Thank you for that question.
I just want to clarify one thing in terms of what was in the bureau's release on March 25 and what information the bureau relied upon in reviewing the Postmedia transaction. Certainly we did mention this idea of having the two separate editorial boards, that this was a representation that the parties made, but as I mentioned to Monsieur Nantel, it was not a criterion that was considered as part of our review or a factor that was determinative in our review. That was information that was provided because we like to be as transparent as possible, and that was information that the parties had agreed to release publicly. That was not a specific undertaking.
When the bureau issues a “no action” letter, it's a bit different from when we enter into a consent agreement with parties. When we review a transaction and we think there could be an anti-competitive effect, but there is a potential remedy or the parties agree to certain behaviour to remedy what we think could be an anti-competitive effect, then the bureau can negotiate a consent agreement with them that is registered with the tribunal. The bureau would continue to monitor to ensure that the parties don't run offside of that consent agreement. To the extent that they do, we could reopen the investigation and seek to proceed that way.
In this circumstance, because it was a “no action” letter and we hadn't relied on those representations on the newsrooms, given that the parties ultimately decided to merge those newsrooms, that fell outside of the scope. It was not a remedy that the bureau had relied upon in coming to its determination. That did not give rise to a need, in our view, to reopen the review and the transaction.
In terms of the effect on Google and Facebook, this is an industry that's changing quickly, as everyone has noted. Even since our last review, the market has evolved significantly as well. To the extent that another transaction were to present itself, we would certainly take a look at the landscape as it is now and make a determination on what the competition is. I couldn't provide hindsight in terms of the transaction based on the current situation of the market now.