how people get tv, what's the future of tv, and joining us are two analysts, leading analysts, craig moffet and michael nathanson, and they're partnered in the moffetnathanson research firm. mr. moffet, what is the impact, what's your initial reaction to what cbs, hbo, have announced, and then add on to that netflix and apple, et cetera, and all these other different services. what's the impact on the overall television industry? >> guest: well, those are two separate categories, really. the new one, hbo and cbs, my guess is the impact will be, actually somewhat limited. on the other hand, the impact of some of the ones already here, like netflix, has already been very profound, and i think what we're seeing here is a real change in the viewing habits of millenials. they're simply watching tv in a very different way than my generation watched tv, and you're starting to see the media companies embrace that and recognize they can't circle the wagons and try to protect the existing ecosystem anymore. they have to actually reach out to that set of consumers. the advertisers want to reach that s