The new Tribune Company is a multi-tiered, diversified media company with real strength in local media.

It would be a grave error to write off Tribune. With their free cash flow, presence in major markets, local journalism and WB branding in TV, they'll recover if not to their previous glory then at least to a higher potential.

What I see going forward is not rounds of consolidation among newspaper companies, but we will see the value of prominent brands, like the New York Times and Wall Street Journal , become more important to investors ... in the new media world.

This squares off a wrestling match between branded content and means of distribution with Disney's array of household media names pitched against Time Warner's hefty strength in cable distribution.

It is ironic, ... that a media company that should be seeking to protect the First Amendment is seeking to undermine it by claiming a monopoly on the phrase 'fair and balanced.'

Looking ahead, we continue on track to build Schering- Plough into a company with the strength and breadth to deliver long-term high performance. We are moving from survive mode into thrive mode.