I think it's quite likely that if there is a slowdown it will hit the media business very hard. A lot of the growth in the media business over the past 24 months has been this dot-com stuff, and that has gone away. It's like we're beginning from square one. I'm not saying there's going to be a disaster in the media business. But I think very clearly there was a period of excess, and now a lot of companies are going to have to deal with that in some way.
Recent studies say the long-term outlook for media is robust.
There will be more media, more people in the media business and fewer industries that will not characterize themselves as in the media business. At the same time, it's going to become a hard living. It is becoming increasingly less clear how you make a substantial amount of money in the media business. There's significantly more competition. Every day there are new forms of media, which are all competing with the older forms.