Youssef Squali Quotations

The question is, what kind of acquisition can they make? The company has been extremely tight-lipped as to what their long term strategy is.

For 2002, they may indeed come in and assume more conservative estimates because Dick Parsons is running the show, ... It will be his watch and so the company will have to make the numbers.

What we are not seeing is a clear indication for the 2002 revenue numbers and that will continue to be somewhat of a question mark.

We maintain a bullish view, however predicated on indications that the fourth quarter is tracking inline/slightly ahead of expectations, an upward bias to fiscal 2006 earnings estimates, the fact that investors are beginning to look at and discount fiscal 2007 estimates, which make valuation multiples more palatable, and further consolidation into the New Year.

All in all, we find the restructuring removes several overhangs on the stock, namely TWE-related complexities and lack of AOL carriage, on terms favorable to the company.

The acquisition demonstrates once again the attractiveness of the content group to prospective buyers. We expect to see more deals in 2006, driven in part by the need of traditional media companies ... to play catch up online.

The AOL business has been in terrible shape the last year and a half,

By our math, even through their relationship with Comcast, they have access to only 40 percent of the market. We need to know how they plan to address that challenge,

This signals that the board plans for the company to remain independent as its attempts a turnaround.

Anybody that looked at their balance sheet and at how much value they were placing on AOL understood there was a potential impairment charge there.