"Seriously though - your entire bearish case on why not to buy...

"Seriously though - your entire bearish case on why not to buy PRT rests on Seven increasing its % take of content in 2019."

No, it's not. I've repeatedly discussed at length other factors that make PRT an uninvestable situation for me, such as: the inexorable structural decline in FTA viewership, the unfavourable shift in competitive landscape post CBS' purchase of C10, the difference between being a pure content distributor and a content producer/distributor, and the inability of PRT management to further reduce fixed costs.

"You also seem to not acknowledge that BG would be completely aware of this risk and would not be buying PRT to allow such an eventuality. Similarly what value do Spheria see in PRT, given they to would have incorporated this risk."

As a general rule i prefer to come to my own views rather than relying on the views of others. BG might be right here, or he might be hopelessly wrong as he was last year with Channel 10; similarly, Spheria might be right here, or they might be wrong. By your logic (i.e. the 'major shareholders know better' logic), the fact that SWM chose to sell out after a 30+ year strategic relationship with PRT should be extremely troubling?

If you prefer to place your faith in the decision-making ability of others, then all power to you; i'd rather reach my own conclusions.