Michael Byrnes

Now, for an organization, if it was Netflix or Amazon or Google or something like that, for an organization of that size and magnitude, they could probably fairly easily write a check and move on and write it off to bad experience.

But with ARN, and no disrespect to ARN, but they're a much smaller organisation.

And indeed, the claims, I think any one of the claims is essentially equal to ARN's market capitalisation.

So query then how...

ARN finance a settlement with either Kyle or Jackie O, or if ARN offered only a modest amount of money, whether Kyle and Jackie O would be receptive to taking that.

So it is a very difficult matter, I think, to mediate and resolve.

One resolution on Kyle's side

would be to reinstate the contract and have him back on air.

But query really ARN's practical appetite for that.

And it would also mean, of course, it would be Kyle and presumably someone else, but certainly not on all present indications right up to today, it would not include Jackie O. And presumably, Kyle would want the full $10 million WAC payout

every year.

So it's not an easy matter financially, I would have thought, or commercially to resolve, even though there are risks for all sides.

There's no certain outcome for any side in this, Tash.

And so given that, theoretically, hypothetically, it does scream out for some sort of compromise and settlement.

I think, Tash, that it involves big personalities, well-known personalities, a lot of money, a very colorful character in Carl Sanderlands who polarizes people, but he's always interesting or pretty much always interesting.

And from a legal perspective, a range of really interesting legal issues and big money, big money as well.

And also big money for the two individuals involved, money that most people can only dream about.

And of course, that's part of the aspect too, that you have this 10-year, $10 million contract, and then it goes up in a puff of smoke.

I mean, that's a pretty big thing to have to contend with as an individual, that you have all this money flowing in and then suddenly it goes away.

And also against a backdrop of a shrinking media environment and ARN's own commercial challenges.