European venture is one of the conundrums of my life. Smaller amounts are being raised from the records set in 2000 but better than 2003 and 2004. Its still not a good picture for European venture and Super Investor was pretty much a testament to the love shared between LPs and private equity GPs...left us poor venture folks feeling a bit left out in the cold. But, thats another story. Anyway, chin up and Churchill did say, PERSIST, PERSIST, PERSIST. So, I am just going to go with that. After the news from Alt Assets am attaching a blog entry from John Furrier - check him out here: http://podtech.wordpress.com/2006/11/27/media-20-is-about-media-consumption. I like the way John thinks, its usually nice and digestible.
Finally, two interesting tidbits - first you will be able to download the Beatles at Apple's iTunes store. Okay, maybe not newsworthy for you, but to Beatles fans everywhere - its NEWS! Also, U.K. digital radio firm UBC Media announced on Monday that it plans to launch a nationwide service that lets users download songs they hear on digital radio stations in the U.K. Set to launch nationwide in May 2007, the Digital Music Downloading (DMD) service will deliver tracks -- costing about $2.42 each -- to devices including radios, mobile phones and individual online storage lockers. UBC has already signed licensing agreements with Universal Music Group, Warner Music and EMI to provide songs for the service, and expects to soon finalize a deal with Virgin Mobile for billing and customer service. UBC has successfully trialed the service with Chrysalis-owned radio station Heart, and plans to initially expand DMD to Emap's Smash Hits and The Hits stations, along with Guardian Media Group's Smooth and Classic Gold Digital, a station jointly owned by UBC and GCap. Source: Various newspapers and Digital News Wire, Nov 27, 2006.
European venture capital fundraising continues at slow pace in Q3
27/11/2006. Source: AltAssets.
A total of five European venture capital firms raised €451.7m in the third quarter of 2006, down from ten venture capital funds raising €903.8m in the third quarter of 2005, according to Dow Jones VentureOne.
In the first three quarters of this year €1.62bn has been raised among 27 funds, off the pace of 39 funds and €2.86bn raised at the same point last year. However, the median fund size has gone up to €37.3m from €32.2m in 2005. The record was set in 2000 when the median fund size was €50m. 'While European venture capital fundraising has significantly decreased, the total amount of venture capital raised to date this year still exceeds the total funds raised during both 2003 and 2004,' said Steven Harmston, director of global research for VentureOne. 'In addition, it is not just venture capital funds that have decreased. Fundraising for buy-out and other private equity firms has also declined in Europe in 2006, particularly in contrast to the activity in the US.'
Among the largest venture capital funds that closed in Europe in the third quarter were Scottish Equity Partners' €234.9m SEP III fund in the UK and Life Sciences Partners BV's €150m Life Sciences Partners III Fund in the Netherlands.
Copyright © 2006 AltAssets
Source: John Furrier, Media 2.0 is about Media Consumption
The BBC lays out a nice piece on media 2.0. 
I love the mention of the Vloggies that was founded by PodTech. BBC says that “The online video boom is starting to eat into TV viewing time, an ICM survey of 2,070 people for the BBC suggests. At PodTech we have been building up our video and audio programming platform and this article sums up our opinion very well. Media consumption is moving online but not in the way that most broadcast executives think. For that matter what most net gurus think. At PodTech.net we’ve been living this and seeing direct results over the past 18 months that show new consumer behavior around media consumption. You will see new media model emerge and fast following behind it - new advertising techniques. What has the answer? No one does right now. It is evolving fast. 3 major principles driving media 2.0: 1) search, 2) open source and 3) mashups . To get a glimpse of the future just look at these three principles. I really don’t want to pen my entire thoughts out because I have a company to run and build. However if anyone has any input, comments, and ideas around these new media 2.0 principles just email me at john at podtech dot net.
We live in interesting time, Hillary Clinton's potential run for the American Presidency and the recent victory of Segolene Royal. Very interesting times. One should never discuss politics, sex and religion in a public forum; well, that is what I have been advised, anyway. Howevever, I think its interesting times we live in and as to whether women have a more difficult time in the world of politics and/or business. I can only speak from personal experience, I don't think one can say it is more difficult then for men - it is simply different. One simply has to deal with a different set of issues. Nothing more, nothing less. On that note - here is an interesting article on Segolene Royal worthy of a quick read.
Style, substance and France’s third way, Herald Tribune, Nov 18th, 2006
Trevor Royle on Segolene Royal, the new socialist hope
It’s not easy being a woman in politics. For all that the glass ceiling has been broken by people as different as Golda Meir, Margaret Thatcher and Indira Gandhi, there’s still a suspicion in men’s minds that a politician wearing a skirt or a sari is lightweight, feather-brained or too focused on unwelcome matters such as women’s rights. And if she happens to be attractive and charismatic then the criticism is usually much shriller.
Take the case of Segolene Royal, who finally got the nod as the Socialist candidate in next year’s French presidential elections. It was quite a feat. Running against her were Dominique Strauss-Kahn, a reforming moderate, and Laurent Fabius, a hardline leftist who wants to renationalise.
