ITV

Tag: Media Networks

  • Sony Group’s media networks biz in India grows in Q2 FY21

    Sony Group’s media networks biz in India grows in Q2 FY21

    Mumbai: Sony Group Corp has released its financial results for Q2 FY2021 that ended on 30 September. The media conglomerate reported that Sony Pictures Entertainment’s (SPE) Indian business, which includes video distribution service SonyLIV and its leading broadcasting business, accounted for slightly less than 40 per cent of the sales of media networks in Q2.

    Its pictures segment saw a 40 per cent increase year-on-year in sales, primarily attributed to increase in sales of television productions and media networks. The sales for the pictures segment stood at $612 million. The company also reported higher advertising revenues in India YoY.

    Last month, the company signed a non-binding term sheet to merge a subsidiary of Sony Pictures Entertainment (SPE) and Zee Entertainment Enterprises Ltd (Zeel), a media company in India. Under the proposed merger, SPE would hold a majority stake in the resulting merged entity.

    Under the term sheet, the two parties are conducting mutual due diligence and Zeel has agreed to negotiate exclusively with SPE for a period of 90 days with the goal of reaching definitive agreements.

    “India has an economic base that is rapidly growing, primarily among the younger generation, and it is the largest linear TV market in the world that is still growing. In addition, the opportunity for digital distribution services is beginning to grow rapidly due to improvements in India’s communication infrastructure,” it said in a statement.

    “As a growth area in the pictures segment, we plan to continue to proactively seek opportunities to expand this business by using the profitability of the TV broadcasting business and our content assets to strengthen our digital distribution service,” it added.

  • GroupM launches Motion Content Group to meet demand for new economic models

    MUMBAI: GroupM, the world’s leading media investment group, today announced the launch of Motion Content Group (Motion), a new global content investment and rights management company, to meet the ever-growing market demand for new economic models for premium content across the entertainment and media marketplace.

    Motion will invest and partner with the world’s leading talent, producers and distributors to fund, develop, produce and distribute premium content. It will also consolidate and diversify GroupM’s content investments and operations to-date, as well as utilize GroupM’s & WPP’s worldwide network of relationships and content expertise for scale and competitive advantage.

    Motion also supports WPP’s ongoing strategic focus and investments into content, which has seen notable strategic investments into companies such as Imagine Entertainment (24, EMPIRE), The Weinstein Company (DJANGO UNCHAINED, THE KING’S SPEECH), Media Rights Capital (HOUSE OF CARDS, 22 JUMP STREET), MediaPro (MIDNIGHT IN PARIS) and All Def Digital, Russell Simmons’ digital venture.

    Richard Foster, currently the head of GroupM Entertainment, has been appointed CEO of Motion Content Group, which will be headquartered in London and Los Angeles. Motion incorporates GroupM Entertainment’s team and resources, and the full slate of programs it has partnered to develop and produce.

    Award-winning content funded by GroupM Entertainment has been distributed into markets around the world through partnerships with over 100 leading producers and more than 20 of the world’s leading distribution companies. Motion invests its own funds into content deals and partnerships and is therefore a separate but complimentary offering to the substantial amount of branded content work undertaken by GroupM’s agencies on behalf of their clients.

    Motion’s global reach, investments and partnerships will help support the editorial ambitions and commercial requirements of producers, networks and platforms, in order to help drive contextually safe, high-quality environments for advertisers.

    “With new content companies such as Netflix and Amazon growing rapidly, the competition for premium content is heating up across the globe. WPP is investing in Motion Content Group to strengthen our content creation and distribution capabilities, to help meet evolving viewer needs, and to help advertisers continue to reach consumers in high quality content environments,” said Sir Martin Sorrell, CEO, WPP.

    Kelly Clark, GroupM CEO, said, “We have always used our global scale and reach to find innovative approaches that strengthen the media ecosystem for advertisers and media partners alike. Motion is a major commitment by GroupM to expand on these efforts.”

    Richard Foster, CEO, Motion Content Group said, “Our objective is to help create and support editorially and commercially vibrant premium content for the benefit of our content partners and advertisers. We will achieve this by continuing to invest into the content industry and lead the development of new models, commercial content structures and partnerships with media networks, platforms, talent, producers, and distributors.”

