This transaction gives us more overlap with our broadcasting operations, which ultimately enables us to deliver more flexibility to our clients. Universal has an outstanding collection of assets and personnel that have demonstrated strong performance.

We have allowed ourselves as much flexibility as we can. We believe it's in our shareholders' interest for us to have that flexibility.

We hear a lot of about the impending economic recession, but that does not imply an ad recession. In the last 20 economic downturns, only in one year has there been a decline, and that was 1.3 percent. So the doomsayers might be wrong again if we do have a downturn.

We are quite pleased with our results for the quarter and continue to believe that we have a powerful operating platform that can generate strong growth well into the future.

It doesn't mean necessarily that we are going to strike, ... but it certainly gives us more flexibility in terms of how we proceed.

He gives us some flexibility there.