Adam Townsend - Executive Vice President of Investor Relations Sumner M. Redstone - Founder and Executive Chairman Leslie Moonves - Chief Executive Officer, President and Director Joseph R. Ianniello - Principal Financial Officer and Chief Operating Officer

Benjamin Swinburne - Morgan Stanley, Research Division Jessica Reif Cohen - BofA Merrill Lynch, Research Division David Bank - RBC Capital Markets, LLC, Research Division Alexia S. Quadrani - JP Morgan Chase & Co, Research Division Michael C. Morris - Guggenheim Securities, LLC, Research Division Anthony J. DiClemente - Nomura Securities Co. Ltd., Research Division John Janedis - Jefferies LLC, Research Division David W. Miller - Topeka Capital Markets Inc., Research Division Laura A. Martin - Needham & Company, LLC, Research Division Vijay A. Jayant - ISI Group Inc., Research Division James C. Goss - Barrington Research Associates, Inc., Research Division Marci Ryvicker - Wells Fargo Securities, LLC, Research Division

Good day, everyone, and welcome to the CBS Corporation Third Quarter 2014 Earnings Release Teleconference. Today's call is being recorded. At this time, I would like to turn the call over to the Executive Vice President of Investor Relations, Mr. Adam Townsend. Please go ahead, sir.

Good afternoon, everyone, and welcome to our third quarter 2014 earnings call. Joining us for the discussion are Sumner Redstone, our Executive Chairman; Leslie Moonves, President and CEO; Joe Ianniello, Chief Operating Officer. We will start with an opening comment from Sumner, followed by Les and Joe, who will discuss the strategic and financial results. We will then open the call up to questions. Please note that during today's conference call, the 2014 results and comparisons to prior year will be discussed on an adjusted basis, unless otherwise specified. Reconciliations for non-GAAP financial information related to this call can be found on our earnings release or on our website. Also statements in this conference call relating to matters which are not historical facts are forward-looking statements, which involves risks and uncertainties that could cause actual results to differ. Risks and uncertainties are disclosed in CBS Corporation's news releases and securities filings. A webcast of this call and earnings release related to today's presentation can be found on the Investors section of our website at cbscorporation.com. With that, let's start with an opening remark from Sumner.

Ladies and gentlemen, welcome to the CBS Corp. event.

Thank you, Sumner, and good afternoon, everyone, and thanks for joining us. I'm pleased to tell you today, we reported another solid quarter. Revenue of $3.4 billion was up 2%. Adjusted EPS of $0.74 was up 6%, and reported EPS was up much more to $3.03, thanks to the gain we posted by splitting off our Outdoor Advertising business. We achieved these results because of the continued growth in our diversified set of revenue sources, including healthy gains in content license fees, strong underlying growth in affiliate fees and yes, higher advertising, which will increase even further here in the fourth quarter. And while advertising revenue grew during the quarter, our non-advertising revenue grew even faster and is becoming a bigger part of our results all the time. In fact, the third quarter was the first time that advertising made up less than 50% of our overall revenue. And year-to-date, we have now recorded an even 50-50 split between advertising and non-advertising revenue, which is a far cry from the 70-plus percent of advertising that we had a few years ago. What we are seeing is that the world of content monetization continues to expand across new devices and new distribution platforms. And as it does, we continue to invest in and to produce the best content, which, in turn, strengthens our financial position. This includes a number of recent developments that give us great confidence in the future. First, advertising is growing again here in the fourth quarter. Our local businesses have benefited from some tough political campaigns, which you saw yesterday, culminating in spending that accelerated right up through yesterday's election. And nationally, CBS is once again the #1 network in America and we're up versus a year ago. In fact, we are the only network that is…

Thanks, Les, and good afternoon, everyone. In a little bit, I'll give you some more details about our third quarter results, and now, I'll talk about what we see ahead in the fourth quarter and into 2015. But first, I'd like to give you a final update on our Outdoor initiatives and discuss how we have set ourselves up for continued future growth. During the third quarter, we completed the split off of CBS Outdoor, culminating in a gain of $1.6 billion. The better news is the actual financial impact of our Outdoor initiative has been far greater than the $1.6 billion. All in, we delivered nearly $6 billion of total value. So we accomplished just what we said we would, which is unlock tremendous value for our shareholders and reshape CBS into a company that is solely focused on premium content. Let me give you some more details about these shareholder returns. In the first 9 months of this year, we have retired more than 90 million shares of our stock. This represents about 15% of total shares outstanding. Keep in mind that we were locked out of making any share repurchases for a good part of the third quarter because of the completion of the Outdoor split off. So the $400 million of cash that we used on buybacks in Q3 is just a starting point and you can expect to see an accelerated pace of quarterly share repurchases going forward. As Les said, we had $5.6 billion remaining on the program as of September 30, and we remain fully committed to returning that $5.6 billion over the next 12 to 24 months. The other key strategic reason for the separation of our Outdoor businesses was to further transform CBS into a company that is driven by the…