  • Goodwill impairment at Pictures segment impairs Sony’s income

    BENGALURU: Sony Corporation (Sony) reported a 1.9 percent or ¥5.5 billion decline in consolidated operating income for the fiscal ended 31 March 2017 (FY-17, current year) as compared to FY-16. The company says that this was mainly due to the US$962 million (¥112.1 billion yen) impairment charge of goodwill recorded in the Pictures segment, substantially offset by an improvement in the operating results of the Mobile Communications (MC) segment and an increase in the operating income of the Game & Network Services (G&NS) segment.

    Due to the revision, Sony says that it was determined that the entire amount of goodwill, in the Production & Distribution reporting unit of the Pictures segment, which includes the Motion Pictures business, was impaired and an operating loss was recorded in the Pictures segment, says the company.

    Sony’s Pictures segment is comprised of the Motion Pictures, Television Productions, and Media Networks categories.

    Sales for the Pictures segment decreased 3.7 percent in FY-17 (a 5 percent increase on a U.S. dollar basis) to ¥903.1 billion, primarily due to the impact of the appreciation of the yen against the U.S. dollar. The increase in sales on a US dollar basis was primarily due to higher sales for Television Productions and Media Networks. Sales for Television Productions increased primarily due to higher subscription video-on-demand (SVOD) licensing revenues. The increase in sales for Media Networks was due to higher advertising and subscription revenues mainly in India, Latin America and the US says the company.

    The Pictures segment’s reported operating loss of ¥80.5 billion, compared to operating income of ¥38.5 billion in the previous fiscal year. This significant deterioration in operating results was primarily due to the above-mentioned 962 million U.S. dollars (¥112.1 billion) impairment charge of goodwill. The operating results for the Pictures segment were also negatively impacted by higher programming and marketing expenses for Media Networks as well as higher theatrical marketing expenses for Motion Pictures.

    Sony’s consolidated sales and operating revenue decreased by 6.2 percent to ¥7,603.3 billion compared to the previous fiscal year’s ¥8,105.7 billion. This decrease was mainly due to the impact of foreign exchange rates says the company.

    Net income attributable to Sony Corporation’s stockholders, which deducts net income attributable to non-controlling interests, decreased ¥74.5 billion to ¥73.3 billion yen in FY-17 from ¥ 147.8 billion in the previous year.

  • Q3-16: Domestic declines, Teenage Mutant Ninja Turtles retard Viacom numbers

    Q3-16: Domestic declines, Teenage Mutant Ninja Turtles retard Viacom numbers

    BENGALURU: Viacom Inc., reported 1.6 percent growth in revenue for the quarter ended 30 June 2016 (Q3-16, current quarter). The company reported revenue of $3,107 million in the current quarter as compared to $3,058 million in the corresponding year ago quarter. The company says that Filmed Entertainment gains more than offset a decrease in Media Networks revenues.

    Media Networks revenues were $2,513 million in Q3-16, a decline of 3.2 percent as compared $2,597 million in the corresponding year ago quarter. Domestic advertising revenues decreased 4 percent, as pricing increases were more than offset by softer ratings at some of Viacom’s networks compared to the previous year, and a continuing strategic reduction of unit loads. International advertising revenues increased 13 percent, driven principally by growth in Europe.

    Absent an adverse 6 percent impact of foreign exchange, international advertising revenues increased 19 percent. Domestic affiliate revenues decreased 10 percent, principally reflecting a difficult comparison with the timing of revenues from certain distribution agreements in the prior year. International affiliate revenues increased 9 percent, and absent an adverse 3 percent impact of foreign exchange, international affiliate revenues increased 12 percent.

    Filmed Entertainment revenues grew 30 percent to $621 million, driven by gains in license fees and theatrical revenues. Worldwide theatrical revenues increased to $91 million in the quarter, reflecting the June release of Teenage Mutant Ninja Turtles: Out of the Shadows. License fees grew 39 percent to $297 million in the quarter, driven by the licensing of certain titles for subscription video-on-demand services and revenues from Paramount Television productions.

    Quarterly operating income declined 29 percent to $769 million. Media Networks adjusted operating income decreased 22 percent $872 million, reflecting revenue declines as well as an increase in programming and marketing expenses. Filmed Entertainment reported an adjusted operating loss of $26 million, reflecting the timing of expenses and theatrical performance in the quarter. Quarterly net earnings attributable to Viacom decreased to $432 million and adjusted net earnings declined to $419 million. Diluted earnings per share for the quarter were $1.09 and adjusted diluted earnings per share were $1.05.