Both were dangerous opponents: Strauss-Kahn appealed to the younger Socialists who are akin to our New Labour while Fabius, a former prime minister, is a protectionist who wants to punish French companies if they start outsourcing their workforces.
Somewhere between those extremes Royal managed to get over 60% of the votes and in so doing avoided the necessity of a second vote. Her supporters were in raptures; here was a new Joan of Arc, a Marianne for the 21st century who would bring a breath of fresh air to the stale French political scene.
Her enemies were not so pleased. Throughout the campaign they had portrayed her as an airhead with no political ideas or as a pretty face with good legs who attracted votes for no other reason that she herself is attractive.
To be fair to both sides there is some truth in their points of view. A new generation of French socialists regard Royal as the future and are hoping that her forthcoming contest with interior minister Nicolas Sarkozy, the most likely centre-right candidate, will open a new chapter in French politics. Perhaps it will. Royal is an experienced politician who is currently the president of the regional government in Poitou- Charentes and has worked in the past as an aide to President Mitterand. An unabashed fan of Tony Blair, like him she believes there is a third way that can modernise socialism. If that concept succeeds in catching on she should present a formidable challenge to Sarkozy, who has been blamed for much of the recent social unrest in France.
However, the hard-left hate her like she was the very devil. Not only has she dared to question the wisdom of a 35-hour working week but she has been a keen supporter of boot camps as an alternative to custodial sentencing for young delinquents. Her critics have not yet forgiven her for her condemnation of French teachers who work an 18-hour week and then skive off to boost their incomes by working as private tutors. Although she didn’t say as much in public she was caught on camera musing on the subject and, of course, the video was quickly pirated and put on general release, much to her discomfort.
Dirty tricks of that kind are 10-a-penny in politics but there was more. Throughout the campaign Royal was criticised for being an eye-catching woman, as if being in her 50s and keeping in good shape were heinous crimes. Being attractive didn’t harm leaders like John F Kennedy. The trouble is that the disparagement of her looks masked a more serious flaw.
Segolene Royal has a great deal to offer French politics. She is committed, energetic and a good communicator but, truth be told, some of her utterances have been on the other side of banal. When Royal shapes up to Sarkozy let’s hope that the election produces more concentration on substance and less nit-picking over style.
I have returned to the world of real life again, and its back to the slog of work. Super Investor on the whole was a worthwhile conference for the opportunity to meet some Limited Partners (READ: People who invest in venture and private equity). There were lots of highlights and lowlights to the programme. The highlight being expressions by some LPs that venture capital may receive increased commitments in the New Year.
Of course this was balanced by a rather larger proportion of LPs that would not be considering venture capital and the horror-stories of GPs of some venture capital firms raising funds. It kind of left one either hopeful or taking a step back to consider a fall-back career if one's efforts to raise a first venture capital fund fails. The only conclusion that I have reached is that it takes about 100% sheer risk taking, and a great deal of passion to do this. Either that, or its basic sheer madness & stubborness. I have a feeling that people that know me might think its more the latter rather then the former. Anway, enough of a rant. I would just like to thank Michaela Virtue and the rest of the ICBI team for putting together a fantastic conference, per usual and finally, I'd like to say - Paris as always was in a word, magical per usual.
Good news on the venture capital fund raising front:
There was some good news which is that both Benchmark and Atlas ventures have or are closing rather large funds. The Benchmark news is public so please news below and Atlas will be announcing soon.
Benchmark Europe to unveil $550m fund!
Financial Times
Published: November 14 2006
By Philip Stafford
Benchmark Capital Europe, the venture capital group, is set to announce on Wednesday it has raised $550m (€430m) for its latest European venture capital fund. The total raised matched the $500m it generated for the group’s first fund at the height of the dotcom boom in May 2000 and the $375m from July 2004.
Barry Maloney, partner at Benchmark, said the offer had been significantly oversubscribed but the group had kept the total down so it would not be under pressure to invest. Benchmark’s best-known current investment is bebo.com, the social networking site. Mr Maloney said the group would look to make similar investments “There’s still a lot of interesting deals in that area,” he said. “It’s very capital-efficient.”
Other Benchmark investments include Betfair, the online betting exchange, and Setanta, the Ireland-based pay TV sports broadcaster. “We think the environment in Europe couldn’t be better at the moment,” said Mr Maloney. “There’s a lot of open-source software and web 2.0 [second generation of Internet-based services — such as social networking sites and communication tools] companies,” he said. “The US market is a little cluttered for venture capital right now.”
He said that the Benchmark would also look to invest in larger, more mature companies that have never had venture capital investment – as it did with Codemasters, Europe’s largest independent video games developer – and clean energy technology.
Funds raised for European private equity houses rose dramatically in the first half of the year, according to the European Private Equity and Venture Capital Association, with clean energy among the more fashionable areas to invest.
This week,Credit Suisse, the Consensus Business Group and Abu Dhabi Future Energy Company, a unit of Abu Dhabi investment arm Mubadala Development Company raised $250m to launch a fund investing in clean energy technology and sustainable development.
Other things making the news, all sourced from Digital Wire.
