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Interview with Urban One Executives
RADIO ONE, INC.: Urban 1’s Content Call
May 11, 2017/11:30 a.m. EDT
Yashima White AziLove
Moderator Ladies and gentlemen, thank you for standing by. Welcome to the Urban
One’s Content Call. At this time, all participants are in a listen-only
mode. Later, there’ll be an opportunity for questions. [Operator
instructions]. As a reminder, this call is being recorded.
I’d now like to turn it over to Yashima AziLove. Please go ahead.
Yashima Thank you, operator, and good morning. Thank you all for joining us on
today. I’m Yashima White AziLove, the vice president of corporate
communications for Urban One, Inc. That sounds so good to me. I
haven’t had a chance to say that yet, and I have the distinct pleasure of
hosting you all on today.
My peers and I, whom I’ll introduce to you all just shortly, are all so excited
to hold our first Urban One press conference call this morning, and we’re
thrilled that each of you are here. For starters, this marks the culmination of
what’s been a two-year journey of development to rename and rebrand our great
company, but most importantly, it marks a really pivotal point in our company’s
We are proclaiming, but really we have been for some time quite frankly, but
that our corporate name never quite exemplified, and that is we are the largest
African-American owned multimedia company in the country. We opted to officially
change our name on last Friday, May 5th because it was symbolic for us. On May
5th, it commemorated the 18th anniversary of Radio One’s IPO.
We were just a radio company then when our shareholders first believed in us,
and 18 years later, it was a combination of our shareholders and our employees
who urged our CEO, Alfred C. Liggins that it was time to change our name to more
adequately reflect the multimedia powerhouse that we had become. We knew we
would keep the word “one” in our name due to its deep marketing connotations. It
invokes the spirit of being first in class, but the question was, what do we do
with the radio?
Well, for clarity, Radio One is a legacy name, and one in which we have not
departed from. Radio One refers to our vast local radio network of 57 broadcast
stations in 15 markets. Our CEO chose the word “urban” in short due to its
inherit ability to encompass all things black. Mr. Liggins often says we’re in
the black people business, and we believe that black culture is sexy, it’s hot,
it’s appealing, and we know that black culture impacts every area of American
It’s been mimed, borrowed, stolen, embraced, and included in mainstream culture
with urban enthusiasts and lovers of black culture for many, many years. Our
name Urban One says that we are fully owning this space, and we produce in every
area of our business content that gives voice to black culture, thus our
tagline, “representing black culture.”
With that, I want to give you an opportunity to hear from each of brilliant
minds representing programming, content, and marketing areas of our diversified
business, so you can hear about these capabilities and the enthusiasm that we
have around our new name and our integrated go-to-market strategy moving
First up we have TV One, which is under the direction of Brad Siegel and is
distributed into 59 million households. We have a highly respected and
well-awarded producer and programmer of black content on the line, Ms. D’Angela
Proctor, our senior vice president of programming at TV One.
Take it away.
D’Angela Wow. I’ve never been announced in such fashion. Thank you. Much
First and foremost, I’m going to have a conversation with you guys about where
we are in terms of our programming strategies as reflected in our recent upfront
announcement. We’re giving you more, plain and simple. We’re giving you more of
what the audience is seeking.
That means more live programming in the morning, three hours of live content,
two hours being that of News One Now where we’re expanding the program from one
hour to two. We’re also adding a third hour of live programming in a
soon-to-be-announced partnership for a live program.
Number two, we’re giving you more of true crime and justice. That’s two nights
of original programming under the true crime and justice bucket. We’ve been
hugely successful with the launch of Fatal Attraction. It is a juggernaut
whenever it comes on. On any day part, it works for us.
We’ve added For My Man, and we’ve also added a few more additions to the network
that you will see coming shortly. For the most part, For My Man is a huge
success for the network as well, and we’re going to take those two programs and
light up a second night of original programming under the true crime and justice
Third, we’re giving you more family reality. This year we premiered The Manns.
The Manns will continue to join Rickey Smiley For Real as two of our real
families, and real for us is more than just real. It is relatable, engaging,
authentic, and loving, and in the case of Roland Martin because we have him on
the air, it can be loud sometimes.