    Company speak

    Viacom executive chairman, president and CEO Philippe Dauman said, “In the quarter, Viacom continued to execute on our strategic plan by increasing investment in high-quality original content, enhancing our connection to audiences, accelerating the growth of data-driven advertising products and further expanding our unmatched global reach. Ratings increased at several of Viacom’s major networks, including Nickelodeon, Nick at Nite, VH1 and TV Land, and ratings trends at nearly all of our networks showed sequential improvement as we successfully completed a very strong upfront across our brands. Internationally, our media networks are driving strong double-digit revenue growth, with new channel launches, growing distribution partnerships and substantial ad sales gains. Viacom’s third quarter results were impacted by the underperformance of Teenage Mutant Ninja Turtles: Out of the Shadows.”

  • Q3-16: Domestic declines, Teenage Mutant Ninja Turtles retard Viacom numbers

    Q3-16: Domestic declines, Teenage Mutant Ninja Turtles retard Viacom numbers

    BENGALURU: Viacom Inc., reported 1.6 percent growth in revenue for the quarter ended 30 June 2016 (Q3-16, current quarter). The company reported revenue of $3,107 million in the current quarter as compared to $3,058 million in the corresponding year ago quarter. The company says that Filmed Entertainment gains more than offset a decrease in Media Networks revenues.

    Media Networks revenues were $2,513 million in Q3-16, a decline of 3.2 percent as compared $2,597 million in the corresponding year ago quarter. Domestic advertising revenues decreased 4 percent, as pricing increases were more than offset by softer ratings at some of Viacom’s networks compared to the previous year, and a continuing strategic reduction of unit loads. International advertising revenues increased 13 percent, driven principally by growth in Europe.

    Absent an adverse 6 percent impact of foreign exchange, international advertising revenues increased 19 percent. Domestic affiliate revenues decreased 10 percent, principally reflecting a difficult comparison with the timing of revenues from certain distribution agreements in the prior year. International affiliate revenues increased 9 percent, and absent an adverse 3 percent impact of foreign exchange, international affiliate revenues increased 12 percent.

    Filmed Entertainment revenues grew 30 percent to $621 million, driven by gains in license fees and theatrical revenues. Worldwide theatrical revenues increased to $91 million in the quarter, reflecting the June release of Teenage Mutant Ninja Turtles: Out of the Shadows. License fees grew 39 percent to $297 million in the quarter, driven by the licensing of certain titles for subscription video-on-demand services and revenues from Paramount Television productions.

    Quarterly operating income declined 29 percent to $769 million. Media Networks adjusted operating income decreased 22 percent $872 million, reflecting revenue declines as well as an increase in programming and marketing expenses. Filmed Entertainment reported an adjusted operating loss of $26 million, reflecting the timing of expenses and theatrical performance in the quarter. Quarterly net earnings attributable to Viacom decreased to $432 million and adjusted net earnings declined to $419 million. Diluted earnings per share for the quarter were $1.09 and adjusted diluted earnings per share were $1.05.

    Company speak

    Viacom executive chairman, president and CEO Philippe Dauman said, “In the quarter, Viacom continued to execute on our strategic plan by increasing investment in high-quality original content, enhancing our connection to audiences, accelerating the growth of data-driven advertising products and further expanding our unmatched global reach. Ratings increased at several of Viacom’s major networks, including Nickelodeon, Nick at Nite, VH1 and TV Land, and ratings trends at nearly all of our networks showed sequential improvement as we successfully completed a very strong upfront across our brands. Internationally, our media networks are driving strong double-digit revenue growth, with new channel launches, growing distribution partnerships and substantial ad sales gains. Viacom’s third quarter results were impacted by the underperformance of Teenage Mutant Ninja Turtles: Out of the Shadows.”

  • Disney India launches ‘Gajju Bhai’ with Hyundai and Patanjali as sponsors

    Disney India launches ‘Gajju Bhai’ with Hyundai and Patanjali as sponsors

    MUMBAI: After thrilling the tiny tots with the action adventure series Arjun, Disney India is all set to win more hearts with its latest action comedy original animation series, Gajju Bhai that premieres on Monday 18 April.  Co produced by Disney and Toonz Animation India,  Gajju Bhai is about the coming of age story of a legendary ‘jollywood’ superstar and his transformation from a reel life to a real life hero. Add to that a mix of fantasy as he finds himself transported to a fantastical kingdom and solving young prince Iravan’s problems.

