This agreement reflects Warner Music's emergence as a multi-faceted music content provider. Today's partnership with Music Choice is also emblematic of our larger commitment to make a diverse range of our artists' content available across an array of dynamic digital services, in order to expand, enrich and redefine the music enjoying experience for consumers.

This agreement exemplifies our commitment to finding new ways our artists' music can be experienced across emerging platforms and distribution channels.

We're pleased to have Jim join the WMG family. The coordination of our digital efforts in both our recorded music and music publishing businesses is a critical component of our overall strategy and Jim is the ideal executive to help us in this endeavor.

This partnership brings together two very strong brands, both of which will benefit from the agreement.

We are extremely excited to have finalized our licensing agreement with the Naval Undersea Warfare Center. Since we began working with the Navy on the Blue Rose technology, the demand for next-generation covert intelligence and surveillance sensor systems has risen exponentially. We look forward to meeting this demand with our commercial partners and maintaining a close, working relationship with the Naval Undersea Warfare Center.

It's an agreement, not a one-way street. There has to be give and take on both sides. We think we have a good deal.