This excerpt taken from the ATVI DEFA14A filed Dec 5, 2007.
Thank you, Paul. Your first question, Paul, is pretty simple. We are committed to a dividend policy where the dividend we will be returning to our shareholders each of every year will be at least 50% of our adjusted net income, and we do not intend to change that. So I confirm at least 50% of adjusted net income.
Your second question maybe needs a longer explanation, a couple of minutes, if I may. Youll remember when we decided in 03 to sell our Hollywood-based businesses, they were comprised of Universal Studios and of two cable networks, USA and Sci-Fi. And we thought that managing these assets were putting us in front of two difficulties.
On the film side, I would say a lot of volatility in the movie industry and also the very high level of investments required for just a single movie, up to $250 million between production and promotion, quite a high number just for a single project. And on the TV side, I would say we had USA and Sci-Fi being run very successful, but we thought we could not really optimize their revenues because they were in a stand-alone entity, far away from larger media groups.