    Slated to air  on Mondays at 6 pm, with repeats throughout the day and the week, the show is targeting kids between the age of 6 to 10 years of both genders. Explaining the concept of the story, Disney India  Content and Communications, Media Networks – head and VP Vijay Subramaniam shares, “While Gajju Bhai knows he isn’t a hero in real life, after being sucked into prince Iravan’s fantastical kingdom, and finding out how the prince is a huge fan of his, he has to live up to his screen image, and by doing so he somehow manages to save the day in the end.”

    While the show will showcase long and plot heavy arcs, the format of the program is mostly episodic with each 22 minute long episode telling a story in itself. So far the network has slotted 52 episodes  in the first season along with a full length 90 minute movie that the channel plans to air two months into the show. Apart from the high quality 2D animation, the show also boasts of a 90 second song sequence in each episode. On an average each episode has cost the channel between Rs 20 to 25 lacs.

    When it comes to marketing, the channel has opted for conventional modes of communication and is hedging on its own network to create the initial buzz with music being the focus of the promotions. “We also plan to do an on ground activation around the middle of the show, to build the buzz up to the premiere of the full length feature. You can expect costumed characters and fun interactive activities surrounding the show’s characters then,” Subramaniam adds.

    On sponsorships, Subramaniam reveals that while Disney India doesn’t do title sponsors, there are a couple of lead sponsors on board the Gajju Bhai including  automobile brand Hyundai and FMCG brand Patanjali Juice. “The show will be driven by Hyundai and in association with Patanjali Juice. Each of our local animations has gotten a very welcome response from advertisers. Local animation has a lot of purchase among all our advertisers and Gajju Bhai isn’t any exception,” revealed Subramaniam further.

    The channel is strategically launching the show early into the summer, so that it airs during the full length of vacation season and builds a connection with the young audience. “Summer is the time when kids have more time to be in front of the TV. As a kids channel we plan to make the most of it and cater to the variety of demands the kids have. We understand that children do not want the same type of story to entertain them and therefore we have a different show every month for the,”

    With an aim to launch a new original programming every month during summer, the channel has two more soon to be launched shows in its kitty in the upcoming months.

     

  • Disney India launches ‘Gajju Bhai’ with Hyundai and Patanjali as sponsors

    Disney India launches ‘Gajju Bhai’ with Hyundai and Patanjali as sponsors

    MUMBAI: After thrilling the tiny tots with the action adventure series Arjun, Disney India is all set to win more hearts with its latest action comedy original animation series, Gajju Bhai that premieres on Monday 18 April.  Co produced by Disney and Toonz Animation India,  Gajju Bhai is about the coming of age story of a legendary ‘jollywood’ superstar and his transformation from a reel life to a real life hero. Add to that a mix of fantasy as he finds himself transported to a fantastical kingdom and solving young prince Iravan’s problems.

    Slated to air  on Mondays at 6 pm, with repeats throughout the day and the week, the show is targeting kids between the age of 6 to 10 years of both genders. Explaining the concept of the story, Disney India  Content and Communications, Media Networks – head and VP Vijay Subramaniam shares, “While Gajju Bhai knows he isn’t a hero in real life, after being sucked into prince Iravan’s fantastical kingdom, and finding out how the prince is a huge fan of his, he has to live up to his screen image, and by doing so he somehow manages to save the day in the end.”

    While the show will showcase long and plot heavy arcs, the format of the program is mostly episodic with each 22 minute long episode telling a story in itself. So far the network has slotted 52 episodes  in the first season along with a full length 90 minute movie that the channel plans to air two months into the show. Apart from the high quality 2D animation, the show also boasts of a 90 second song sequence in each episode. On an average each episode has cost the channel between Rs 20 to 25 lacs.

    When it comes to marketing, the channel has opted for conventional modes of communication and is hedging on its own network to create the initial buzz with music being the focus of the promotions. “We also plan to do an on ground activation around the middle of the show, to build the buzz up to the premiere of the full length feature. You can expect costumed characters and fun interactive activities surrounding the show’s characters then,” Subramaniam adds.

