Our sense is that there's a disconnect regarding the concerns and priorities between a media organization, a small broadcaster that is actually locally owned, that exists primarily to provide information services in a local context, and an affiliated station that is caught up in a web of complicated financial arrangements that really have nothing to do with the local markets.
It's nice to hear that there are people focusing on local advertising markets. I think that's a step in the right direction, but generally speaking, the local modus operandi really has to do with connecting national advertisers with eyeballs rather than with a priority of servicing communities. I think one of the key pieces here is the idea of an L3C. It functions as a self-sustaining economic organization that provides local programming, but it doesn't have the kinds of shareholder or debt demands that you find in a purely private sector. There isn't a multiple bottom line. So it just gives them more freedom to work in a smaller market and to sustain for a longer period.