Operator: Good day, and welcome to The New York Times Company Third Quarter 2011 Earnings Conference Call. Today's conference is being recorded.
At this time, I'd like to turn the conference over to your host Ms. Paula Schwartz. You may begin.
Paula Schwartz - Director, IR: Thank you, Matt, and good morning, everyone. Welcome to our third quarter 2011 earnings conference call. We have several members of our senior management team here to discuss our results with you, including Janet Robinson, President and CEO; Jim Follo, Senior Vice President and Chief Financial Officer; Scott Heekin-Canedy, President and General Manager of The New York Times; and Martin Nisenholtz, Senior Vice President of Digital Operations.
All of the comparisons on this conference call will be for the third quarter of 2011 to the third quarter of 2010, unless otherwise stated. Our discussion will include forward-looking statements, and our actual results may differ from those predicted. Some of the factors that may cause them to differ are included in our 2010 10-K.
Our presentation will also include non-GAAP financial measures, and we have provided reconciliations to the most comparable GAAP measures in our earnings press release, which is available on our corporate website at www.nytco.com.
Now, I'll turn over the call over to, Janet Robinson.
Janet L. Robinson - President and CEO: Thank you, Paula, and good morning, everyone. We continue to execute on our strategy of transforming our business. This quarter we made significant progress in developing a robust digital subscription revenue stream, reducing our operating costs, meaningfully improved our liquidity through the early repayment of high-interest debt and tripled our initial investment on the sale of a portion of our stake in Fenway Sports Group.
Our results also reflect the current sentiment of the larger economy, as factors ranging from the European debt crisis to weaker consumer confidence led to a challenging advertising environment.
At the same time, we achieved 6% growth in operating profit before depreciation, amortization, severance and special items through incremental subscription revenue resulting from the launch of The New York Times digital model, as well as through continued focus on cost management.
While the lack of clarity on the direction of the economy caused advertisers to exercise more caution than we saw in the first half of the year, NYTimes.com maintained its strong traffic levels, and continued to fulfill its premium advertising commitments in the quarter. Our digital subscription initiatives remained our top focus in the third quarter, as The Times continued to build on its pay offering.
The Boston Globe launched the new subscription site BostonGlobe.com, and the International Herald Tribune this month announced its own digital subscription packages. These last two items are excellent examples of how our digital monetization efforts are evolving. We continue to position ourselves to capitalize on our digital content across many of our brands in our ongoing effort to build a meaningful digital subscription revenue stream.