    On sponsorships, Subramaniam reveals that while Disney India doesn’t do title sponsors, there are a couple of lead sponsors on board the Gajju Bhai including  automobile brand Hyundai and FMCG brand Patanjali Juice. “The show will be driven by Hyundai and in association with Patanjali Juice. Each of our local animations has gotten a very welcome response from advertisers. Local animation has a lot of purchase among all our advertisers and Gajju Bhai isn’t any exception,” revealed Subramaniam further.

    The channel is strategically launching the show early into the summer, so that it airs during the full length of vacation season and builds a connection with the young audience. “Summer is the time when kids have more time to be in front of the TV. As a kids channel we plan to make the most of it and cater to the variety of demands the kids have. We understand that children do not want the same type of story to entertain them and therefore we have a different show every month for the,”

    With an aim to launch a new original programming every month during summer, the channel has two more soon to be launched shows in its kitty in the upcoming months.

     

  • Disney India sees senior level exits

    Disney India sees senior level exits

    MUMBAI: It was in October, last year, that the news of Ronnie Screwvala deciding to step down as the managing director of Disney India (then Disney UTV) broke.

     

    Screwvala, since then, has pursued his entrepreneurial goals and invested in various companies and Siddharth Roy Kapur has taken over the company’s India operations, effective 1 January.

     

    Nonetheless, the move has lead to many other changes in the company. In the recent past, many at the senior management have left the company.

     

    The first one to leave after this change was the Disney UTV Media Networks managing director MK Anand. He is currently the managing director and chief executive officer at Times Television Network.

     

    Anand had joined UTV Global Broadcasting in 2009 as CEO and after the Walt Disney acquisition in 2012, he was appointed the managing director of Disney UTV Media Networks.

     

    He was followed soon by others. Two of its employees left to join Shah Rukh Khan’s Red Chillies Entertainments. Gaurav Verma joined the production house as its new chief revenue officer while Manish Hari Prasad joined it, after being instrumental in getting the (Disney) studio its most successful film, ‘Chennai Express’, on board.

     

    Verma , as Disney executive director theatrical distribution, handled worldwide theatrical distribution, while Prasad was the creative director of UTV.

     

    The latest to move on from the network is Shikha Kapur. Kapur who was heading marketing for Studios, Broadcasting (youth and movie) and the Interactive business and served as the vice president of the company has joined Fox Star India as chief marketing officer.

     

    As per industry sources, this isn’t the end of top management leaving the company. Many more will be soon following in biding goodbye to Disney India.

     

    The sources blame Ronnie’s exit and Kapur’s elevation behind these exists.

     

    We will have to just wait and watch what happens next.

  • Hungama TV rebooted

    Hungama TV rebooted

    MUMBAI: Disney UTV’s kids’ channel – Hungama TV – has had a makeover of sorts. The new avatar imparts a more local flavour while retaining the ‘unapologetically fun loving, mischievous and boisterous’ character of the channel.

    The redesigned page was launched on 1 October and it took the in-house team at Disney Interactive a little less than two months for the conceptualisation, direction and execution.

    Of the reboot, Disney UTV Media Networks director – creative services Prashant Madan says: “We have taken the traditional values of Hungama TV, and what it stood for, and just given it a new voice. And we wanted to reach out and put out a message as to what the new voice would be.”

    It's more like a challenge rather than a question explains Madan speaking about the new tagline – Hungama Machaya Kya?

    The brand refresh has been three-pronged; replete with a new tagline – Hungama Machaya Kya?, a new on-air look and package, and a fresh interactive feel.

    “So when we are talking about fun, we just don’t want to show it but make our users feel it, so our live action would really place our brand in a unique place as other kids’ brands don’t do that and it’s a very stand-out thing that we intend on doing. For our positioning, we used real kids to portray what we are trying to say. Like in adults, we have thought leaders, in kids, we have action leaders. So we wanted to inspire other kids and that is where the live action animation comes into play. And that kind of feeling can only be portrayed in true light with the right use of animation and graphics,” elaborates Madan.

    Supplementing the new look for the channel is a music video featuring kids in a colourful, playful mood, bringing alive emotions they experience in everyday life.

