Craig A. Dubow: This is very much of what we were seeing in December. What we are seeing right now as we go through the first quarter is quite similar to that as we go forward. We are hopeful that we are going to be seeing some pick-up in the political on the television side as we move through Super Tuesday and into the overall election period toward November. The same as we move toward the Olympics but overall right now, we are seeing a continuation from what we saw in December. With one exception in what we are seeing at USA TODAY, we are seeing a little bit of pick-up for January and that is a more positive trend than what we were seeing certainly through December as well.

Karl Choi (Merrill Lynch): Was the headcount down in the year?

Gracia C. Martore: On a pro forma basis, fourth quarter over fourth quarter, headcount was down in the mid- to high-single-digits.

Alexia Quadrani (Bear Stearns & Co.): With regard to your comments about January seeing a little bit of a pick-up from December, is that also true for the U.K.? Are the trends similar there as they are in the U.S.?

Craig A. Dubow: The pick-up is just with USA TODAY. I would say we are seeing for the most part in our other publishing areas as well as broadcast the same. We saw, in the U.K., a softening as we went through the end of the year, particularly the last few weeks and that has not picked up for us at this point.

Alexia Quadrani (Bear Stearns & Co.): Were the profits also down at Newsquest in the fourth quarter?

Gracia C. Martore: Yes, they were down slightly in the U.K. in the fourth quarter. The profit decline was a little bit higher than the revenue decline.

Alexia Quadrani (Bear Stearns & Co.): Was there any reason behind the reclassification of the equity interest that you mentioned?

Gracia C. Martore: As is the annual practice of the SEC, they provided a comment letter on our 2006 10-K. They asked a few questions about it. As we looked at it carefully here, given that our equity investments in various Internet businesses are continuing to increase, we felt that this was the appropriate time to combine those partnerships together with those investments and put it in one line, which is the more typical treatment on the P&L.

Peter Appert (Goldman Sachs): Do you think you can sustain the current newspaper segment margins in 2008, given what you are seeing from a revenue standpoint?

Gracia C. Martore: Obviously it will be a little bit tougher as the newsprint prices turn from being a positive impact to a neutral to a bit of a headwind for us, but we are continuing to look at further consolidations and centralizations of operations and properties. We’ll continue to take advantage of technology improvements and we’ll continue to do a strong job on the expense side. Whether we can maintain margins or not, we’ll have to see how each quarter unfolds and where the economy goes each quarter.

Peter Appert (Goldman Sachs): What was the FX impact for the quarter on earnings? Also what the CareerBuilder revenues were for the quarter?

Gracia C. Martore: The impact of foreign exchange was around 1 cent for the quarter. On CareerBuilder revenues, I don’t believe they have released those numbers yet.

Craig Huber (Lehman Brothers): Have your thoughts changed at all on potentially selling or spinning off your TV station group as you think out over the next year or so?

Craig A. Dubow: No, we always look at all elements of it but this year, there are some great opportunities. We are moving forward. We are real excited about what the group has already produced and we’re looking forward.

Fred Searby (J.P. Morgan): There’s been a fair amount of concern about potentially a real meltdown in the U.K. housing market. Can you talk about what you think is happening? Is that what started to fall off for Newsquest in December?

Gracia C. Martore: Clearly real estate was impacted a bit, but in a more general way, it reflected the uncertainty that many advertisers were seeing in the marketplace in mid-December, both with the equity markets and with some of the meltdown on the sub-prime situation. That uncertainty caused advertisers to be a little bit more cautious in their spending. January does not necessarily make the trend for the year. We’ll have to see how that plays out and what they do in the U.K. vis-à-vis their own economy and what they do ultimately on interest rate cuts and the like. But obviously it’s gotten off to a slower start than any of us had hoped for.

James Goss (Barrington Research): How do you see the end game for classifieds? There seems to be an increasing concern that it’s not some of the help wanted and automotive that’s siphoned off to online but that the mix will continue to shift for all of the categories. How do you see it ultimately leveling off?

Gracia C. Martore: With regard to the end game for classifieds, it’s probably a little bit early to predict where it will be. That’s why it behooves us to continue to position ourselves across the spectrum and on whatever platform those classifies end up being on. We have a very strong presence in all of our markets on the print side, both through our daily newspaper as well as various non-daily publications and niche publications. On the online side, we have robust websites in those local communities, together with great national solutions through CareerBuilder, cars.com. On the real estate side, we have very good solutions across all the platforms and you may see us do more in that arena as well. But what we need to do is make sure that we are positioned wherever those classifieds go.

James Goss (Barrington Research): With the change in accounting you’ve made to the equity line, could you provide any framework for what you think the size and any seasonal pattern might be as you are looking at it at this point for the year?