Good Value, page-34

Djingo
you are correct, PRT is only for those who thing free to air decline will be slow and will still have a place. I am one of those, in the same way many of us still buy newspapers and FXJ hasn't disappeared as was feared 4 years ago.
Furthermore the licence fee has a real impact on the bottom line and will probably fall further and consolidation could deliver big costs savings enhancing revenue for acquirer its relatively safe at these levels

PRT as you say has a lot of downside risk built in already so