Truthfully, I haven't thought much of that side of the business. Yes, it's still 44%ish of their revenues and 60%ish of EBITDA, but I suspect there's a baseline market for print that isn't going away anytime soon. I agree print news media appears to be in decline and given the company's recent dispositions and shift to packaging, it seems like management shares that sentiment.

At less than 30% payout ratio and strong results out.of packaging, though, I'm looking to where the company is going, not where it has been. I appreciate that you go into the weeds to a far greater extent than I will ever, but so long as the metrics remain stable at minimum, strong even better, I'm happy with my BV, P/E, payout ratios, debt coverage, and dividend yields. On that note, I am very much interested in seeing them reduce their debt, however well rated it may be.