Vodafone Share News (VOD)

Sky´s decision to dedicate one of its channels solely to Formula 1 fits in well with its strategy as a content distributor, but a theoretical purchase of the franchise whole does not. Speculation has surfaced it might do just that, with Liberty Global and a group backed by the Qatari government also mooted as potential bidders.That comes as the broadcaster shifts its strategy to content ownership as well. However, such a deal would carry a hefty price tag - of up to 5bn pounds. Coming on the heels of last year´s push to acquire Sky Deutschland and Sky Italia for 7bn pounds it would push its debt to over five times operatings earnings, versus a ratio of three at present. A rights issue is another option. Although feasible it should remain purely theoretical. "The broadcaster built its brand on distributing content. Spending billions on a fairly niche sport is not a worthwhile detour," writes the Financial Times´s Lex column.Where can investors go given the risks in Greece, China or any other unknown unknown? The best alternative are probably the shares of high-yielding firms. Indeed, they have been the best performers over the last year-and-a-half or so. National Grid still offers a dividend yield of well over five per cent and GlaxoSmithKline nearly six per cent on a historical basis. Stock in BG Group may also offer an attractive way of getting into Shell, given a merger by next spring is likely. Offering nearly five per cent Vodafone also looks like good value. Infrastructure funds look a bit toppy but hold out the possibility of guaranteed income too, with little exposure to the Eurozone.A weaker euro is a risk for UK companies that have to import into the euro area. However, the possibility of Grexit is already well priced-in so the single currency may not have much further to go. The likes of Diageo and Unilever also look well insulated from the risk of a Greek exit. In any case, "a company that was reliable, well funded and well diversified in its markets on Friday is no different today," writes The Times´s Tempus.