Media Networks stands out as the largest driver of our Company's performance again this year. Our strong ESPN and Disney brands, which consumers recognize and trust, as well as sought-after, relevant programming, remain key to the success of our cable networks. We continue to invest in high-quality content to both drive performance and deliver further on the promise of our brands. In 2005, our cable group continued to generate growing levels of revenues and substantial operating profit, with ESPN and the Disney Channel maintaining leadership positions in their respective categories. We expect Disney's cable networks, led by ESPN, to drive strong financial results for years to come.

Similarly, on the broadcasting side, the ABC Network’s competitive position and financial performance were bolstered by compelling content that stands out from the myriad programming choices offered to consumers. In 2005, the strength of our primetime line-up allowed us to achieve our goal of returning the ABC Network to profitability, and we are on our way to delivering further, substantial improvement in ABC’s results this coming year.