It’s tough to tell what things would be like if we hadn’t
sold. It’s really, really hard to make a living in the general
online news business without massive scale. Even at 4 or 5 million
users, that’s not massive scale. Msnbc.com is highly profitable
at 40 or 50 million uniques, but if you cut that in half, they
probably wouldn’t be profitable at all. So for a startup in a
low margin business, you have to decide eventually whether you
want to go it alone or have a partner.