Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Jim Boyle - C.L. King and Associates.
Jim Boyle - C.L. King and Associates
Pat, if you guys are pacing down domestically roughly 11% in your fiscal quarter, are your markets also similar to those pacings?
Patrick Walsh
Our estimates are. It's still a little bit early stage because we don't have, obviously, the Miller, Kaplan information so far. But we actually see our market -
Jim Boyle - C.L. King and Associates
But from chatter?
Patrick Walsh
The chatter is that our markets are pacing a little bit better than what we saw in June, but still down significantly.
Jim Boyle - C.L. King and Associates
Rick, is there any quantifiable trend that suggests to you that the radio industry could rebound during recessionary times?
Richard L. Cummings
Not yet. I think there will be. I guess that's a - I think we'd all like to believe those things. But I haven't seen anything yet, Jim, that would tell us that.
Jeffrey H. Smulyan
You know, that used to be the - it's funny, I mean, I guess I've lived through so many of these that in a previous time the thought was that in a recession, this is when advertisers realize they couldn't lose market share, and we were the most efficient medium. Now obviously what we've seen the last years, all bets are off. But the old saw was this was actually when we picked up a little share vis-à-vis our peers. I certainly wouldn't predict that now.
Jim Boyle - C.L. King and Associates
Jeff, in an era of potentially long-term lower multiples in private market radio transactions, would Emmis seriously consider selling an individual asset at a lower-than-historical multiple but a good multiple in these much-lower times?
Jeffrey H. Smulyan
Jim, let me answer that this way. I don't think anybody who sits in this chair is going to preclude any option. I don't know how I can say it anymore strongly than that. I think you look at all of your options and, in a world which is changing so much, clearly - clearly - we would think about that.
Jim Boyle - C.L. King and Associates
Okay, final question. Rick, the Portable People Meter service is about to commercially launch in your two biggest markets. When the PPM launched in Philly and Houston, there was revenue disruption. Putting your stations aside in New York and LA, which of those two radio markets should see the most revenue disruption from PPM launch, and how long do you think it happens?
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