We deem this a positive for the stock given that media stocks are now primarily viewed as value stocks that need to deliver free cash flow to outperform.

Our conviction level has been buoyed by Sirius' fourth-quarter results and long-term free cash flow outlook.

Our view on satellite radio remains bullish, and we believe that pay-radio represents a rare opportunity to capture secular growth as an investor and that duopoly economics will benefit returns over time.

Dolby's business model remains in transition.

We think [Sirius'] consistency delivering on its guidance and its focus on cost and free cash-flow yield will help evolve the shareholder base in 2006.

Time turns the old days to derision, Our loves into corpses or wives; And marriage and death and division Make barren our lives