We think the fourth quarter was hurt by higher-than-expected cost-per-gross addition of $141, in our opinion mainly due to non-recurring marketing expenses.

The new CBS seems to us off to good start, Howard Stern's exit could weigh on the radio segment.

Media operators that do not have a well- articulated digital strategy do so at their own peril.

We see continued pressure on Sirius shares in months ahead.

Furthermore, bigger cable operators such as Comcast, vertically integrated Time Warner or well-clustered Cablevision, with relatively manageable spectrum constraints, are likely to face relatively minimal DTV or retransmission consent exposure.

The Live 8 show created some excitement, but over the long term, its viability remains to be seen. There's going to be competition among digital entertainment outlets.