today's report, page-2

The term is "bring out the dead". If you going to have a bad year then "have a bad year". They will write off intangibles and program rights, but all this is smoke an mirrors to the true numbers generated from the cashflows.

How much of this is already been factored into the SP. Investors look past historical results and are only concerned about the future, which everyone has already factored in poor ratings and reduced rate card for 2013.

I don't dispute that 2012 will be presented as a poor year, but you would first need to adjust for the impairments that will be booked to determine if it warrants a sell off.