Just as an example of that, Roland’s rants and Roland digging into a few
personalities have led to some significant Facebook video posts. Our highest
rated video post has been the interview of Dr. Hadiyah Green. It garnered 12.6
million Facebook views. Following that is the Wendy Williams controversy about
historically black colleges and universities. There were 8.5 million views
there, 7.4 million views on patriotism and the Colin Kaepernick controversy
followed by the White Nationalist controversy of 5.4 million views.
As you can see, we don’t only program and contemplate content being on air in a
linear television fashion. We are a content company. It’s no longer satisfactory
for a television network to only be in the linear television business.
Our content is now platform agnostic. We put our content wherever the audience
is, and going forward, we have a TV One app that we’ll be launching this year
that will include live streaming, next day viewing of recent episodes. We’ll
also allow our audience to access our library content. We’re excited about this
three-fold content approach.
We’re looking forward to creating more videos that include behind the scenes,
after shows, digital miniseries to go along with our television programs, and we
hope to increase our footprint in the social media space as well. Thank you for
Yashima Thank you. See, that’s why I introduced you like that. See all that
TV One is doing under your leadership, so thank you so much for that,
Next we’re going to bring it home to Radio One, our legacy business and our
syndication network Reach Media under the direction of David Kantor, and
collectively, our radio group reaches approximately 22 million listeners a week.
We see over one million people at our awesome events during the year, so it’s a
pleasure to present to you a radio industry veteran, Mr. Jay Stevens, who’s our
senior vice president of programming for Radio One and Reach Media. Jay?
Jay Thanks, Yashima. Between Radio One and Reach Media, we have some
of the biggest African-American talent in the country, and our talent are
not only big brands, but many have a strong social media following as
well, and in the case of Rickey Smiley and D. L. Hughley are also major TV
stars, and in the case of Erica Campbell, major music stars.
In fact, as D’Angela just mentioned, Rickey’s reality show on TV One,
Rickey Smiley For Real, is one of the highest rated shows on our network. We’re
always looking for new ways to have our talent super-serving the community
whether it’s live appearances in our various cities with our local talent or the
Tom Joyner Family Reunion. Touching our listeners face to face in person is
very, very important.
With our integration, we have the ability to use our talent across all our
platforms and that same ability to sell across all platforms, so we become
one-stop shopping for our clients and our listeners, engaging them with deep
content. We also have some very, very major events, some of the biggest events
in the country in fact. We have the Tom Joyner Fantastic Voyage. We have Women’s
Empowerment, Birthday Bash, the earlier mentioned Family Reunion, and many other
events in our markets.
We now have all parts of our organization participating. For example, on the
cruise, we’re broadcasting live with Tom and the show, and we’re also capturing
the concerts and the parties and all the excitement on the cruise,
some things that maybe shouldn’t be publicized on the cruise, and we post that
content in real time.
At Birthday Bash, we had a digital lounge. We have all the artists hanging out
backstage. We post onstage content, backstage content, interview content, as
well as we’re broadcasting live. With all of these events now with this
multimedia approach, our listeners all feel like they’re there and a part of it.
As you can tell by what I’m presenting here, we’re much more than the radio
business. We’re in the media business, and my job and that of our program
directors, executive producers, and talent is to create compelling content for
on-air that can be shared on our digital platforms and TV One 24/7.
This is a crazy time. This business is changing daily, so we are looking to
innovate and evolve with our consumers. Now more than ever, we feel that we have
the talent to do that. The great thing is that people still listen to radio, and
they love radio. That time spent listening is now being shared and consumed with
a variety of sources, but we have something that music streaming and other
automated music services don’t have,
we’re live, we’re local, and we have some of the biggest brands and talent on
the radio. We’re local, urgent, topical, engaging, entertaining, and live. I
won’t mentioned those services, but they don’t have that.
The motto that I use with my staff is if you can dream it, you can do it. With
radio, digital, audio, video, we now can create the most compelling content for
our listeners, and we’re doing that now not 24/7, 25/8.
Yashima I love that. Thank you, Jay. Appreciate that. Another piece of our
integrated multimedia narrative that we introduced last week with our
launch is the launch of R1 Digital as a new product, a new derivative of
radio. Now, I won’t take our next speaker’s shine. I’ll give him the
opportunity to provide you more details, but we’re excited about his recent
promotion and the impact that he and R1 Digital under the direction of
Mark Charnock are already having in our radio group.
Let’s hear from Dwayne Whitaker, who’s the senior director of digital sales and
marketing for R1 Digital.
