The important things are that the process is completely open and fair and that there are at least two participants. The more participants, the better for the seller.
I don't want to suggest that the AOL division is trivial -- it's not. But it has to be put into context. We look at AOL as a small part of the pie.
Media companies need to look more to the Internet but the question is how much you pay for that?
It's very frustrating. People don't seem to care much about this AOL deal.
High quality media companies are doing well fundamentally but have done poorly in the stock market. That's not something that can last forever. At some point, it will turn.
At some point you say it doesn't make sense to spend that kind of money to attract new clients and you need to focus more on getting more out of existing clients.
There's significant doubt it was what I would call a good deal for Tribune shareholders, but I don't have the numbers to back that up.
The goodwill charge just confirms in accounting terms what the market determined a long time ago.
They've got to improve the performance of the broadcast division.
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