Question-and-Answer Session
Operator
Ladies and gentlemen, we will now be conducting a question and answer session. (Operator Instructions). Our first question comes from John Blackledge with JP Morgan. Please state your question.
John Blackledge – JP Morgan
Thanks for taking the questions, just a couple of items. Just wondering if you could provide a range of expected political ad dollars in 2008, I know you gave first quarter, but if you could give some kind of a range for 2008, that would be great. Also, just two other items, I was wondering if you guys would lever up to buy back shares or just use existing cash flow after dividend payment in your CapEx. And then, on your private equity investments, if you could just provide how much you’ve invested already, what you look to invest in per investment, return expectations and exit expectations for those investments. Thank you.
Steve Marks
Thanks John. I think in terms of the political number, we’re not prepared to put out a number for the entire year. Obviously with everything that we’ve been reading along the political front there’s still every reason to believe that it’s just going to be obviously a banner year. First quarter, and from what everybody has been reading up to date, the political spending is probably a little bit behind what everybody had anticipated going into the year. But if we take a look at 2006 as a comparison, we started off that year a little bit slower in the first six months and then maintained just a tremendous amount of momentum in the back half of the year, in 2006. We’re not going to back off. We believe it’s going to be an extraordinary year in political. I’m not going to put a dollar figure towards it, but it will clearly be better than anything this company has ever seen before.
John Blackledge – JP Morgan
Thank you.
David Amy
And as far as the question regarding levering up for stock buy back. We recognize that our approval process as far as from the board had grown stale over the last few years since the last time we’re in the market buying back our shares, and certainly as you can tell from the tone, we recognize and believe our stock is significantly undervalued. So it’s very important for us to be in position and authorized by the board to take advantage of any opportunities as we see them arise. As far as being specific as to how we’ll approach and what we’ll do, we’ll keep that to ourselves for now.
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