a fight successfully concluded from the perspective of mr. lucast promised to reduce $6 in '16 and $8 in '18. that's no longer the case. that has contributed to the weakness in the price. i wanted to put it in people's mind. it is aan outlier, jim, having moved up so dramatically where everything else is down. what would the proposal be? the fox deal would be $73 a share. time warner is larger. would it be something focused on hbo. it is not as if time warner is not aware of those plans. should they actually show up on the stock in a significant way and try to force a proxy fight? >> let's relate this to disney. viacom, a program we can cut easily. disney, espn, we can't. where is time werner in the equation. >> tnt. that said, turner has had some issues without a doubt. >> hbo is the key asset. >> it doesn't mean the dollar y. if you were to look at the end of 2014 until around the end of november of 2015, dollar yen was pretty much not going anywhere and solid as a rock. as a matter of fact, the last day in november was around 123. from december