    “We have gone a step further with the graphic packaging as well, by adding a lot of things that kids find attractive and love to do. Like flying kites, latoos or playing marbles. So we have drawn inspiration from these small things that kids love to do at that age and converted them into something far more fun and engaging.”

    Incidentally, this is just the first phase of the revamp and the second phase will happen over the course of the year and will be more marketing and content-led.

    Madan says the new tagline is based on a recent survey by the channel where it emerged that there are always a few kids in every group who dictate the action and activities of the flock. Hungama decided to highlight these kids through its tagline while inspiring other children to follow their example and live life to the fullest. “So it’s more like a challenge rather than a question… so go out there and live life is what we are trying to say,” explains Madan.

    Additionally, the channel plans to go more local through its shows like Veer – The Robot, Luv Kush, King Vikram, and Suryaputra Karan.

    The brand refresh has been three-pronged; replete with a new tagline – Hungama Machaya Kya?, a new on-air look and package, and a fresh interactive feel

    So what’s the response so far? “It’s a bit too early to put numbers on the results of the revamp but with time, we will surely be studying them, as it’s something that our users need to acclimatise to,” says Madan.

    Of Disney UTV’s four youth-centric channels – Disney, Hungama, Disney XD and Disney Junior – Hungama is the only channel that is truly home-grown in nature. “We are a channel that is very Indian at heart, and extremely driven by Indian values and visuals, we drew our inspiration for this from the funfair that happens, because we wanted to imbibe the colours, the energy and the vibrancy that is in abundance in these melas, and so we have used those colours and also made ample use of symbols like the kite, latoo, see-saw or the marble contest to make the packaging very vibrant and Indian in nature,” rounds off Madan.

  • Viacom’s revenues for the year rise 19% to $11.5 billion

    Viacom’s revenues for the year rise 19% to $11.5 billion

    MUMBAI: US media conglomerate Viacom has reported financial results for the full year and fourth quarter ended 31 December, 2006.

    For the year, revenues were up by 19 per cent to $11.5 billion. Media networks revenues rose by seven per cent to $7.24 billion, led by an increase of 11 per cent in affiliate revenues to $2.03 billion.

    Global ad revenues were up six per cent to $4.29 billion, while ancillary revenues grew two per cent to $916 million.

    Viacom executive chairman Sumner M. Redstone, said, “Viacom delivered solid results for 2006, guided by a new management team under the leadership of Philippe Dauman, who has moved quickly to put the Company back on a steady path of success. I have great confidence that we will continue to build on the momentum of the last several months both in expanding our digital horizons and continuing to grow in traditional markets.”

    Viacom president and CEO Philippe P. Dauman says, “We are making significant progress financially and operationally to ensure that we thrive in all distribution channels, including the evolving digital marketplace. Financially, our 2006 performance was strong, with double digit growth in revenues and operating income and 16 per cent growth in adjusted net earnings per share.

    “During the first quarter of this year, we took decisive steps to deploy our capital in more productive ways, including restructuring our operations here and abroad. At the same time, we continued to introduce popular new programming on our linear channels, to expand our digital operations organically and to reach innovative agreements with new digital partners. 

    Additionally, we continue to expand on our position as a leading global provider of digital wireless video, and to innovate with new online sites and experiences.”

    In 2006, acquisitions contributed $125 million in incremental revenues to media networks. The increase of 46 per cent in film revenues to $4.38 billion in 2006 from $3.00 billion in 2005 principally reflected the acquisition of DreamWorks and distribution activities for DreamWorks Animation and the DreamWorks live-action library.

    This contributed $1.36 billion to 2006 revenues. Fourth Quarter revenues of $3.59 billion grew 32 per cent from $2.72 billion in 2005. Media Networks revenues rose by four per cent in the quarter to $2.08 billion from $1.99 billion in 2005 led by growth in affiliate revenues which were up 14 per cent to $532 million. Worldwide advertising revenues rose six per cent to $1.26 billion from $1.19 billion in 2005.

    Ancillary revenues declined 15 per cent in the quarter versus 2005 to $289 million, principally due to timing and mix of home entertainment releases. Acquisitions contributed $78 million in incremental revenues to Media Networks in the quarter. Film revenues doubled to $1.57 billion, with the acquisition of DreamWorks and the distribution activities for DreamWorks Animation and the DreamWorks live-action library films contributing revenues of $560 million.