tom: chris marangi, is there an opportunity for covelli in europe?all was looking for value. do you look at the turmoil that davide describes in say, we got to study this? >> we look at companies and industries globally. we look at the dynamics in europe and say, how is this going to affect each individual company? tomko who are the winners? >> in the u.k., exporters. there more competitive in cost. you have u.k. domicile companies that have big sales outside of the u.k. who now have a translation benefit, then you have companies that become m&a targets. itv now looks cheaper for a u.s. acquirer than it did. stephanie flanders was on the night of the referendum. i mean, the u.s. media companies , they basically have to look at the entire for folio, right? >> the u.s. media companies and content are global. significant business in europe. they were hurt last year and will be hurt this year by weakness in the currency. but there are opportunities for them to perhaps pick up some assets on the cheap. francine: chris was talking about possible m&a. wheth