform, allowing customers to access a huge number of on-demand titles without having to navigate between different streaming apps. Having to navigate through different windows to find the right content can be a frustration for consumers which Sky is certainly addressing, though it does seem to contradict the Netflix ambition to standardise customer experience across all platforms and partnerships.

Across one page users will be able to navigate through Sky’s content such as Patrick Melrose and Tin Star, HBO’s Game of Thrones, Showtime’s Billions and now, Netflix titles such as The Crown, Stranger Things, The Kissing Booth, Making a Murderer and Queer Eye. It’s a lot of quality content for one place, cementing Sky’s position as the UK’s king of content.

“Sky wants to position itself as an aggregator of services as underlined by recent tie-ups, bringing services together is to be offer users a seamless and integrated service experience,” said independent telco and tech analyst Paolo Pescatore. “Therefore, the move further increases Sky’s own value as a one stop shop provider. More importantly it will also get access to Netflix’s catalogue and metadata which will prove more attractive to Disney.”

“Europe lags the US when it comes to cord cutting due to numerous reasons. Among other things the pay TV penetration is a lot lower in Europe and has been dominated by a handful of players. However, both regions are seeing huge growth in binge watching driven by changing user behaviour towards on demand programming.”

The mega on-demand deal will cost £10 a month, alongside a Sky Q subscription, with a 31-day rolling contract available as an option. It might be more expensive than a normal Netflix subscription, but with Sky’s box set content available for £5 a month, professional bingers will be able to save money combining the pair.

Sky Netflix

While this is a massive coup for Sky, it is a strange turn of events for Netflix. Last week at IBC 2018, Maria Ferreras, VP of EMEA Business Development at Netflix, stated that while the business was open to partnerships the experience would remain consistent across all platforms and partnerships. In allowing Sky to host its programming on its own content platform, Netflix has essentially handed over the management of customer experience. It’s an interesting announcement with Ferreras insisting maintaining a high-quality and standardized experience across all platforms was critically important for the business.

That said, another ambition of the business is to make its content as accessible as possible. Improving accessibility is one aspect of the strategy to secure additional subscriptions as the growth rate looks like it is beginning to wobble. Perhaps this is simply a compromise. As growth momentum slows executives have to make difficult decisions, some of which they will not like, and maybe this is one. The drive for new subscriptions seems to outweigh owning the customer experience.

Now before anyone gets too excited about this being a possibility for every content platform, this will probably not be the case. Ferreras highlighted last week that each partnership is weighed on its own individual merit. There are frameworks in place to guide the parameters of each relationship, though the end product will entirely depend on who is sitting on the opposite side of the table.

Taking this an example, Netflix might have been happy to hand over the customer experience management because Sky has an excellent content platform which it has spent years honing; it is a solid experience with content easy to find. Others cannot say the same, take Virgin Media for example. We cannot imagine Netflix would allow a similar integration of content due to the cumbersome nature of the TV offering.

The search for new subscriptions will certainly take Netflix into some interesting partnerships. After the last quarter’s results, were subscription growth looked to stagger, there might be more pressure for executives to loosen the stranglehold on the platform, and be more flexible when it is discussing partnerships. Netflix still has the upper-hand when it comes to negotiations, though if it wants to maintain its lofty market cap ($152 billion!!!) it will have to be more pliable. Offering more access to its valuable customer data and behaviour insight could be one of those areas.

Sky strikes an ultrafast deal with Openreach

Sky UK has reportedly become the first customer of a new discount deal from Openreach to encourage use of Gfast technology.

According to the Telegraph, fixed line wholesaler Openreach has been offering discounts of up to 40% to entice ISPs to use its Gfast products. Gfast extracts more bandwidth from legacy copper infrastructure, of which Openreach has loads, and is therefore a lot cheaper to provide that fresh fibre.

In typical ISP over-marketing style, this Gfast service is being packaged as ‘ultrafast’, which is one order of magnitude faster than superfast. It’s not obvious where we go from there. Megafast? F*ckingfast? Sky is apparently also signing up for fibre, where it’s available, which will be marketed as OMFGfast.

The Telegraph piece indicates UK ISPs are conflicted about even offering faster broadband to their customers as slower service apparently provide more margin, which is depressing. Ofcom has been hassling Openreach to cut its process but if current prices still disincentives ISPs from trying to improve their offering then it looks like the UK broadband market is still somewhat dysfunctional.

