Billionaires Graveyard!, page-119

surely a television licence with no or lower annual fees would be worth a lot more than it is currently valued. i note ten has been writing down the value of the licence over the years but given it may have fees lowered or removed, it should have a result of a higher valuation due to lower or nil ongoing fees to keep it. tpg are making billion dollar offers for fxj which is a dying business. someone is likely to make an offer on ten given the low market cap.