[Horizon]

Well, they're not going to get to 4 million new homes by the end of next year, which was their original plan, so I agree with the view that they're not really interested in expanding their network now. The reason, I believe, is they don't want to spend the money.

I think Liberty is treading water now. It's sold off some of its companies to Vodafone and its looking to offload the rest as soon as the right opportunity presents itself. Owner John Malone is well into his eighties now and is starting to retire from his various roles, so once he goes, so will his empire.