Yeah I would think that this would be the case.
But I am not enthusiastic about a capital return or buyback. If they do one then all well and good, but I am more interested in Sky future proofing the business by doing a transformational deal with someone.
They focus needs to be to future proof the business. So long as Sky is solely a content aggregator the risk of being taken out by the competition is higher.
And as an example - Spark doing a deal with Warner-Discovery is not good news for Sky.