Here’s a recent Openreach video about how great Gfast is.

 

You can see why there’s so much interest in Sky

Sky has released its financial results for the last twelve months, and you can see why a bidding battle enraged over the UK’s biggest premium content provider.

Total revenues for the year stood at £13.6 billion, while operating profit was £1.034 billion, year-on-year increases of 5% and 7% respectively. Customers are clearly happy with the content platform, and the promise of more original programming over the next twelve months will only make this proposition more attractive.

“It’s been an exceptional year,” said CEO Jeremy Darroch. “We’ve delivered another set of strong results with like-for-like revenues up 5%, Established Business EBITDA up 11% and EPS up 10%. Over half a million new customers joined Sky this year and we now have 63 million products in customer’s homes as they continue to choose Sky over other providers. As a consequence, we have extended our leadership position as Europe’s largest direct-to-consumer media and entertainment business.”

In its largest market, the UK, revenues increased 4% to just over £8.9 billion, adding 270,000 new customers across the year. Churn on its TV product was down to the lowest point in a decade, while advertising revenues increased 6% despite claiming the market overall is relatively stagnant. Content is still by far and away the cash cow for Sky, though with the mobile unit adding another 95,000 customers in the final quarter, taking the total to more than 500,000, while fibre penetration of the broadband business is now up to 38%, the convergence strategy is clearly starting to take hold.

While this strategy might have been championed in the UK, it won’t be too long before it starts making an impact elsewhere. A partnership with Open Fiber in Italy will grant access Fibre-to-the-Home (FTTH) network and allowing the launch of a triple-play service from Summer 2019, while there are also plans to kick-off a GB fibre offensive in Ireland.

That said, Sky might be looking to diversify into new streams, but it is putting into practise a lesson many telcos could learn with learning; its nailing the traditional business first. Many telcos might have forgotten about connectivity in the search for profits elsewhere, but Sky is continuing to bolster its content platform. Keep the customers happy with your core service and build everything else as a bonus.

“The deals forged over the past few months, including a cross-channel sharing agreement with BT, Netflix and other leading online services indicate that Sky is positioning itself as an aggregator of content and services,” said tech, media and content analyst, Paolo Pescatore. “Sky is the undisputed leader in bundling services in the UK and we now expect it to take the same approach in other markets. Content remains at the heart of the company.”

The original content it plans on producing over the next couple of months is just one cog in the machine. New partnerships with Netflix, Mediaset, BT and Spotify start to evolve the Sky proposition into the aggregator model, while sport is back as the big ticket item with top-league football throughout the continent and the rights to the Ryder Cup at the end of the year.

Sky is evolving its business model to fit the demands of the consumer in the digital era, but it has not gotten distracted with the convergence hype, despite gains in the connectivity game. Sky has not forgotten about its core mission to its customers. A few other businesses could learn a thing or two here.

Outfoxed Comcast looks to the Sky

US telco conglomerate Comcast has decided it can’t be bothered with 21st Century Fox but is still really keen on Sky.

Apparently determined to complicate things for media rival Disney at every possible opportunity, Comcast seems to have decided that forcing Disney to come up with an extra $19 billion to get hold  of Fox is enough for now. The real fun will now consist of making sure Disney doesn’t get hold of Sky when the Fox deal goes through.

Disney bid $52.4 billion for Fox at the end of last year, but Comcast decided to throw a spanner in the works by offering $55 billion for it in June. This forced Disney to come back with a $71.3 billion offer soon after, which turned out to be enough to make Comcast throw in its cards. “Comcast does not intend to pursue further the acquisition of the Twenty-First Century Fox assets and, instead, will focus on our recommended offer for Sky,” said the Comcast announcement.

This seemed to be the likely outcome when Comcast quickly escalated the bidding war for Sky last week. An intriguing aspect of this bid is that, if it succeeds, Comcast and Disney will have to coexist in the running of Sky, since Fox already owns 40% of it. It’s hard to see how they could sustain that bizarre symbiosis, so something will have to give. On the other hand Disney could just decide to hold on for a bit just to annoy Comcast.

Digital TV Europe did a good analysis of the various plot twists back when the Comcast bid for Fox was just a rumour, which you can read here.

