And I'm interested to see if some of these companies start shifting to that model of getting subscriptions. I think it's interesting to see a lot of these newer media startups sort of going the old internet ad revenue model of, let's just bring as many eyeballs as we can and try and sell ads rather than getting subscribers that actually have a core base. So you're talking about 4/5 of their revenue, about 80% of their revenue coming from subscriptions. Their subscription revenue, including digital and the paper, about $400 million. None of them are very subscription focused, right? So I took a look at the New York Times most recent quarter.
JOSH SCHAFER: I was thinking about what's different with those companies that Ali just mentioned, where we talk about BuzzFeed, Business Insider, Vice Media. I know it's been decimated over the years, but they still make good video content. But with Vice, it's just sort of, what's next? Hopefully, they can kind of keep going. So you can't really reform or kind of change ownership there. They're also public, which is interesting. You mentioned BuzzFeed also going through a lot of changes. It's really sad what's happening in that space. The days of Rupert Murdoch touring the Williamsburg offices of Vice are over, and cutting a check for $100 million, that's over. I mean, Vice, multibillion valuation now cut down to $250 million.
PRAS SUBRAMANIAN: I mean, it's immense pressure for these media companies, new media companies that are just basically online only.
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