At this time, it's my privilege to turn the call over to Vince.

Vince McMahon – Chairman and Chief Executive Officer

Good morning everyone. We have had less than a stellar quarter obviously, and as a result, the less than stellar full year. 95% of that less than stellar really coming from the lack of performers from two areas, one will be the film division and the other will be television licensing.

If you recall in a previous call, I mentioned that if the new strategies, new film strategies does not work we probably in all likelihood would be out of the film business. I still feel very strongly the new strategy will work under Mike Luisi and because it really concentrates on more of a significant change relative to our approach increasing partnerships with the major studios and specific ones and specific genres as well as better terms of distribution and things about nature. So, I am still not just hopeful, but I really feel strongly that under this new guidance and this new approach that the film really is going to work despite the previous performance and we've pretty much written off most of our old stuff by now in terms of impairments and things of that nature.

The other aspect of less than stellar comes from television licensing decisions. And quite frankly, that was more strategic than anything else. We are back out in the marketplace, because the time is right now to exploit our in-ring television licensing programs as well as those that are out of the ring. I must say, there has been never been a stronger demand for WWE product than there is now. So, we really feel strong in terms of capitalizing on what we didn't capitalize on two names in specific of television shows Superstars and NXT, whether we bring out those specific titles or not and add to those things, for instance, of reality programming. Tough enough, we brought that back, tough enough an original series on MTV, we brought it back to USA highly successful.

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