There is major competition within more channels of open TV than of paid TV looking for the entrance to the upfront market. I think new channels will stir major interest in increasing budgets to be able to diversify the sale of TV.Although audience numbers and purchasing power of the Hispanics prove their worth, and the expected growth of our market is evident, budgets still arent reaching adequate levels, limiting many advertisers to only buy for Univision and Telemundo. In terms of Discovery en Español, were in a great position. We close 2011 with another successful year and a solid performance, which has positioned us for the third consecutive year as the second ranked channel for Hispanic paid TV within the principal demographic groups. Discovery Familia has also seen a great welcome since its launch. Discovery Familia and its online platforms are our newest sources of profit. In 2013, there will be profits coming from accounts that wish to capture the entire market, integrating strategies that wish to reach Hispanics in Spanish and English through all the channels that Discovery offers in the US an attractive and incomparable synergy for our advertisers.