Sky shareholders rejoice as Comcast immediately tops Fox offer

The bidding war for Sky is really hotting up with Comcast barely pausing for thought before trumping Fox’s latest acquisition offer.

Sky’s share price has pretty much doubled since 21st Century Fox first made a bid to acquire the rest of it back in December 2016. Sky shareholders’ wildest dreams were realised when Comcast eventually decided it wanted some of that action and it clearly means business.

Usually there’s a respectful silence in between competing mega-M&A bids but Comcast clearly has some kind of bidding ceiling in mind and hasn’t hit it yet, so why beat around the bush? A further hastening factor is the imminent announcement from some UK cabinet minister or other is going to make a pronouncement on the acceptability of Fox’s advances.

On the flip side the bidding increments seem to be shrinking. Comcast’s latest bid is £14.75 per share (£26 billion) – a mere 75p more than Fox’s last one, which it presumably hoped would be too rich for Comcast’s blood. If we assume, for the sake of argument, that Comcast’s ceiling is £16 per share, then it will be interesting to see if Disney-supported Fox chooses to make a more aggressive counter-bid.

“Yesterday’s offer from 21st Century Fox left the door widely open, but it’s slowly closing now,” said Analyst Paolo Pescatore. “The ball is now firmly in Murdoch’s and Disney’s court. I am expecting another round of bids and that will probably be it.”

Fox strikes back at Comcast in Sky bidding war

21st Century Fox has put in an increased offer to buy those bits of Sky it doesn’t already own, beating an earlier counter-offer from Comcast.

Fox bid £10.75 per share for Sky back at the end of 2016, but the bid was stalled by UK regulators taking a closer look at it to see what effect it would have on media plurality in the UK. They eventually concluded the potential acquisition could go ahead so long as Sky news is sold, to ensure its independence.

By that time, however, US cable and media giant Comcast had taken an interest and in April of this year counter-bid to the tune of £12.50 per share. After mulling this over for a few weeks Fox has decided Sky is worth fighting for and has raised its own bid to £14 per share – valuing Sky at around £24.5 billion.

“As the founding shareholder of Sky, we have remained deeply committed to bringing these two organizations together to create a world-class business positioned to deliver the very best entertainment experiences well into the future,” said a Fox statement. “We strongly believe that a combined 21CF and Sky will be a powerful driver for the continued growth and vibrancy of the UK and broader global creative industries.

“The enhanced scale and capabilities of the combination will enrich Sky’s ability to continue on its mission for years to come, especially at a time of dynamic change in our industry. This transformative transaction will position Sky so that it can continue to compete within an environment that now includes some of the largest companies in the world, but none of whom have demonstrated the same local depth of investment and commitment to the UK and to Europe.

“We said when we announced our proposed acquisition of Sky that we were firmly committed to UK’s creative industries and the contribution they make to the UK economy. We remain committed to the UK and believe that our offer for Sky will bring the best value for all the company’s stakeholders and are delighted that the Independent Board of Sky has recommended our offer to its shareholders.”

Apparently some UK politician still need to give such a deal their seal of approval, something that is expected to happen later this week. Fox is itself in the process of being acquired by Disney and maybe the imminent arrival of a wealthy parent that competes directly with Comcast probably contributes to its willingness to persist with a bidding war.

AT&T wastes no time in completing Time Warner acquisition

A mere two days after a judge rejected the US government’s attempt to block it, AT&T has completed its $85.4 billion acquisition of Time Warner.

The giant US telco is now the owner of some of the biggest properties and brands in the media world. HBO is arguably the number one producer of premium video content, responsible for Game of Thrones and Westworld as well as all-time classics The Wire and The Sopranos. Turner owns a bunch of major broadcast TV channels including CNN and Cartoon Network, while Warner Brothers is one of the big movie studios.

“The content and creative talent at Warner Bros., HBO and Turner are first-rate,” said AT&T CEO Randall Stephenson. “Combine all that with AT&T’s strengths in direct-to-consumer distribution, and we offer customers a differentiated, high-quality, mobile-first entertainment experience. We’re going to bring a fresh approach to how the media and entertainment industry works for consumers, content creators, distributors and advertisers.”

