Hugh Johnston

But initially when you do bundling, you're making an investment.

On top of that, the things I was talking about related to recommendation engines and the like, all of that requires some investment in the early part of the year.

But the paybacks on that are going to be tremendous.

So we certainly feel great about it.

And for the full year, the double-digit margin we got into is very much in line with what we had indicated a year ago.

Well, in terms of where we are right now, it's an active negotiation, so that's obviously going to be driven by both sides.

We don't control that.

What I can tell you is we put a very attractive deal on the table, very much in line with and in a few areas perhaps better than what we're doing with others.

And we feel like we're making the right proposal to value the content that we create and to give consumers access to this great content on YouTube.

That said, if YouTube chooses not to engage with us on that front, obviously that content is available elsewhere and our expectation is that at some point consumers will shift to other opportunities.

Yeah, it's early days, obviously.

The product's only been in the market as of the end of the quarter, about five weeks.

So far, off to a great start.

And we think about it from two perspectives.

Number one, the perspective of, are we getting engagement?

And the answer is yes.

People love the SportsCenter4U capability.

They love...

the Discover Sports capability that we have.

In addition to that, in terms of the subscriptions that we're getting, 80% of those are bundled subscriptions.