We’re right where we expected to be as far as investment, and we’re well above where we expected to be as far as paid subs, which was going to pay off. We will hit our peak spend, as I think Mike or Brian said in the opening, this year and then improve steadily from there. And we wouldn’t be making the investment if we do see the investment in Peacock alone delivering return over time. As I said, in my prior answer that I’m more confident now that we’re going to get to that, and it’s going to be a good return just on that investment alone and the overall Media segment. And based on how we’re doing so far, I’m more and more confident that that we made the right choice of business model and that our investment is appropriate for that business.
So I don’t know, Mike, if you want to talk about acquisitions.
Mike Cavanagh: Yes. Consolidation, and Jeff can pile in too, I mean, I think when it comes to media consolidation, we’ll see what happens. But I think go back to the earlier discussion, we’ve got a robust set of plans to invest in our own businesses. So anything that we would look at when we saw our job to consider things, we have healthy discussions. And our bias has to be to be investing behind our businesses themselves, where we control, operate, know what we’re doing, have momentum, no surprises. So like I said, the — across any inorganic opportunity, we’re going to put ourselves through the real discussion. Is it worth it relative to the choices we have to invest in our own business, like Jeff just described?
Jeff Shell: And I would just add that we’re always looking for bolt-on acquisitions that bolster our business. And I’ll give two examples. We bought DreamWorks. We talked about that in the past, and it’s been paying off steadily since our acquisition and just now, with Puss in Boots, which is a big hit at the box office really our entry back into the Shrek Universe, continues to make that acquisition look really favorable. And we’ve invested in our Blumhouse investment over time. We’re a partner with Jason Blum, and we have a big hit, M3GAN, this month, which is coming out of that investment. So we’re always looking at bolt-on acquisitions. Don’t necessarily involve big industry consolidation questions.
Marci Ryvicker: Thanks, Jessica. Operator we’ll take the next question.
Operator: Our next question comes from Brett Feldman with Goldman Sachs. Please go ahead.
Brett Feldman: Yes, thanks for taking the question. So later last year, one of the points you had made was just sort of based on market conditions. It was unlikely that you were going to see your broadband subscriber base really change in size, so basically stayed pretty flat for at least some period of time, and we saw effectively that trend in your fourth quarter results. I was hoping you can give us an update. How would you frame market conditions right now? Are you seeing any tailwinds begin to emerge? And do you need a meaningful improvement in market conditions to get back to more sustainably positive broadband net adds? Or do you think some of the steps you’ve been taking position you to accomplish that at some point this year regardless of the backdrop? Thank you.
Dave Watson: Brett, Dave here. So let me start with kind of your first point on the overall environment and pointing towards our results in broadband. So starting with Q4, clearly, excluding the impact of the hurricane, we reported net adds, broadband net adds of 4,000. And this has been consistent, consistent the last couple of quarters, reflecting the continued impact of lower move activity, increased competition. But what’s different has been the near record low churn. So this — the current environment is similar. Macro — the macro environment still reflects depressed move activity. Competition continues to be very strong, and we’re seeing some normalization in non-pay activity and churn. So it remains a challenging environment to add subscribers right now.
