Question-and-Answer Session
Operator
(Operator Instructions) We will go first to Jessica Reif-Cohen with Banc of America Merrill Lynch.
Jessica Reif-Cohen - Banc of America Merrill Lynch
Thank you. I have a couple of questions -- first, I was wondering if you could address what you think the [inaudible] mix will look like over the next few years? I know Joe just said that you don’t see acquisitions in the near-term but there’s been constant speculation that you may divest or separate some of the businesses, so I was just wondering if you could talk about that.
Second -- do you want the questions now or one at a time?
Leslie Moonves
You can give the questions now.
Jessica Reif-Cohen - Banc of America Merrill Lynch
Okay. Second, I was wondering if you could discuss what you think the upside is in late night, given the change in ratings between the competitors? So this is really kind of an ’09 2010 season question.
And then finally, given the weakness in TV station advertising we have seen over the last year or so, can you talk about what you are seeing in first run -- in license fees from first run TV syndication and what kind of margins do you see in that business?
Leslie Moonves
All right. Let me start out -- in terms of the asset mix, the only thing we have stated definitively is we are looking to trim some radio stations, which we expressed before. The good news is we do not have to do it. We don’t need the cash but we are out there looking and when the right deals become available, we will do that.
Once again, as we stated before, we are a content business. We are not looking to go out and make any acquisition of any sizable amount yet. If there’s some tuck-ins that work with our Internet group that are profitable, as our group is, we will do that.
As you know, we’ve recently begun a new feature film business so once again, another content business and that’s where we are directing our efforts right now. But other than that, there are no major plans. I don’t think now is the right time to buy or to sell, so we are playing the hand we are dealing.
In terms of late night, clearly as I said, Letterman is doing really, really well. We were losing for 10 years in a row and suddenly, we are winning four weeks in a row plus the gap in 18 to 49 has decreased by about 80% over that period of time. As well as the 12:30 time slot, that also has changed. That game has changed considerably.
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