The strapline for the press release announcing the completion of the deal announces: “Positioned to be a Global Leader as a Modern Media Company. Set to Create the Best Entertainment and Communications Experiences in the World.” This chimes with the contemporary trend towards mutliplay and sets AT&T up as the big beast of this space.

The Time Warner name, which can be traced back to the launch of Time magazine in 1923, will now cease to exist. AT&T is adding a new super-silo to its corporate structure to accommodate these new media assets, alongside its communications, international and advertising business, but has yet to pick a name for it. You would presumably get short odds on ‘AT&T Media’.

That silo will be led by AT&T lifer John Stankey, who took over the AT&T Entertainment Group that was created to house DirecTV when it was snapped up for $50 billion or so in 2015. He’s going to get a crash course in running a media empire from former Time Warner CEO Jeff Bewkes during a transition period of unspecified length.

“Jeff is an outstanding leader and one of the most accomplished CEOs around,” said Stephenson. He and his team have built a global leader in media and entertainment and I greatly appreciate his continued counsel.”

There are only two larger media companies out there: Comcast and Disney, who are currently in a bidding war for Twenty-First Century Fox, with the former outbidding the latter to the tune of 19% earlier this week by offering $65 billion, apparently hastened by the AT&T development. Fox, meanwhile has trying to buy Sky for ages, a process also complicated by Comcast’s gazumping tendencies.

The US seems to be feeling pretty laissez faire about massive comms/media consolidation but Europe might yet have something to say about all this. The Fox/Sky acquisition has been mainly held up by concerns about media plurality in terms of TV news and the more of this sort of M&A happens the more questions like these will be asked.

UK Government confirms Fox can bid for Sky as long as it flogs Sky News

A protracted assessment of Twenty-First Century Fox’s desire to acquire the 60% of Sky it doesn’t already own has concluded something needs to be done about Sky News.

The concern is that giving Rupert Murdoch-owned Fox control of Sky would negatively affect media plurality in the UK because he already owns a bunch of newspapers. So the Secretary of State for Digital, Culture, Media and Sport, Matt Hancock, has concluded the acquisition process can only proceed if Fox finds an alternative, independent home for Sky News.

“I agree with the CMA that divesting Sky News to Disney, as proposed by Fox, or to an alternative suitable buyer, with an agreement to ensure it is funded for at least ten years, is likely to be the most proportionate and effective remedy for the public interest concerns that have been identified,” said Hancock.

“The CMA report sets out some draft terms for such a divestment, and Fox has written to me to offer undertakings on effectively the same terms. The proposals include significant commitments from Fox. But there are some important issues on the draft undertakings which still need to be addressed.

“I need to be confident that the final undertakings ensure that Sky News:

  • remains financially viable over the long-term
  • is able to operate as a major UK-based news provider
  • and is able to take its editorial decisions independently, free from any potential outside influence

“As a result, I have asked my officials to begin immediate discussions with the parties to finalise the details with a view to agreeing an acceptable form of the remedy, so we can all be confident Sky News can be divested in a way that works for the long term.”

There is, of course, another major potential spanner in the works for Fox and that’s the arrival of US broadcast giant Comcast on the scene with a higher bid a month or so ago. Hancock hasn’t got any issues with Comcast so Fox will need to not only deal with Sky News but outbid Comcast if it’s going to achieve its UK ambitions. All of this is good news for Sky shareholders.

“Sky welcomes today’s announcements by the Secretary of State regarding the proposed offers for Sky by 21CF and Comcast,” said a Sky corporate announcement. “In respect of 21CF’s proposed acquisition of Sky, Sky notes that the Secretary of State considers that the undertakings provided by 21CF have provided a good starting point to overcome the adverse public interest effects of the proposed merger that he has identified, and that DCMS Officials have now been instructed to seek to agree final undertakings with 21CF.

“The Secretary of State has stated that, dependent on the outcome of these discussions, he would hope to be in a position to consult on any agreed final undertakings within the next two weeks. Sky also notes the Secretary of State’s final decision not to intervene on public interest grounds in relation to the Comcast offer for Sky.”

All of this is good news for Sky shareholders. It’s hard to imagine Fox throwing in the towel now, after all the hassle it has taken to get to this point, and it’s equally hard to imagine Comcast bailing out after just one counter-offer. Having said that today’s decision seems to have been priced in, with Sky’s share price not having moved much since Comcast first indicated its interest at the end of February.