And, third, we have to control our profit margin. If we can do these things right, we can have a very successful television station. I think that's the defining element. It isn't just the corporate management team. It's the management team at each of our television stations.
Media companies are acutely sensitive to good and bad management.
We produce a different product every day in a very competitive environment. I don't think many industries are as management sensitive. The 1996 Telecommunications Act made it possible for our industry to consolidate to achieve economies of scale. This jump-started our industry into a consolidation trend that airlines, banks and other fragmented industries have been participating in for years. Consolidation has reduced the clout of standalone stations in their relationships with their networks, program suppliers and rep firms .