Thank you, Mr. Waugh.
Rogers' Citytv stations are not in those markets. Your Global news has regulatory obligations to provide locally reflective and locally relevant news in each of the markets you've just listed. That will not change as part of this transaction. They are obliged by licence to continue to fund those news operations. They will not be impacted in any way.
The $13 million that continues to decline because of cable subscription declines would not be material to them. Their budget, as I mentioned in my remarks, is $120 million a year. At Rogers, ours is $21 million a year. If they can't run those news operations with that amount of money, we should be having a different type of discussion.