[Operator Instructions] We'll take our first question from Ben Swinburne with Morgan Stanley.

Les, can you talk about the decision to pay for the NFL this year and how it's impacted your schedule and your results versus your expectations? And I think, the NFL has the potential to extend the contract with yourself next year. How are you feeling about that? Are you expecting and hoping to have that extended? And I just had a quick question for Joe on currency. You mentioned the $0.04. Any sense for where -- can you help us see where that's coming from, I'm guessing it's licensing? And what the Q4 impact might be?

Yes, regarding NFL, we're extremely pleased. Unfortunately, there were 4 blowout games among those that were aired, but the ratings were still very strong. And obviously, it helps our entire schedule. We're able to, as I mentioned, move Big Bang to Monday with -- and our Monday numbers were up a lot because of that, and that certainly helped it. We're very pleased obviously with the 1-year deal. And the NFL does have an option. We hope they pick it up. The good news, and we said this last quarter, because of Thursday Night Football, we're going to have more original programming throughout the year. And as time goes on, that becomes more and more important, especially as we own that program. So you're going to see a lot less repeat programming, and we expect our continued success. So all in all, Thursday Night Football has been a big plus to us, and we hope to continue.

And Ben, on your second question regarding foreign currency, what that represents really is the translation adjustments as of 9/30. So the rate as of September 30 is basically converting our receivables mainly in Europe -- in euros and pounds to U.S. dollars, so we don't know where the rate will be as of December 31. Again, so we just wanted to point it out. We did not adjust it out of our result, but we just wanted to highlight it for you guys.

Our next question comes from Jessica Reif-Cohen with Bank of America Merrill Lynch.

I have a bunch of quick -- I hope quick ones. On CBS All Access, how big is that addressable market? I mean, did you think this is just going to be for like avid viewers or broadband only? How do you guys think about that?

As we said, we think it is additive, and it shouldn't take away from -- and there's a -- there's many millions of people out there on college campuses, the cord-nevers, the cord-cutters who want the ability to have, and there are 10 million broadband-only consumers out there, and we expect to be able to get those people and reach those people, and we're very excited about our foray into it. As we said, this is not to hurt our partnerships with the MVPDs, that is not our intention, but it should be expansive.

And along those lines, what you announced today, the CBS News service, is that an advertising-supported service launching tomorrow?

Yes, it is. It launches tomorrow.

I have 2 other really quick ones. But Showtime, in light of HBO's announcement at their Analyst Day a month ago, do you have any plans to go over the top, broadband, along the CBS All Access lines?

Jessica, it's Joe. Look, obviously, we see the same opportunity HBO does. We'll look to work with our partners on doing that, but as Les said, the 10 million broadband-only homes, to not make our programming available is certainly doing a disservice to those consumers. So we have to find creative and innovative ways to continue to have our content where the consumers are. So we're going to work with our partners to do that.

And then, one last one. Just on DISH, can you just remind us, have you done your retrans deal with them, given all the noise around Time Warner?

No. We're -- our deal is up at the end of November, and we are in discussions with them as we speak. And I know Charlie had some disparaging things to say about CNN. I don't think he could say the same about CBS.

Next question is from David Bank with RBC Capital Markets.

Okay, 2 questions. The first one, I guess, going back to the ad market on scatter. Could you guys talk about if you kind of carve out the impact of the NFL, which I know is really difficult, what does the sequential delta been like in the fourth quarter versus the third quarter? Did you see real softness in the third quarter? And did you see an improvement in that market like some others have, even on the broadcast side? And the second question is, can you kind of update us on the international licensing market? You sold Madam Secretary into Sky. You referenced the CSI: Cyber deal. What kind of numbers do those shows do? Are they like domestic first run SVOD type numbers? And where overall is your sort of run rate on international licensing right now?

