To be candid with you, I'll answer in two ways, very quickly. The network was always funded, and the ethnic programming was always subsidized, by the U.S. programming. U.S. programming in 2012 generated $55 million in revenue versus a cost of $30 million. In 2013 that revenue dropped to $35 million, so we dropped our cost to $18 million on the U.S. programming. It dropped to $20 million in 2014, so that is a $35-million drop in the U.S. programming that always had a large margin that funded the ethnic programming.
I definitely want to squash the myth that ethnic programming, cash in, cash out, is not large enough to generate the advertising dollars to support the actual news programming. It's not any more complicated than that. Nobody from our team wanted to do what we had to do, but as the industry changed, and when you lose $58 million in ad revenue, you are going to have to make some changes.
With all due respect to the actual ethnic advertising, when you are drawing small numbers—and ratings are nothing more than a form of currency—advertisers will not spend big dollars against it. It's as simple as that. Your people who are coming in are pirating more than many other ethnic groups, and at the exact same time the opportunity to subscribe to a network in their specific language is now commonplace, with each broadcast distribution unit carrying over 130 specific language networks.