NZME release digital strategy: https://www.nzx.com/announcements/383041
They have declared a 3c divvy for the HY which is ~$6M.
Their dividend guidance (take note Sky! You can actually provide guidance on these things!) is a total of $8M-$14M. I think they will probably end up doing another 3c divvy at the FY, taking the total divvy to around $12M.
Anyway, NZME (a business that is much smaller than Sky in terms of Earning Power) now has a market cap of $263M - only $53M less than Sky TV!!
Why would this be? Well they are generating tangible returns for their shareholders after paying down debt and investing in their paltforms. Investors have confidence in the management and Board to the extent that the quoted value of NZME is based on a 3.133% yield.
3.133% of 263M is ~$8M! So the market is being conservative with NZME and have valued it on the assumption it meets the lower end of dividend guidance! And it still has a healthy market cap relative to Sky.
That being the case, if Sky gave guidance to only pay $20M in total dividends next year that should push the market cap over $600M while still retaining loads of cash for Sky to do other things.