Joe, you want to do the first one, and I'll do the second?

Yes, sure. Here's what I'd say, David, on the ad market. Look, Q3 ad trends are improving from Q2, like we said, and Q4 is accelerating. So I think, we said even on our last call, we see it picking up. It's hard to just say excluding the NFL when it's 3 hours of prime time on Thursdays for us. So what do I assume if we pull that out. So again, we're looking at it really holistically and just saying, we have the ratings and the content that consumers want, they're watching it live, and they're watching it delayed. So when we cume all of that, we are well-positioned to take these dollars. So as Les said, pricing is up, and demand is building. So we're very confident that we're going to continue to see that, and we like the hand we have.

And David, regarding international marketplace, everybody knows that it's booming, and American dramas specifically are selling -- they're the best sold product there. We did $1.3 billion in revenues last year. We expect to increase on that this year. Once again, if you go selling a CBS drama, just about every single one of them is north of $2 million per episode. And that number at the CW comes down a little bit but because of what's happening with SVOD as well as new cable channels, the marketplace is very vibrant, obviously, the U.K., Germany, Canada, et cetera. So having more content is a real plus for us. We have many output deals and many deals where they're in the open market. So we're very happy having these own shows being in profit before they even hit the air, and then when they become successes on any of our networks, that only increases its profitability.

Next question is from Alexia Quadrani with JPMorgan. Alexia S. Quadrani - JP Morgan Chase & Co, Research Division: You guys have great perspective in terms of what's going on in the industry with one of the strongest content stories but yet still healthy exposure to advertising. I guess, can you provide us with some perspective on how quickly you think the ecosystem is changing in terms of consumption of media and where advertising dollars are going? And what that means in terms of your priorities in terms of investments? I mean, does, for example, investing potentially in traditional cable become less attractive now?

Yes, Alexia, it's Joe. Look, here's what we said. Our buzzwords around here are broadband and mobile, and I think, everyday, we see more and more consumption in those 2 kind of platforms, and so how we're addressing that is making sure the best content in the world, which we own, is there. And so we're mindful of the existing infrastructure, but this is additive and we want to evolve with that. So our thinking is the content is borderless. It goes domestically and internationally, and it goes to where the consumers want to consume it. So we need to figure that out. The good news for us is we have those rights. Because we own most of our content, we're going to figure that out and evolve with the consumers. This is being driven by the consumer, and so, again, we'll obviously do this with partners and help distribute that content, but it puts us in a very good position vis-à-vis the future business model of what it looks like. So advertising is a key component of our mix. It will continue to be a key component, and we're going to get paid for this viewership, and that's key. It's being measured, countered, and we expect to be paid for it. So I think, our expectations are very fair. We're the best at what we do and we expect to be paid that way. Alexia S. Quadrani - JP Morgan Chase & Co, Research Division: And just one quick follow-up, if I may, on reverse compensation. It seems like you're getting right into the thick of things in terms of your affiliate renewals coming ahead. I guess, you mentioned your success in getting fair market value in some of these recent renewals. Given the growing value of the NFL and your content, has your view of what fair market value kind of inched up a bit recently?

Of course, it has. Obviously, we've said this, and we feel this way. We're the #1 network. We have football on Sunday and on Thursday. We have the best content throughout. And as we said in our remarks, every new deal exceeds the one before, both in terms of reverse compensation as well as retrans. And the marketplace is treating us that way. It's -- we've always said, if you have the most eyeballs, you should get the most dollars. That has not happened yet. There's still a number of cable channels that get paid more than we do, but we're trying to change it, and with every new deal, we are changing it.

Our next question comes from Michael Morris with Guggenheim Partners.

A couple more questions on the content side. First, you had -- you said the higher TV licensing and subscription fees this quarter in the entertainment segment, which was a positive given that, I think, you had a somewhat tough comparison. Can you talk a little bit about the entire back half of the year? I guess, the concern would be that we don't always see the timing of when things come through. So was there anything that was a fourth quarter phenomenon last year that was maybe kind of pulled into the third quarter? Or are you still well-positioned for the fourth quarter as well? And then, the second question, a little bigger picture. The new -- the successful new shows on CBS this fall. I don't mean to get ahead of ourselves. I know you're already licensing them internationally. How long do you want to see the high level of performance for those shows? Or do your partners want to see it before you start having the discussions about some more ways to monetize them domestically?

