We decided after understanding what AOL would like that we were not interested, and we told them a couple days after the meeting.

The growth of understanding follows an ascending spiral rather than a straight line

There is going to be an enormous integration challenge for any company that acquires AOL.

We've explained that this was two separate news organizations, two separate photographers and two separate occasions. Once people understand that, they're no longer angry with us.

Yahoo's really happy with Lloyd and Lloyd is 100 percent committed to Yahoo.

Our focus is not doing a string of one-off hits like the TV model.