Good afternoon and bonjour.
Chief Financial Officer, David Sach.David Sach Good afternoon. Romana Wyllie Anthony Chhoy, Executive Vice President, Strategic Planning and Operations. Anthony Chhoy Good afternoon. Romana Wyllie And our General Counsel, Daniel Penn. Daniel Penn Good day. Romana Wyllie Before I turn to Adrian, let me read the usual Safe Harbor statement. Our presentation today will contain forward-looking statements. Actual results may vary materially from those expressed or implied due to various factors. These factors are discussed in details in our SEC filings, including Form 10-Q filed earlier today and posted on our website. During this call, we will refer to certain financial information that is not in U.S. GAAP. Please see the appendix to the presentation and Note 16 to our financial statements in our Form 10-Q for a reconciliation to U.S. GAAP financial measures. Now please turn to Page 4 of our presentation, and I will pass you over to Adrian. Adrian Sarbu Thank you, Romana, and good morning and good afternoon, everyone. In the second quarter of 2012, we reduced our debt by $185 million, with support from our major shareholders, Time Warner and Ronald Lauder. Deleveraging was highly expected and demanded by our investors, and the recent actions are a part of a process that will continue in the future. Time Warner now holds 49.9% of CME. This is a signal of confidence. Advertising markets were tough in the first half of the year, spending declined by 7% driven mostly by macroeconomic fears. Although the amount of GRPs sold was close to the same period of last year, advertisers were tempted by low quality inventory, provided by our competitors at significant discounts. We do not believe that low quality GRPs can meet the communication needs of our clients. We are the only ones able to offer advertisers the reach and demographic quality needed to support their sales. Despite the decline in advertising markets in the first half of the year, we maintain our undisputed audience and market share leadership in broadcasting. This was, and is our priority.