When you look at Asia-Pacific, Hong Kong is a relatively small market. The location and ease of entry/exit on an international level is why we have our headquarters here. Within Time-Warner we've got about 600 employees in Hong Kong.
CWHK: So within Time Inc, you have Time Asia...what else?
ST: Time Asia, Fortune Magazine, and the customer service of Time Inc: a separate organization called TW4. They handle fulfillment for other magazines.