Mr. John Purcell:

It is an interesting point that Mr. O’Reilly makes about podcasts and print publishers getting into podcasting. I would again point to the dichotomy in regard to the content. We are regulated in terms of the audio content we do on FM and we have a very detailed commercial communication code, while podcasts do not have that. Our obligations are completely different. There is a need to look at a new way of broader regulation, but in a more equitable form. The large social media and online giants can choose who to promote and who to boost, and changes in their algorithms, for example, can be the difference between viability and going bust. There is no accountability in that regard.