Michael Kupinski: And then there’s a lot — last question, I promise. There’s a lot of distressed broadcasters out there that are obviously not in the financial position like you are. Is there any thoughts in terms of M&A at this point? Or is the concentration still going to be on the digital? Or would you take a look in the broadcasting side?
Michael Christenson: 2024 is going to be about focusing on our own internal businesses. The work to expand and cover the political opportunity we think is going to take a lot of time and attention and money. And then we want to improve the operating performance of the digital portfolio that we have today. So that’s what we’re focused on for 2024. We’ll get through 2024 and then figure out where we go through there — from there.
Operator: Our next question comes from James Dix from Industry Capital Research. Please go ahead with your question.
James Dix: Just looking at the top line for the moment, I mean, looking across your 3 segments, how is — how was demand in the quarter versus your expectations? And then how is that looking in the fourth quarter versus your expectations? I’m just curious as to where you’re seeing the variances versus what you thought and what might be driving that?
Chris Young: Yes. Well, the sales rep business, James, was up 19% in the quarter. We were pretty pleased with that. That’s really being driven by Latin America. And so far, that’s come down a little bit so far in the quarter, looking more at a low-teens pace for fourth. So that’s come down a little bit. Otherwise, you’ve got mobile growth and branding were both up double digits. That’s generally in the 10% range. So then you’ve got our brand-new unit Adsmurai, which was up close to 40%. So that should give you some color behind the digital moving parts.
James Dix: And then I think in the past, you’ve spoken about focus on organic growth initiatives as distinct from M&A and things like that. My understanding was that was primarily on the digital side. Any color you can offer on what types of initiatives you’re thinking about and timing and things like that.
Chris Young: So in our — as we said, pretty much all of our energy right now is on political. It is a very big piece of our business in 2024. We’re also expanding our news capacity. So we’re adding news in several of our markets morning and weekend. So that’s important. And then again, as I said earlier, focusing on improving the performance of our 3 core digital businesses.
James Dix: And then just speaking of political, this might be for you, Chris. When you look at the core — like for last year, for example, should we be assuming that all of that was incremental and how you’re calculating it. It almost seems to me like you were making maybe some assumption that it wasn’t all political and that’s how we should be thinking about the base for calculating core growth now and
Chris Young: I’d go with core growth but the political being 100% incremental.
James Dix: So we should pull all of last years out in coming up with the base for assessing the pacings?
Chris Young: I think that’s right. Yes.
James Dix: And then like for next year, I mean, obviously, potentially much bigger year. Any thoughts as to how we should be thinking about or how you’re thinking about the incrementality of that when kind of gauging the return on the investments you’re going to be making to get more political?
Chris Young: Well, certainly, we’re going to have some markets that are going to have crazy political and the expectation is that core is going to be down as a result because you just can’t jam that much political in such a short amount of time. So — but again, it’s just easier to think about this as being 100% incremental.
Michael Christenson: Yes. In the midterm election, we did a really good job managing our core versus political too, and we’re all focused on doing the same thing in the upcoming election.
