It is a pity about the relative values (between NZM and SKT) not currently being favourable to Sky shareholders...
HOWEVER...if a deal can be done here I do think they should explore it. Sky do need to diversify (and obviously realise this given the attempt at buying MW).
Existing shareholders will get dilluted a lot if such a deal takes place, but perhaps will do ok in the end if the market likes the synergies.
Does not resolve the risks for things like HBO etc of course, but extending their reach in media with a company like NZM has a lot of merit in my view.