Dwayne Thank you, Yashima. R1 Digital is a critical new brand in the Urban One
portfolio and is really our go-to-market digital strategy for radio. R1
Digital leverages all of the local radio digital assets in addition to reach its
national digital footprint.
This brand is poised to send a clear message to the marketplace that our radio
group is in the digital business, so we’re in it to win it. We believe offering
a comprehensive local and digital national product will create new opportunities
for businesses, but also as our radio audience grows, we need to be able to
nurture that growth and allow them to engage with us via digital channels as Jay
Right out the gate to show our commitment, we’ve overhauled over 57 local
station apps as well as our 7 national personality apps on the Reach Media side,
and the apps are great—tons of features and ways for our audience to now engage
with our personalities all the time. And as I mentioned, our personalities, that
is the strength of Radio One and Reach Media who are beloved by our audience
which is why we’re close to finalizing our social influencer network which is
comprised of some of our most outspoken local and national personalities and
The network is designed to publish content, effect social media conversation,
and take client endorsements and influence digital through
our entire online network of over 66 million. We want to activate our local and
national clients on robust digital channels that connect them to conversations
that are happening on the ground and quite frankly at dinner tables with our
talent and personalities leading some of those funny, cultural, and defining
moments in conversations.
Yes, this is an exciting time for R1 Digital as we seek, find, and build new
bridges and ways to effectively communicate to our local urban audience through
our R1 Digital channels.
Yashima Love that. Thank you.
Dwayne Thank you, Yashima.
Yashima Thank you for that. We all know that digital is not the media wave of
future, but the wave of right now. We just heard from our radio digital
group, so let’s now hear from our national digital platform.
iOne Digital formerly known as Interactive One and under the direction of
Detavio Samuels has made two powerful announcements in the last week. I’m tell
you, we are on fire. In short, iOne Digital has shored up its
position as the largest digital distributor of urban black content in the
First up to share the launch of her personal brainchild is media veteran Kierna
Mayo, who is the senior vice president of content and brand of iOne Digital.
Kierna Thank you so much, Yashima. Good morning, everyone. Thank you for
your time in advance. Look, I joined iOne Digital about eight months ago.
You mentioned Detavio Samuels. He’s such a visionary, and he knew that
for a person like myself, I had just been the editor in chief of Ebony
Magazine, that I would really need a creative challenge.
He put before me a real one, and the mandate was to really look into the future
and look at the iOne Digital suite of brands to see how best do we map our
course to tomorrow. We were already killing the game with our existing brands
which are NewsOne where we pretty much own black news, HelloBeautiful which has
a focus on black women of course, and GlobalGrind which is centered on celebrity
life and popular culture.
I came in, like I had mentioned eight months ago, and really began brainstorming
with all of the creative might that’s here and all of my extensive network. What
we came up with is what we’re now calling internally our master brand. The name
of the brand itself is Cassius, and the URL is cassiuslife.com.
It’s really a content play like none before. Many of the folks that I’ve been
able to recruit in the past few months have traditional print experience,
magazine experience in particular, and we decided that one of the foundational
pieces of what Cassius would be is something that ran away from this push to
have so much quantity that quality is completely eclipsed.
For us, this is a quality game. We are going to be shooting digital covers to
show the breadth of our ideas, our visual understanding of communicating as well
as owning a central conversation for at least a month. We know that because of
the folks that we’ve recruited and the people that we have here that we have the
absolute capability to seize a cultural conversation.
What I noted and a big reason we are launching Cassius is that at this point in
culture because black culture is so central to essentially everything, it is
almost taken for granted by mainstream culture. You see the faux pas happening
all the time with corporations who are trying to tap in, but aren’t tapped in,
and then they have egg on their face.
What we’ve decided to do is to create a central location where millennial
lifestyle and culture is shaped by the actual culture creators, but offered up
to the world. This is yes, black at its nucleus, but it is our greatest hope
that we too are considered mainstream.
We’re the new mainstream where black identity and aesthetic and culture is not a
secret as the driver for so much else, but it is just a slice of what Cassius
Life will come to be known for. Because, really, we’re going to be talking about
lifestyle in every pocket of the way that we live our lives.
That’s Cassius, and that’s why I’m so excited right now. We have a full plate
over here at iOne Digital, but we have a mandate to drive this Cassius project
really to the moon. So far so good.
