The media sector is in the midst of a technological revolution that is undermining traditional business models. The rise of the internet, mobile phones, multi-channel television, social networking and other phenomena have had a huge impact on content, advertising, brands, and the way all of these are delivered.

"This is a sector in transition, with both economic and technological drivers forcing the pace of change," says Tom Ricketts, of risk consultancy Marsh. The commoditisation of voice telephony gives an indicator of how media markets will change, he says. "Voice telephony is of virtually no value now. Voice underwent a complete restructuring, and saw lots of deals and different investment strategies.