Patrick O’Connell: Yes. Hey, on the ad market, I don’t have much incremental to add, other than what you’ve already heard from others, which is obviously, it’s got — it was very, very weak in the fourth quarter. You saw that in our numbers. Over the last couple of weeks, we have seen the market start to sort of kind of firm-up a little bit. We’re not prognosticating sort of into the future in terms of what the back half of this year looks like, et cetera. So implicit in our guidance is just continued status quo. So, not much to add there, but that’s what’s embedded in our guidance.
Operator: Thank you. Our next question comes from the line of John Hodulik with UBS. Your line is open. Please go ahead.
John Hodulik: Great. Thank you. Maybe just keeping with the DTC theme, Jim, you talked about your meeting a sea change for things to really improve on the — from a streaming economic standpoint. I mean, I guess you guys have already adjusted, but just what’s your view on the just consolidation of the industry from here, maybe involving AMC, maybe not? But just how do you see — do you think we’re at the cusp of in sort of another wave of consolidation sort of driven by what’s happening in streaming, given the sort of changes in strategy we’ve seen from a number of the carriers? And then, is there any chance — we often hear about sort of bundling streaming services, has there been any real initiative that you’ve seen that could sort of bring some of these services together outside of consolidation or anything else you could tell us about? What do you mean in terms of that sea change to change the economics of this business?
James Dolan: On consolidation, I think you have to watch the customer, the consumer. It would be difficult right at this moment to — I don’t think you’ll see the industry pursue a strong consolidation movement, because the industry doesn’t yet know how to monetize the content that the once they, you know, once they reorganize themselves, the et cetera and start to get, you know, a better handle on that and a better strategy with that then, you know, then you could see consolidation the — because it’ll be consolidation around building stronger products and stronger offerings to the customers and building business. Right now, I owe — in my — it’s just my opinion, I don’t see anybody who has the answer to this, yet. The — and you know, without that answer, I don’t get the rationale for pursuing a consolidation strategy.
Patrick O’Connell: And on the streaming bundles question, listen there’s been obviously a lot of chatter recently in the market on this topic. And I think for good reason, you know, obviously, if done properly it’s a win, win, win for programmers for distributors, and most importantly, for consumers. We like the idea of bundled streaming services. You know, we’re — you know, we see some movement towards that. Obviously, you saw in our release, we’ve had some interesting beta tests with Verizon around a bundle of, AMC+ with Netflix. We think that holds promise. We’re holding multiple conversations with other potential aggregators in the market, along these same lines. We think you have to be successful there. Obviously, you need to have a high degree of complementarity, if that’s the word.
We really want to make sure that, as a programmer, you’re adding something to the bundle. And we think in our case, given how well-defined our brands are, given a reputation for the premium programming that we have and given our attractive price point with — we’re very attractive partner in this regard. So the early tests have been positive and we’re leaning in and we’re €“ hope to report more in the coming quarters.
