I can speak to what we've seen in recent transactions with respect to digital media, in particular with respect to local news and local voices. What we see there, in particular, is newspaper transactions, the Sun Media/Postmedia merger, the Transcontinental/QMI a couple of years ago, and what we see there is that definitely advertising revenues in the newspaper space are going down. It's a declining industry.
On November 1st, 2016. See this statement in context.