Is There a Strategy for M&A?

The Washington Post is advertising for an e-commerce expert so clearly they see the potential new revenue lines there but it sounds like what you're really talking about in terms of the strategy is on the editorial side perhaps getting smaller. I worry about the lack of an M&A strategy if I'm being totally honest because  it takes a real dedicated effort to build things on your own in-house that takes a lot of money and it can be a gamble. The business of the Washington Post is probably five or ten years behind the business of the New York Times.