Everyone's talking to everyone.

They have the No. 1 women's Web site and a lot of new advertisers. You're seeing a lot of advertisers who were historically on Oprah or in Cosmopolitan (magazine) go there.

It's a very high fixed-cost business. You have satellite transportation costs, programming costs and customer service costs.

Fundamentals will continue to be lackluster this year. The ad environment will get more challenging.

Real might need to look for a merger partner and I think the assets are valuable.

We don't know who it will be, but one such deal will be announced before the end of the year.

It could be a slight threat to satellite radio but I would expect they'll coexist.

I think the chances of [Stern leaving Infinity] have definitely increased.

I do think that long-term, over a five-to-10-year period (cell phone radios) are very real threats.