The outcome of the referendum in the not so United Kingdom appears to have taken the media and markets by surprise. Yet the opinion polls were finely balanced in the run-up to the vote. Broadcast coverage was also finely balanced, bound by statutory obligations of due impartiality, to the point of obscuring the potential implications. Many voters seem to be as bewildered by the result as many of the politicians. The consequences for the media have yet to emerge. It’s not clear that the public is best served by the way complex political issues are currently covered. The effect on the international trade in television and video programming also has yet to be assessed. In reality there was never really a single market for media, as a result of cultural and regional differences, but media organisations may now need to adapt to new ways of doing business with Europe.