our joint venture partner there is bertelsmann.e an established process in the shareholder agreement. whereby we can put our shares to bertelsmann. francine: and they said they are interested? john: i think we're at a point in the moment where, as i said, we have plenty of capital to deploy at the moment. penguin random house is performing well. we are still in the process of combining the two operations, particularly in areas like warehousing, distribution, finance, and technology systems and the like. we are probably a year away from achieving the peak synergies. so whilst it is something that we look at, and which i wouldn't rule out in the future, i don't think you should think it is an immediate priority for us. francine: so not 2015 and possibly not 2016? john: not 2015 and probably not 2016 either, no. francine: what will it take for you to decide to sell? john: as i say, i think we are very happy with the performance of the business. it is doing well. i think the decision we would make would be based on a view of what we sa