Joe, why don't you do the first? I'll do the second.

Mike, I'll start with the first one on the content. Look, content licensing is definitely lumpy. There's no question about it. So this quarter, we sold Hawaii Five-0 and Blue Bloods. So it definitely had that. Again, I think that the point is we keep reloading. We have Elementary going. So we have nothing hitting first cycles domestic syndication next quarter. We did sell Dexter last year. So there'll always be different comps in and out. But just keep in mind, Mike, that we have a vast library. So we can sell other content. And so I think, I know that's hard for you guys to model and project out, so I appreciate the difficulty there, but I think, again, if you step back and just think about the library and the content we have, it's just timing. You might just be off 1 quarter or 2, but the fact of the matter is we're going to monetize it at higher and higher rates. So we want to make sure we do a good deal. So we don't really look at whether it's going to be in the fourth quarter of 2014 or the first quarter of 2015. We're trying to maximize the value of the franchise. And when the marketplace gives us that opportunity, we'll do it.

And Mike, regarding the new shows, of course, we're having discussions. As you recall, I think, we sold Hawaii Five-0 like 3 days after it premiered. And having 2 already established franchises, having sequels to them with NCIS and CSI, we're already having conversations out in the marketplace domestically about what is possible and how you structure these deals. Fox did a very interesting deal with Gotham right after it went on the air and they sold it to Netflix, among other places, and did a very clever deal. Obviously, we're out there. We're talking to them about all our shows right away. So deals can be happening very shortly. It's a different world than you just have to wait a couple of years to see results, and I think, people anticipate where we are now in a few weeks.

Next question comes from Anthony DiClemente with Nomura.

You guys have talked about the chance for bringing Showtime over the top like HBO's announcement. So you also announced in the quarter the sale of Dexter and Californication. So can you just talk about how you decide to license some of those Showtime shows as opposed to like Californication as opposed to keeping them in-house at Showtime so as not to potentially dilute the future value of potential Showtime over the top offering? And I have a follow-up.

Yes, Anthony, it's Joe. Look, we've been very conservative with monetizing the Showtime content. I think, HBO now sells their shows after 3 years. That's on the air. We wait till the show is effectively off the air to sell it. So that's really been the rule of thumb that if no current content is available on any other service in Showtime. So that's where we've drawn the line to date. Obviously, we're getting more and more data, but Showtime as a service is a unique offering that has high-quality premium content. It has sports. It has movies. It's very -- it's unique in its offering, and we will always maintain that. I think, the one-off shows after they come into the library, we're going to just look to optimize it like we do any of our other pieces of our library.

Yes, Dexter went off the air a little over a year ago, and Californication went off the air this year. In the HBO offering, remember, they said sometime in '15, they're going to offer an HBO service. We could say fairly definitively, sometime in '15, there will be some service from Showtime.

Okay. And just turning to Netflix. I know you guys announced a deal in the quarter with Netflix in Europe. Joe, can you just help us with the model on Netflix licensing revenues. Does that deal all get booked entirely in the fourth quarter? Does it spread into 2015? And then, also, just in the U.S. in terms of your renewal with Netflix, can you please update us on where the negotiation for that, the U.S. renewal with Netflix stands?

Yes, look -- yes, sure. Look, we have ongoing conversations with Netflix all the time. So we're always talking to them about something. So you should assume that, that happens every single quarter. The international deal, we recognize the revenue once -- when the shows are made available. So if it's a library deal, the shows are recognized, again, upon execution, as long as we deliver the shows. If it's for new shows internationally where they're getting an earlier window, it's when the shows are made available. So that's the accounting recognition process. So that's what we follow. Again, it does cause lumpiness, but again, I think, Anthony, the takeaway is Netflix continues to do business with us because we have content their subscribers want to see, and as long as we have that dynamic, we're going to be fine.

Next is John Janedis with Jefferies.

Les, you talked a little bit about the ad market, and I'd say it's been a very long time since anybody's talked about broadcast actually taking share from cable. And I wanted to ask you, what are your advertisers telling you about the allocation of their broader TV budgets in terms of the shift? Maybe to what extent is it sustainable? Or it's just because of the weak ad market?

