Strategically its very important. From a financial perspective, its not enough to move the needle in the short term.

Who's going to be the needle mover in 2008, 2009, 2012? We can't think that short term. We have to think long term. If we would have thought short term, we would not have moved. We're going to continue to think long term. We're going to continue to think about how we can improve our product.

All in all, we find the restructuring removes several overhangs on the stock, namely TWE-related complexities and lack of AOL carriage, on terms favorable to the company.

The AOL business has been in terrible shape the last year and a half,

I think it's a trend. Problem is, you can't quantify it.

We maintain a bullish view, however predicated on indications that the fourth quarter is tracking inline/slightly ahead of expectations, an upward bias to fiscal 2006 earnings estimates, the fact that investors are beginning to look at and discount fiscal 2007 estimates, which make valuation multiples more palatable, and further consolidation into the New Year.