Thanks for this wise and informed post. I vaguely recall hearing about KOWA. Everything you write makes total sense. I think all of us would prefer a buyout to a partnership. Either way, I don't think the slashing of the U.S. workforce was because of confidence in a Digital First approach. Digital advertising, from what I can see, is about as effective as newspaper advertising. And as one newspaper advertising executive confessed to me years ago: "It doesn't work."