We launched a soft launch this month on May 4th, and at this point, we are
already feeling the critical acclaim. We’re hearing from tons of folks,
celebrities, industry folk, and real everyday people that are just saying we
appreciate the quality already. Wish us luck, and I’m exciting to hear what
folks have to say. Thank you.
Yashima We feel your energy and know why you’re in the seat, so thank you so
much for that review of Cassius. We’ve heard about the Cassius platform,
but let’s learn about the other side, the newest addition to iOne Digital and
the Urban One family that we call BHM Digital. Yes, iOne Digital just
announced the acquisition of Bossip, Hip-Hop Wired, and Madame Noire
from Moguldom just this week. They’re new to our family. Many of you
know these sites.
They’re certainly not novices. They each have taken their place in the digital
world and have over 6 million UVs a month. Next up, no pressure, those she’s
only on her fourth day at work for us. She’s having her first corporate press
conference call. Let’s hear it for Marve Frazier, who is the senior vice
president of content for BHM Digital. Marve?
Marve Thank you so much, Yashima. Yes, as she just said, today is day four for
me. I was on vacation last week, and I just want to say on behalf of my
entire team at BHM Digital, I just really want to express how elated we
are to now be a part of the Urban One family. There’s been a lot going on.
It’s a lot of work, but we are so excited to kind of take this thing head on.
What exactly is BHM Digital? For starters, BHM is an acronym obviously for
Bossip, Hip-Hop Wired, and Madame Noire. These three brands as Yashima already
just stated were recently acquired by iOne Digital. For those unaware, Bossip,
which is our flagship brand, is basically an off-the-cuff, viciously hilarious
celebrity news site.
Obviously, Hip-Hop Wired covers hip hop, but from a perspective that not
necessarily afraid to call out the struggle, not afraid to cover social issues,
not afraid to basically be everything that encompasses the hip hop culture be it
politics, sneakers, what’s new, old school versus new school, etc.
Madame Noire is also one of the brands that iOne acquired, and that site
empowers millennial women of color and focuses on every aspect of women’s
lifestyle from love and relationships to parenting to crazy stuff in the news,
How is all of this going to work with iOne? Here’s the deal, our content, our
sales and marketing teams will operate separately from the iOne brand, but we
are actually still family, and we understand the many opportunities and
synergies we have to be this dominant powerhouse in not only the digital space,
but also radio and TV as well.
As I mentioned earlier, I’m going to keep it short and sweet because this is
literally my fourth day, and we’re working through all the nuts and bolts and
everything to kind of keep things moving as business as usual and everything
going on. However, we have some really, really super dope projects coming this
summer. You will have to stay tuned, and we are just super excited again to be a
part of this Urban One family and make this media magic. Now I’ll kick it back
Yashima That is awesome. Thanks for the plug. We’re going to stay tuned for the
summer. I’m telling you, Kierna and Marve, I don’t know if the digital
world is ready for both of you all under one umbrella at iOne Digital, but
we are excited about what the future holds.
Yashima We’re almost wrapping up to take your questions, but we have two more
powerhouses to hear from. Next, we have One Solution also under the
management of Detavio Samuels. One Solution is our in-house branded
Yes, Urban One has an agency, and we literally take our clients from
ideation to execution, but we’re doing it with a little bit of a twist, so let’s
hear from Tuwisha Rogers, Vice President of Strategy Partnerships.
Tuwisha Thank you, Yashima, for the setup, and good morning, everybody. Super
excited to be here. One Solution is uber excited about the Urban One
launch and recognizing finally that this is a destination for black culture as
well as a gateway to the black community and all those who have affinity
for black culture.
Why are we so excited? Because all this time we have been working
under this premise, and this is what we do. We have the opportunity to
work with all these wonderful platforms that you hear on the phone today
to create some awesome work for our clients and what we call our
One Solution truly is a one-stop shop. We have capabilities of a media agency, a
client service agency, and a branded content studio. We work with some of
today’s top Fortune 500 companies such as Walmart, Coca-Cola, Sam’s Club,
University of Phoenix—yes, I’m name-dropping— McDonalds, just to name a few.
We’ve done some great things and some great work with them.
What we do is we have unique and robust capabilities, and we definitely do it
differently. What we have done is we take a holistic look at our client’s
business. We take a look at everything from research and insights. We develop
strategic approaches. We develop activation whether it’s in media or branded
content. We even do experiential things on the ground. We even go above and
beyond and create documentaries. We do it all just like a full-service agency
To that, we also recognize that no two business partners are the same, so one of
the things that we offer is a customer curated solution for their business.
