Prime outlook, page-39

Jimmy
Thanks for articulating your reasons and fair enough
I am not relying on others to justify my decision. I simple disagree with the assumptions you have made about FTA decline rates and I think I have explained before that last 3 -4 years shows a relativity stable NPAT and very solid cash flow . I do build in decline from here but not at the rate you suggest. I think distribution of content and reach is important and having a successful regional distributor is equally important . I think the BG ownership will also put Seven on notice in terms of affiliation agreements . I guess what I am trying is in any debate one needs to know the arguments on both sides well - I feel I have internalized the risks, not sure whether you are open to the upside though. Not a problem because I value contributors with clearly articulated rationale different to my own