I am not sure how the shorter's situation is tenable. They pay...

I am not sure how the shorter's situation is tenable. They pay interest on top of the loan provided and by my calculation I don't think they are making much money at all on paper. The market is moving upward and NEC has strong capital structure and I don't see a significant in business risk. Yes the overall advertising market shrink a bit but so what. Their rating has been strong of late. In some weeks they are even ahead of Seven and Seven is making 80 million more a year just because they are "rating leader". The management realises that the day of sitting and doing nothing and just distributing content over a oligopoly position is over and shifting the battle to content creation. That is the right direction. Overseas experience indicates that traditional TV is capable of adapting and thriving. After all, they are in this business long enough to know enough about the media business.

There is also a positive wildcard of Stan.

Shorter might capitulate one day.