A research note written by a 15-year-old, who was not born when former chancellor Nigel Lawson dismissed City analysts as " teenage scribblers ", has become the talk of middle-aged media executives and investors.

Morgan Stanley's European media analysts asked Matthew Robson, one of the bank's interns from a London school, to describe his friends' media habits. His report proved to be "one of the clearest and most thought-provoking insights we have seen. So we published it," said Edward Hill-Wood, head of the team.