For the first time since Comcast acquired Sky, we have been granted some fairly in-depth insights into the European operator’s performance. Greater spending and declining revenues have led to a squeeze on Sky’s profit by over $1 billion, with the only sugarcoating available being that Sky’s subscriber numbers have very nearly returned to pre-Covid levels. Nonetheless, the fact that Sky is carving out a growing portion of Comcast’s financial report shows it is finding some favor with its parent. This nurturing relationship looks set to grow and Sky may even supersede NBCUniversal in terms of capital expenditure, if spending trends continue. With a distracting focus on almost-flat subscriber numbers, the press release failed to note that Sky’s profit margin has…