We had a weaker market over the summer, obviously, and there was a slowness in the marketplace. But overall, broadcasting this year, of the 4 major networks, 3 of them in viewers are flat or up. So there isn't a decline yet. You do see in basic cable more of a decline across the board. So our advertisers are telling us, obviously, that, once again, to reach the broad marketplace, that we're still the best game in town, and we're seeing scatter grow. Definitively, I can't give -- I can't quantify how much is moving to us. Obviously, there's a lot of conversation about what is going digital. We don't think the advertising that's going digital affects the $20 million -- the 20 million viewer programs like we are. We think it affects more of the niche businesses that we're not in.

We'll go next to David Miller with Topeka Capital Markets.

Joe, I just want to understand the $52 million impairment charge. Was that just a pure programming impairment? Or I just want make sure you're not impairing any licensing or any other stuff in there. And then, I have a follow-up.

Yes, sure, David. The $52 million is related to the Beasley swap for radio. So basically, again, the accounting rules, when you enter into a transaction based on the FCC licenses and goodwill values and where things are, is we record that charge there. So it has nothing to do with any programming assets at CBS.

Okay. Great. And then, just a follow-up on retrans for next year. As we gear up to just kind of watch how this all plays out with reverse retrans in these negotiations you guys have coming up sort of in late Q1, early Q2, is the right way to think about how you'll negotiate this that you're just going to try to extract the highest number from the non-owned affiliates? Or will you actually help them? Will you help them in their negotiations with the MSOs and then try to take half? I'm just kind of wondering the style of negotiation you're planning to take.

Yes, David, look, our style is we don't plan on negotiating deals for other third-parties. We're going to negotiate deals for ourselves, and we know what fair market value is for our content. Again, we have third-party deals that demonstrate just that. So we're going in, negotiating new deals for, call it, license fees for content we're providing, very valuable content, I might add, to these stations that allows them to go out and get retrans, as well as advertising, because remember, they're probably the #1 station in their local markets, and I suspect they're getting a whole lot of advertising dollars, and last I checked, when I see TV stations' OIBDA margins, they're pretty healthy. So we're going in with a number in mind, and we are determined, as Les said, to achieve it.

Next question comes from Laura Martin with Needham. Laura A. Martin - Needham & Company, LLC, Research Division: So my question comes -- I was speaking at the NAV yesterday, and a lot of those guys are saying that when you bring them the competition for All Access, they're going to cash for $1 or $2 from you. And so I'm wondering I know you started with your ONOs at 30% or 40% coverage, but as you think about trying to make that a national signal, which is what your customer is used to when he pays $6. How much are you going to actually end up with in the sort of 60% of country you don't own? And following on that, building on that, also, I'm very interested, Joe, in your thinking about kind of people follow your lead because you guys are the smart guy in the business and if somebody like a Food Network, which has always been $0.50 in the bundle spins off, follows your lead, goes over the top, then someone cuts the cord, you CBS lose sort of $1.50. So it feels like sort of a math is your upside is $4 since you've got to pay your affiliate $2, and you're going to lose $1.50 if Food Network follows your lead and somebody cuts the cord with you in it because they're just going to take Food Network instead. So walk me through how you think about the math there?

Whoa, Laura, that was a lot with a bad connection, but I'll take a shot at it. Look, for All Access, I think, we definitely see the affiliates joining in. I think, we've had lots of conversations with them already. I think, they're excited about it. They will participate in the offering. It is a national service. It's the live piece that we're talking to the affiliates about. We think, again, it's a compelling offering. As Les said, in this one service already, it has more shows than any other subscription service that's out there. So yes, obviously, it is priced at a significant premium to where we are in the retrans reverse comp methodology just for that, for, again, protection. We don't see it cannibalizing. We see it as additive, but again, it's priced as such that it is a premium product because the offering is deep.

And Laura, just to clarify, it is now a national offering without the live feed. Now we're getting -- as Joe mentioned, we're cutting in the affiliates, and they're trying to -- we're making these deals with them to include the live feed, but the rest is available nationally right now.

Next question comes from Vijay Jayant with Evercore ISI.

Just wanted to get your opinion from a strategic perspective. Obviously, Starz allegedly is trying to shop itself. I mean, you talked about over-the-top aspirations off Showtime in the future. Is that strategic? Is there huge cost savings you can see, even considered an asset like that? And a follow-up. I just want to get some color on political. I think, we had you guys doing about $180 million in the last midterm. Is that sort of the numbers that you got this year, too?

