It is just the method of delivery that is changing and there...

It is just the method of delivery that is changing and there will always be consumers that will not be willing to pay for content so fta will continue to exist however it will be multi channel. Personally I actually use both, I watch fta and netfix, although Netflix does not actually have much depth of content (I am bored of it now as there is limited new content). Netflix is just a cheaper version of pay TV and in that sense a niche player which is probably more of a competitor with Foxtel. These type of players can not afford enough content due to the low subscription price without advertising. Yes advertising spend has reduced for the fta players due to disruption and online advertising mediums, however if they embrace multi channel fta platforms the advertisers will see the benefit in this. It's all about the audiences that you are reaching and effectiveness of the message for advertisers. Also I don't see TV as a dying medium although yes there is an increase in watching on other platforms such as mobile, but if you have a multi platform strategy you don't have the same audience leakage. You have made the right call shorting the stock until now, however the lower the price goes the riskier you get to a value point. I am happy to hold at these levels based on internal rate of return even with some continued decline in profits, in addition to the trading activity and trends indicating that we are off the trading low which gives me more confidence in holding.