Lance Vitanza: Thanks again for the discussion.
Scott Wells: Thanks, Lance.
Operator: Our next question comes from Steven Cahall from Wells Fargo. Steven, your line is now open. Please go ahead.
Steven Cahall: Thank you. And sorry if I missed this earlier, but I was wondering if you could just talk a little bit to performance in your Los Angeles market. I think that’s your largest market pretty significantly and related. I know M&E has been a bit of a drag. Obviously, the reasons for that are clear with the strikes. It looks like those are going to be solved relatively soon. So how can we think about maybe what the improvement could be in 2024 if you just see M&E and or L.A. kind of getting back to normal? And then maybe to follow-up on some of the Europe North questions, assuming that you do get to a successful resolution of that process, excluding what you might be divesting in Europe North, do you have additional corporate or overhead costs that you might be able to also unwind once you finish that asset? Just trying to understand some of the overall impact on EBITDA. Thank you.
Scott Wells: Thanks, Steve. And the L.A. question is very specific. I’m going to try to answer it, but I’m going to try to answer it in a way that I can. And then I’m going to hand it to Brian to talk about the corporate costs. You know, on L.A., the media and entertainment strikes have the writer’s strike and the actor’s strike have impacted not just media and entertainment, which they have impacted media and entertainment, but they’ve also impacted just general activity in L.A. with all of the folks impacted by those strikes. Advertisers have potentially been a little less, and this is local as well as national advertisers, a little less inclined to maybe be launching campaigns into that environment. We are seeing that abate in Q4, but I think about L.A. in the context of California.
So California is very complicated relative to auto insurers. California is important for technology, and technology has been a down category much of this year. And then you have the media and entertainment impacts. So there have been a lot of things impacting it, and you’re right. It’s our largest market. San Francisco is our third largest market. So you combine the impacts of those verticals, the impacts of California dynamics. That’s explanatory of the vast majority of our challenges this year. And we are seeing signs that those things will be moving in a better direction going forward. I think getting the writers back to work will really be helpful. Hopefully the actors will get through, and we’ll be able to pick that up. But I feel like, it’s always hard to call a trough moment, but I think Q3 has indicators that it could be a trough moment for our challenges in California and L.A. Brian, why don’t I hand it to you on the corporate costs part?
Brian Coleman : Sure, thanks. And we talked a little bit about this earlier, but I think your question really goes to the company said that, we could take out at least $30 million post-international divestitures. And I think the way to think about it is that $30 million are kind of the direct costs that are easily identifiable that’ll leave at or around the time of the divestiture. And then the at least in that statement is other opportunities that we see. And so when we drill down into that, if you think about, okay, well, there’s kind of the corporate overhead that’s directly related to the European business that goes, that’s easy to think about, easy to segregate. What is the other part? And that other part of the costs that are kind of intertwined or embedded in the top level corporate structure.
An example might be there’s a corporate treasury staff, for example. They would not necessarily be needed. They would go with the business, but they’re not direct corporate overhead that’s associated with that business. There may be people that work on international things, but at the corporate level, and maybe after those things unwind after a period of time, they would need to go. I think it’s important to point out some new language that we introduced in the script about zero-based analysis, cost-based analysis, when we take a look at this. So post-investiture, we’re going to take a hard look. We’re going to build up from the bottom. We’re going to make sure we capture all those costs that are in that structure.
