Stephanie Ruhle: What do you make of radio advertising? When you're talking about things that spring up and things that die out, what happens to radio advertising dollars?

Andrew Robertson: Well, again, we have to be very wary of extrapolating our own expenses. If you live in New York you're not aware of radio advertising the way you are if you happen to live in LA, or Atlanta, or any of the other big cities around the states, where people spend a lot of time in their cars. There's still huge, huge radio audiences. And, frankly, it's a massively underutilized medium, because people don't think to use it as creatively as they could.

Stephanie Ruhle: Thanks, Bob Pittma-- oh, I'm sorry. I thought I was talking to Bob Pittman for a second there. Andrew Robertson.