look again-, page-11

re: chris skase James,

Is that really the case? I would have thought that both GTV's studio and O/B facilities would have been available for contracting to the advertising industry. Particularly, the big budget items (ie: car ads, etc for which O/B, technical production and digital values are quite high). So, if not TMS, then who?

Exposure to the advertising industry (minimal as it is), however, can still flow in 2 ways:
1.
loss /slow down in contracted work (ie: ad hoc assignments, etc)- minimal impact; or
2.
flow on impact of advertising downturn on the studio and O/B activities of TEN and NINE - minimal in the short-term. Also, an opportunity, if cost containment is required (ie: NINE re: studio work; SEV re: O/B and studio work).

In any event, with SEV's current renaissance, the likely outsourcing of their studio /production /OB work is probably no longer on the agenda (ie: as it was in late 2003).