I had an opportunity to read the transcript of the testimony by Canadian Heritage officials. I think part of the problem is that they were dealing with dated data. Very often the data you receive is just until 2014, and some of the declines, we haven't seen since then. The declines right now, to be honest, are fairly small because, despite declines in conventional television advertising, the major vertically integrated conglomerates have continued to fund local programming and used the synergies with their specialty services and other assets to maintain revenue. So what you're seeing is a massive decline in profitability, and I think you have received some numbers on that.
The profitability of conventional television, for example, as of last year was somewhere in the neighbourhood of minus 16%, and I'm guessing here. So we've seen massive declines in profitability. To their credit, the operators of all local television stations, be they the larger companies or the smaller independents, are doing what they can to keep money in local TV, but it's not sustainable. That's really the problem going forward. Just because we haven't seen it yet, doesn't mean it isn't a problem.