The restriction with a lot of the other companies (like AOL-Time Warner) might have involved cross ownership restrictions between a lot of the other types of media, but I don't think that's an issue here.

I think AOL Time Warner is worth a lot more than it's trading for,

Usually you have some perspective on things. But what seemed acceptable at the time, what seemed like the norm, now you're judging people by standards that didn't exist at the time. I think it's worth twice what it's trading for, but you won't get credit for it until some of these clouds are lifted.

Any time you are in the content creation business, you have to leverage that content in as many ways as possible. DVD is one valuable secondary growth channel for HBO. Maybe the Internet is next.

I've never spent so much time with someone who is so fully present and conscious.

They're probably going to look more like Yahoo. It's funny, because for the longest time, Yahoo wanted to be AOL. Now it's probably the other way around.