In our two and half year’s history as a public company, we have successfully executed against our business plan and meaningfully grown our business. And as we look out over the next several years, we have the opportunity to grow total company AOCF from fiscal 2012’s record level and continue to create long-term value for our shareholders. We will pursue this goal in fiscal 2013 by continuing to carefully balance near-term financial objectives with investing in our business to drive long-term growth.

With respect to our business segments; MSG Media AOCF increased 13% in fiscal 2012 as our Media segment continues to benefit from strong reoccurring affiliate revenue growth. Our regional sports networks are best in class and are benefiting from strong interest in the Knicks and the Rangers which we expect will continue for the 2012, 2013 regular seasons.

Fiscal 2013 will also be an exciting year for Fuse as the network prepares in the coming weeks to roll out its largest programming initiative to-date designed to increase viewership and drive revenue growth at Fuse.

The MSG Entertainment segment achieved positive AOCF on an annual basis for fiscal 2012 primarily driven by growth in the New York production of the Radio City Christmas Spectacular and by our initiatives related to the productions outside of New York holiday season.

At the end of fiscal 2012, we completed our acquisition of the Forum in Inglewood, California which establishes a significant West Coast presence for our company and provides us with iconic venues in each of the country’s two largest entertainment markets. We carefully evaluated our acquisition of the Forum including its renovation needs and believe the iconic venue presents a unique opportunity for our company from both the strategic and financial perspective.

Looking ahead, we continue to expect that over the long term MSG Entertainment will be a meaningful positive contributor to total company AOCF on an annual basis. We look to achieve this goal by continuing to focus on increasing venue utilization and capitalizing on the enduring popularity of the Radio City Christmas Spectacular franchise. In addition, we are pursuing opportunities to create new productions and we will continue to evaluate opportunities as they arise to selectively expand our venues in major markets.

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