Kit Spring Quotations

Return on investment in PPM is increasingly uncertain.

Fundamentals will continue to be lackluster this year. The ad environment will get more challenging.

Real might need to look for a merger partner and I think the assets are valuable.

Just like 'The Sopranos' fits HBO better than NBC, ... I think that Stern's content probably is a better fit for satellite radio than regular radio.

It could be a slight threat to satellite radio but I would expect they'll coexist.

We estimate Napster's takeover value at $3 to $5 per share, with about half the value coming from the company's cash position.

XM shares have been weak recently, mainly because of expected weakness in a couple of key metrics in 2006.

We don't know who it will be, but one such deal will be announced before the end of the year,

Rarely does Clear Channel make an acquisition that isn't accretive to earnings, and Sirius wouldn't be accretive, and Clear Channel also has a seat on XM Satellite's board, which it would probably have to give up if it wanted a stake in Sirius,

Revenues slightly exceeded guidance and they didn't burn through as much cash as I expected.

I guarantee you those people are not listening to terrestrial radio as much.

It's a relief that revenues are no longer declining for Clear Channel.

It's a very high fixed-cost business. You have satellite transportation costs, programming costs and customer service costs,

They have the No. 1 women's Web site and a lot of new advertisers. You're seeing a lot of advertisers who were historically on Oprah or in Cosmopolitan (magazine) go there.

I do think that long-term, over a five-to-10-year period (cell phone radios) are very real threats,