That's right, and that's exactly the question we're trying to get at in these valuation studies: What brought you there? What are you doing in the search? Is it news or something else?
We can perform surveys and we can use other tools to try to estimate, as best we can, the value contribution of the news publishers to the search engine or to a social media site. That's exactly what we're going to try to do at these proceedings. It's going to be incumbent on the expert for the news publishers to come up with the best estimate possible, but then Google and Facebook are going to have an opportunity as well. It's conceivable that at the baseball-style arbitration they would prevail, and the number that would come out of the outcome would be small.
No one should accept this as a guarantee that newspapers are going to win at the proceeding, but I do think that baseball-style arbitration will induce both parties to come up with the best estimate possible. After all, if you come up with an insane or very extreme valuation, if Google puts forward a valuation of zero for what newspapers are contributing to them, then the arbitrator would be inclined to go with whatever the news publishers have offered.