Steven Cahall: Thank you. So maybe as expected, Tom, hoping we could just unpack some of the things you went through on retrans a little bit. So if I understood it correctly, is this that you expect retrans ex the CW to be up about mid single-digit. And then if you get some of the current blackout renewals done, then accelerates into that new guidance. And I think that the prior guidance was mid-teens. So I was wondering if you could just help us kind of bridge the gap there. Is that cord cutting? Or any difference in rates that you’re achieving or anything else we need to think about?
TomCarter: Well, again, I’ve said for the full-year, we expect high single to low double-digit growth. And I think the only differentiating factor in that is how long the blackouts continue. In the first quarter and the first half of the year, I think it will be more pronounced. So we believe the first half will be more like mid single-digits, and then it will grow into the full-year expectations in the back half of the year. And with regard to overall growth, again, if you look at our expectations, assuming no further blackouts in a quick resolution at low double-digits the bridge between low double-digits and mid-teens would be increased attrition.
Steven Cahall: Got you. Okay. And then on the reverse side, is there any change there to kind of the outlook that you gave a few months back I know that was also, I think, mid-teens at that point. It sounds like your reverse is going to be up about mid single-digit, and you just kind of went through what’s going on, on the growth side. So is the change to the implied net just the difference in gross or anything else on the reverse comp side?
Tom Carter: Well, no, I think I mentioned it in my comments that the growth in network affiliation is much more modest than our growth in retrans revenue. So you’ll see our net retrans margin increase. I didn’t give a specific, but it will be higher than the revenue growth.
Steven Cahall: Great. And then, Perry, you mentioned that the recent distribution renewals effectively have paid for the CW deal. So maybe you could just put a little more context. Are your MVPDs kind of happy to pay you a higher affiliate fee for the CW now that you’re pairing it with broadcast stations or any other kind of context you could put around that statement and whether or not that’s been an incremental surprise or that was always part of the thinking when you bought the CW?
Perry Sook: Right. I think it was all part of the thinking. We think the CW was undervalued for any number of reasons, mostly related to predecessor owners and parent company priorities and agendas. And then also when we’re negotiating with the largest big four station group and you negotiate this all as a package, there is leverage inherent in that model. And so we are very pleased with our ability to continue to earn more for the CW. And obviously, with things like LIV Golf and other programming expansions, we’re hoping to create more value so that we can ultimately extract more value as we go.
Steven Cahall: Great. And then lastly, just on sports content. Last quarter, you announced the Clippers deal. We’ve seen a number of RSN groups now kind of get into a period of change. And one of your peers has also recently launched a service that’s going to pick up regional or local sports rights. How do you see that kind of opportunity between both local stations and the CW. Do we know enough yet to know if it’s a buyer’s market? Is it still a little too early? I appreciate that. Thank you.