We’re able to do this because we have a couple of secret ingredients that I’m
going to share with you guys.
One of our secret ingredients is that we have a diverse talent base. We’re not
you regular integrated marketing department. We have a group of teams and folks
here who have been brand managers, publicists, media strategists, editors,
writers, producers, directors, and more.
The second piece of our secret sauce is that we actually have our own branded
content studio. This studio is known as One X. Our One X division is a first
class entertainment studio that develops custom content, again, anything from
documentaries to stackable content, to commercials. We leverage internal and
external talent and resources to get it done, and we’ve done some amazing work.
The third piece of our secret sauce which I’m extremely proud of is our
strategic partnerships department. It is where we have your agency experience
and white glove service. This particular division provides custom marketing
agency services for our premiere clientele and partners. That includes anything
you would get a traditional agency from client services, strategy and brand
development, community relations, and talent management and a couple of other
Once again, we’ve been able to provide all these great things of work to some
great partners. Because of that, our hard work has paid off. We’ve actually
achieved ten-plus awards in the past two years, anything from an ANA
Multicultural Award to Tellies and ADCOLOR.
Briefly, just to wrap it all up, as you can probably tell, and I would stand on
it 100% that there’s nothing like that out there in the universe like us, and
again, we are super excited about the Urban One name and positioning because
again, being recognized as a multimedia company, it better positions One
Solution into the marketplace as the destination for any advertiser looking to
reach and engage the black community and everyone looking who is understand and
want to be part of black culture.
Thanks, everybody, and back to you, Yashima.
Yashima The only thing I can say after that is amen. That’s all you can say
that is amen. We feel your energy. You are so doing the right thing. We
feel the fire. We drink your juice, and I know everybody on the call can
feel the energy. Thank you so much for that.
I hope you all are pulling all your questions together as we approach our last
speaker. She is last, but certainly not least. Mr. Liggins, our CEO, often says
that Urban One has been able to weather the storm all these years because we’ve
diversified our portfolio. Not only did we engage all areas of media, but we’ve
reached out into financial services and gaming.
Many of you know that we partnered with the newly opened MGM National Harbor in
Maryland, and we’re thrilled with our partnership. But we’ve also found a role
in the financial services industry with our One VIP Card, so let’s hear from Ms.
Kim Bandell, our director of operations and shared revenue initiative. Kim?
Kim Thank you, Yashima. They left the sexiest topic for last. Urban One will
continue to create safe pathways for the urban marketplace in the financial
sector. Historically, as you know, our communities have been
underserved by conventional financial services. Technological innovation
is creating new business models and revenue opportunities in banking.
Scale and trust are the most significant differentials in the new world of
banking and fintech, and we can provide safe banking options and loyalty
benefits to millions of consumers. We have diversified our portfolio with
the MGM deal and our entrance into the financial space with our GPR card or
general purpose reloadable card product, the One VIP Card. It comes with free
loyalty access and offers consumers the convenience and safety of a payment card
without the constraints of traditional banking services. All of our assets
promote financial empowerment and outreach, and this will help level the playing
Urban One will utilize media platforms to drive awareness to repair credit,
loans, bill pay, savings accounts, investments, and everyday banking needs. We
will continue to build partnerships that will focus on better supporting
consumer financial health.
Thank you, Yashima.
Yashima Awesome. Thank you so much. There you have it. TV One, Radio One,
Reach Media, R1 Digital, iOne Digital, One Solution, and One VIP, we
are the new Urban One, Inc. We welcome your questions regarding our
capabilities, our programming, and our content.
Operator, please open the lines.
Moderator [Operator instructions]. To the line of Freddie Allen with NNPA
Newswire. Please go ahead.
Freddie Good morning, everybody. Thank you for doing this call. I really
W Good morning.
Freddie Good morning. [Audio disruption] to some companies who still don’t
understand the value that black media represents in today’s marketplace?
Yashima I’m sorry. Can you ask that question again? Because I think you just cut
out a little bit there.
Freddie The question was what do you say to companies and organizations who
still question the value of a black media in today’s marketplace?