Look, Starz, there are 3 premium cable networks, HBO, Showtime and Starz. Showtime is doing extremely well, and we've done the basis of that on our original programming. The Starz programming is based more on movies. It's a very interesting asset, but we feel content with what we have right now.

And on political, Vijay, look, I'm not sure where we ended yesterday. I would say, political, definitely, there was a frenzy towards the end and there was a lot of spending going on, so we haven't quite tallied it. Whether or not we set a new record, to be determined, but I would say it certainly accelerated towards the end of the election.

Yes, we actually called the White House and asked them to extend the date for another week so we could take in more revenue but they wouldn't do that.

Next question comes from Jim Goss with Barrington Research.

Time Warner this morning was arguing for a broadcast model similar to that HBO and Showtime are implying with a lot of the program library available for SVOD. And I think, you do that, to some extent, but I'm wondering, how extensive it is right now? Who calls the shots in that area? And what is the monetization opportunity? Is it loyalty and then payback in retrans? Or is there some other monetization opportunity upfront?

Jim, I'm not sure what -- I didn't hear what Time Warner said about a broadcast model. We're very careful about making sure that we don't cannibalize what's on the air and make sure our viewers got an opportunity to see our programming in as many ways possible. We have a very deep library, but I don't quite understand the question.

Well, it seemed like they thought if to the extent you can catch up with all of the series, which we can, I think, at least in some of your shows, is that something that's desirable to you? And how that would -- how you would get paid for that if you were to do that more?

Jim, if what you're saying is there's delayed viewing and consumers' habits are changing for binge or catch up, that's absolutely occurring. And I think, that's why Les has said, the live rating means a lot less today than it is even just a year ago. So we are making sure that, A, it's being measured, the ad loads are the same, and we can monetize it. So I just think that, again, the consumption is still ahead of monetization, so that's a good thing, but it creates an opportunity for us. So once again, that's why we have All Access and these other kind of platforms to be able to reach those consumers because they have changed their habits, technology has changed and allowed them to view the content on their terms, and we're going to embrace that.

And as sort of as a corollary, as your own programming library becomes more and more robust, as you've described, do you either desire or even need another cable channel? Or could you repurpose one of the other ones you have to take more full advantage of that library?

I don't think right now we need a cable channel. We're able to monetize our content in a tremendous way without having to acquire a cable channel.

And that question comes from Marci Ryvicker with Wells Fargo.

I have 2. The first, you mentioned that CBS All Access will be nationwide. How long it's going to take you to ramp that up?

Marci, it is nationwide. Let's be clear, it's nationwide for all video-on-demand, library, all of that content, and in certain ONO markets, in addition to that, you get a live linear feed of what you're watching on the air. So just the live linear, it's in 1/3 of the country, but the rest of it, video-on-demand, you can watch the next day of the shows for the subscription fee, or our vast library, you can get for that $5.99 a month, today, not tomorrow, today. So that is available.

I'm assuming you're going to add the live feed.

And the 1/3 will expand as we sign up more and more affiliates to join us. So hopefully, by next year, we have most of the country with the live feed, but as Joe said, if you want to watch any episode of NCIS or The Good Wife or Madam Secretary, you can get that today in any part of the country.

Clearly, you're not a subscriber yet, Marci, but we'll give you a free week to turn you on to the service so you can test it.

Would you like us give credit card right now? We'll take it.

Yes, I'd love to. I can't wait. And then, just a bigger-picture question. There seems to be less of an appetite for off-network syndication. All the networks, cable networks that were buying this programming are focused on originals, and there seems to be a fear in the marketplace that international syndication and SVOD is not going to offset declines in traditional syndication. Can you speak to that?

Well, judging from the numbers that we're seeing that we get between SVOD and all the various deals that we are getting from a variety of sources, we're not worried. The numbers we're selling our new product for are higher than what the old numbers are. And by the way, some of the cable networks that complain, they say they're not buying it, we're not quite seeing it. The Big Bang Theory is still the highest-rated show on Turner, and that's an off-network. But with all the variety of places that you can now sell your programming, the cable nets just become one small piece of it. And the numbers now for every single of our shows are more than they were when maybe cable syndication was a bigger part of it. So there's no fear on our part that we're going to be able to make more money on these shows.

Great. Thank you, Marci, and this concludes today's call. Thank you, everyone, for joining us. Have a great evening.

Ladies and gentlemen, this does conclude today's conference. We appreciate your participation.