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

Everyone's talking to everyone,

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

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

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.