Thank you, Madam Chair.
I think I'll start with Magazines Canada and either Mr. Knight or Mr. Holmes.
I want to touch on the subject of advertising. You've gone a little bit over the fundamental tectonic shift we've seen over the last decade. I was looking on your website, and you have a study there entitled “How Magazine Advertising Works”, Fifth Edition. I'm wondering if you could talk about how advertising in magazines works. I know you touched on it a little bit, but I wanted to hear more detail about the strengths of magazines for advertisers. You did mention that on mobile platforms it doesn't tend to work as well. It may be that because of the frequency of the ads it doesn't have enough time to sink in.