The BBC's Content Accounting Is Down 70% in a Year

The BBC doesn't have a dollar or a pound of content assets in its balance sheet. Do you think that would change the way people think about what they invest in? I mean, do you think it brings a good idea carrying a content asset or a better idea not to? The BBC can borrow if it wants to. It does actually borrow money periodically to fund primarily its private entrepreneurial, not entrepreneurial, but private sector wing. But look, the BBC can't now compete for the best sports rights. And increasingly it's unable to compete for top drama.