There's a glut of sports programming out there. It's all going after male viewers age 18 to 49. To reach other demographics, you have to spread your buys around.

Absolutely your honor. In Sony, the court found that sports programming was a significant non-infringing use and that was 7.3 percent of all of the uses of the Betamax. They talked about the significance of one movie that was uncopyrighted,'My Man Godfrey.' They talked about one television show, 'Mister Rogers,' and that was significant.

There is a big part of the prime demographic — that key 18- to 49-year-old market — that is hungry to sample this model. Not everyone can do appointment viewing when ABC decides to put a hit program on. So the convenience factor is becoming a driving force in the filmed entertainment business right now. This is going to get Disney a great sample of what people want, and if they're willing to pay for it.

Management makes a very impressive presentation of taking this company and building what is arguably the last pure-play franchise in the filmed entertainment business. Certainly the chairman of the firm has a history of turning companies around, and there's no reason to think he won't do that here too.

The filmed entertainment business has just gotten tough,

Because ratings were down in a high-single digit level, concerns are about the up-front advertising market, which may be soft, perhaps more for ABC than others. I think analysts have gotten nervous.