Question-and-Answer Session
Operator
Thank you, sir. (Operator Instructions) We’ll take our first question from Jessica Reif-Cohen with Banc of America Securities.
Jessica Reif-Cohen - Banc of America Securities
Thank you; Banc of America and Merrill Lynch. Chase, I’m just curious if you could comment on Liberty with the preliminary proxy out. Can we try to get out our arms around some kind of deal structures, what the timing might be and any comments you can give on the thinking of what an exchange ratio might look like if you go ahead with the reverse Morris Trust?
Chase Carey
You’re a couple of steps down the road, but I’m not going to get sort of putting I guess the cart in front of horse; I mean in terms of Liberty, unless you have a whole lot new and they’re going forward with their spin, but that doesn’t really directly effect us and I think that situation is probably pretty similar to what we’ve said in what we described before.
I think both of us would agree that structure that existed between DIRECTV and another public company in which DIRECTV is the majority of the value, probably will not be optimum from most peoples perspectives and if there is a way for both of us to address that in a manner that makes sense, then I think we would do it, we’d look to do it.
That being said, we’re not going to do something, that doesn’t make sense for us. It’s not effecting our operations; it’s not effecting what we’re doing with the business as I think our result show. So, I think we continue to talk with Liberty and see what we can do, to the degree their spin helps narrow or address some of the issues, mainly issues obviously kind of revolve and things like value and governance to the degree we can address those. I think it will be a positive.
I think discussions between us and Liberty are constructive and I think we both see it pretty much the same and continue to try to have positive discussions and continue to see if there is a way to reach an agreement that would be good for all parties.
Jessica Reif-Cohen - Banc of America Securities
And can I just switch gears; you made a comment about potential wireless deals, could you talk about what you envisioned and do you need one wireless carrier or are you thinking about multiple and this is the last question, you said that advertising sales were down steeply in ’08, can you say what advertising sales actually were in 2008 and how much have they declined?
- To read the full transcript on Seeking Alpha, click here »
