Microsoft would do whatever they can to keep AT&T from going to AOL.

An AOL counter-bid is not out of the question. The nice thing about a Cox deal is that it would be part of AOL and part of its revenue and cash flow .

They all own GE, they all own Microsoft, and you're starting to see AOL show up. You're seeing a lot of common names.

Microsoft wants to own the real estate even of the AOL members,

I was surprised that they came out this soon and announced. It's really just a token one, but there's room for it to increase.

What could drive upside is more significant price cuts, and it wouldn't surprise me if it happened after the spring of 2004.