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I want to ask you another question. Here...wasn't it Time that just bought Little, Brown?

Yes.

What disadvantages do you think that they will have in their merger that you might not have had?

I skipped over Time-Life. Time-Life and Random House had several conversations. After our stock was in the market and about two years before RCA came along, we discussed a possible merger with Time-Life, which had a lot of things at that time to recommend it. In one way it looked like a beautiful deal because Time-Life had built up a superb mail order department and we had, I think, the best juvenile list in the world and a potent back list. It looked like a glorious combination. We had a couple of conversations and got along beautifully. Two things worried us... One was the reputation of Time as being a rather reactionary publishing house. I was afraid that half of our big authors would walk out on us and I still think that that might have happened. Little, Brown is a much more conservative publishing house. They haven't got authors like William Styron and...

Faulkner.

Well, Bill Faulkner...! don't think...