First of all, the local advertising market is fairly flat. The precipitous drop, if you will, is on the national side, and it is the source of revenues that makes it possible for our members to spend more on digital television, Canadian programming, local programming and so forth. In fact, for 2008--and we don't know what the results will be for the year currently under way, but they'll probably look even grimmer than they do now--the spending on local programming was roughly equal to the advertising revenues in the local markets. That was after quite a number of years where broadcasters were spending more on local programming than they were earning in local markets.
On May 4th, 2009. See this statement in context.