Just coming back to this...
I stand by my comments around questioning the value of SKT buying into CommercialCo along side SL. I mean, what is the benefit? We might own 5% of CommercialCo...but that doesn't guarantee NZR renew with SKT on reasonable terms. In fact, 95% of the ownership in CommercialCo would be by NZR and SL...whose interests might not align with SKT. So our influence on outcomes would be incredibly limited...
But...what if instead SL are looking to invest in Sky TV?? Not sure if they would want to buy Sky outright, but potentially might want to pay $x to take a large percentage of Sky (say, 10%-20% equity).
That could be an interesting deal, because if that was the case then:
- We would get another injection of cash + benefit from the expertise of SL; and
- It would be in SL's interest to have NZR renew with Sky to maximise gains via Sky's large reach (as opposed to trying to use their own OTT platform).
Another cash injection + NZR being effectively 'locked in' with Sky could lead to a positive shift in market sentiment.
Fun speculation anyway while we 'wait and see'. But this would be a SL/SKT deal that I could understand and see the merit.