Yashima Kierna, that sounds like a great question for you. You want to take that
Kierna Actually, it gives me pause because I wrestle with this question quite a
I think it’s two-fold. Let me start with our onus, which is important, and
this is why what we’re doing at iOne Digital across the board at Urban
One is really critical—making sure that we are current, ensuring that we
ourselves as black media maverick thinkers, leaders, creators, don’t drop
the ball in terms of relevancy, where we don’t put up perimeters around
our own storytelling.
One of the things at Cassius that we’re talking about quite a bit is how do you
provoke and disrupt and inform and uplift at the same time, so I would just
first turn the question back on us as a community, not just iOne, I mean all
black media, to ask ourselves have we done enough to ensure relevancy, one.
In the larger question, I think it’s just essential that when we recognize where
black culture is being mimed, is being used, is being reinterpreted, we are
unapologetic over here at Cassius, so we call them culture vultures. We call
them by name, and we say what it is. I think it’s important that we remember how
critical our voice is in being critics of mass culture.
I don’t hear enough of that, and I think that when we begin to do that more and
more as individual outlets and then as black media as a collective, where we
say, no, wait a minute, this ours; this begins here; we are the authority; we
have a better stance.
The third and final piece, of course, would be that the business of black media
is still viable, and insomuch as we support each other, lift each other, really
value the content currency that we all provide, we will sustain our businesses.
It won’t be about how others perceive us inasmuch as it will be how we perceive
These advertisers have no way to reach everyone without recognizing our
validity. It’s just up to us in my opinion to re-center that conversation back
to us because I’ve been watching day in and day out how black culture is being
sold literally by folks that don’t have a single black person in the room.
I guess that’s just a winding answer/question/statement, but it’s something that
I’m passionate about myself and don’t feel like I have all the answers, but I’m
willing to engage the conversation.
Yashima Do you have another question, Eddie?
Moderator [Operator instructions].
D’Angela This is D’Angela. I wanted to add to what Kierna just wonderfully said.
As the head of original programming, I also oversee the news division.
News and black media, the role that it’s played throughout the history of
people of color cannot be understated. Black media played the central role
in the Black Freedom Movement.
Dr. King had a column in Ebony Magazine. Daisy Bates owned a black newspaper in
Little Rock, and she was the force behind the Little Rock Nine. Frederick
Douglass used The North Star to drive the abolitionist movement. Black media
especially the news cannot be silenced or underestimated.
With what’s going on in the world today, it is our mission to be at the
forefront of not only reporting on [audio disruption], and we do that every day.
That’s invaluable, and it’s powerful and should not go away. We won’t. We don’t
Moderator Our next question is from the line of Dr. Benjamin Chavis with
Newspaper Publishers Association. Please go ahead.
Benjamin Thank you very much. First, we want to salute Urban One, and the
National Newspaper Publishers Association, we intend to work with you
and collaborate with you. In print scale, we reach 20 million black people
a week in print, but with the good news that you have outlaid today is how
Urban One has united all the media formats.
I really don’t have a question, but just to say that you can rest assured that
our 211 African-American owned newspapers across the United States are going to
support Urban One [audio disruption] as you’re going forward.
We’re going to help you achieve all the market penetration that you desire.
Yashima That is absolutely wonderful. We thank you so much for that, and it’s
spirit of comradery that’s going to make all the difference in the
sustainability of all of our businesses. Thank you so much.
Moderator Next to the line of Paula Hendrickson with PromaxBDA Brief. Please go
Paula Speaking of all that business, which areas of the vast Urban One basically
media empire has proven the most valuable and effective in promoting the
rebrand or, I don’t know, you might even want to call it a brand
reunification, and how and why those areas have been the most valuable in
Yashima Thank you for that question. I don’t know that I can answer that very
black and white. I mean I think that’s the beauty of what integration is, is
that everyone pulls their weight in being able to leverage whatever the
message is, and so in this case, it’s announcing our name, our renaming,
and our rebranding. Every one of our businesses have pulled together
around leveraging what that really means.
I can’t say that there is one over another. TV does what TV does well, and radio
has done what radio does well. Digital is doing what it does well, and so
together that’s what makes us really the empire—so thank you for using that
term—that we ultimately are. I would not rank or create a hierarchy in the
answer because we all truly have put our hands to the plow, and it’s been a
truly integrated effort.
Moderator [Operator instructions]. There are no further questions in queue.
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Moderator Ladies and gentlemen, that does conclude your conference for today.
Thank you for your participation. You may now disconnect.
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