Do you want to watch?

Back in February I published an excruciatingly long note on BSkyB and the changes occurring within broadcasting which should make investors wary. One of the risk factors I cited was that sports and content rights holders would increasingly choose a more direct route to the end consumer, as has been the case with Major League Baseball. Manchester United has taken step one (note the appeal for expressions of interest from non-UK residents), and speculation is mounting that suitor Malcolm Glazer is going to boost cash flow by opting out of the Premiership's collective rights negotiations process and going it alone (will the floodgates open behind him?). To add insult to injury, the Financial Times reported at the weekend that viewing of Premiership matches on Sky's platform was down 9% YoY in the most recent season. No wonder Sky has sought to play up the importance of cricket recently.