 There's no replacement for local news. You can talk as much as you want about presidential politics or about world affairs. Ultimately, you care whether the lot across the street is going to be rezoned into an office building. Ultimately, you care about whether the subway system works. Ultimately, you care about whether there's a new tax on gasoline in your state. So somebody still has to do that reporting. And in 2019, as newspapers fail, it's not always clear who's able to do that. It's not necessarily going to be the same people doing the local reporting as we're doing it 10 years ago or 20 years ago. When I first joined New York One, it was assumed that if there was a local news headline, the first place you heard about it was on New York One. Because 48 times a day, every half hour, we started the news over again. And if you wanted news on demand, that's how you got news on demand. Now the news, whether through our website, whether through somebody else, it's finding its way to your device. You get a push alert with the top headline. And you're probably coming to us for context and analysis. I am optimistic with demand for local news. I'm optimistic about the future of local news, but I'm also aware that there's a race against time to make sure that the business model is sustainable. The work that goes into reporting those stories is the same. The product's a little bit different because we're providing you something more than just the one or two sentences that you got when you initially learned about the story. There will be over the next decade more big shifts in how local reporting is done and how people learn about that reporting and what they do with it when they get it.