Clear Channel Accepts $18.7 Billion Buyout; Will Sell 448 Radio Stations
San Antonio, Texas - Clear Channel, the nation's largest radio station owner, announced on Thursday that it has agreed to be acquired by two private equity firms for $18.7 billion. Separately, the company announced plans to sell 448 of its 1,150 radio stations and all of its 42 TV stations. Thomas H. Lee Partners and Bain Capital Partners will acquire Clear Channel Communications in a deal valued at $26.7 billion, which includes $8 billion of net debt. The deal must still be approved by Clear Channel's shareholders and federal regulators; Clear Channel may also solicit competing bids through Dec. 7, 2006. "Clear Channel is one of the nation's truly great companies that has the finest collection of outdoor and radio assets in the industry," said Scott Sperling, co-president of Thomas H. Lee Partners. Under the proposed merger, Clear Channel CEO Mark Mays and his brother Randall, the company's CFO, will retain their positions. The company said that the radio stations -- all of which are outside the top 100 markets -- and TV stations for sale contributed less than 10% of its revenue last year. "These are profitable and well-managed properties in excellent markets," said CEO Mark Mays. "We believe that the sale of these stations will allow us to position our business to provide even greater value to our listeners and shareholders."
http://biz.yahoo.com/bw/061116/20061116005477.html?.v=1
http://biz.yahoo.com/bw/061116/20061116005481.html?.v=1
http://www.chron.com/disp/story.mpl/ap/fn/4340241.html (AP)
http://www.clearchannel.com
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o Randy Falco to Replace Jonathan Miller as Chairman and CEO of AOL
Dulles, Va. - Time Warner has officially named Randy Falco as the new chairman and CEO of AOL, replacing Jonathan Miller, who is leaving the company. Falco, who has served as the president and COO of NBC Universal Television Group since last year, is being tabbed to lead AOL into its next stage of development, following the company's transformation from a dial-up Internet provider to a web content firm largely supported by ad revenue. "AOL is showing early success in transitioning to an advertising-focused business model, and Randy is a first-rate choice to ensure AOL realizes its promise," said Dick Parsons, the chairman and CEO of Time Warner. Falco has held numerous executive positions since joining NBC in 1975, including president of the NBC Universal Television Network Group, group president of the NBC Television Network and president of the NBC Television Network. Miller, who joined AOL in 2002, gave no indication about his future plans. "Rarely do you come into an organization with as many challenges as AOL faced when I arrived and then have the great satisfaction of putting it on sound footing," he said in a statement.
http://www.timewarner.com/corp/newsroom/pr/0,20812,1559998,00.html
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o NYPD Busts $3.3 Billion Gambling Ring That Used Website to Track Bets
New York - The New York Police Department has arrested more than two dozen people and shut down a $3.3 billion illegal gambling operation that let bettors track their wagers and monitor point spreads on a secured website, the Associated Press reported. According to police, the head of the operation was 52-year-old pro poker player James Giordano, who won a $100,000 tournament in Las Vegas earlier this year; also arrested was 52-year-old Frank Falzarano, a current scout for the Washington Nationals. The sports gambling ring reportedly took bets through bookies, but then provided bettors with access to a secure website, Playwithal.com, where they could track their wagers. Three companies were also charged in connection with helping Giordano create the website. NYPD Commissioner Raymond Kelly said the operation took in more than $3.3 billion in cash wagers since 2004, and Queens District Attorney Richard Brown said that prosecutors will seek the forfeiture of $500 million in assets.
http://news.yahoo.com/s/ap/20061116/ap_on_hi_te/internet_gambling_arrests
http://www.nyc.gov/html/nypd
http://www.playwithal.com
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o Discovery Names NBC Exec David Zaslav as New President and CEO
Silver Spring, Md. - David Zaslav, the current president of NBC Universal Cable and Domestic TV, has been named president and CEO of Discovery Communications, the large television and media company. Zaslav, who replaces Judith McHale, will assume his new duties in early 2007. In the interim period, founder John Hendricks will serve as acting CEO. McHale had earlier announced that she would be stepping down. Zaslav has directed NBCU's new media strategy, leading efforts to sell the company's content on various platforms. Hendricks chaired the company's CEO search committee, which was comprised of representatives from Discovery's shareholders -- Discovery Holding Company, Advance/Newhouse Communications, and Cox Communications. "He is a passionate, inspiring leader who is the perfect choice to steward the valuable stable of Discovery brands and to guide our global company into the digital future," said Hendricks.
http://biz.yahoo.com/prnews/061116/dcth050.html?.v=71
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o Retailer GameStop to Host Midnight Launches for PlayStation 3, Wii
Grapevine, Texas - GameStop, the world's largest video game retail chain, announced on Thursday that it will host midnight launch events at over 2,000 of its GameStop and EB Games stores for the release of Nintendo's next-generation Wii video game console. The company will also host hundreds of midnight launch events for Sony's PlayStation 3. Gamers are expected to line up outside of stores tonight to purchase a PlayStation 3 at midnight, and on Saturday night to purchase a Wii. GameStop also partnered with Nintendo to host the official Wii midnight launch party at Universal CityWalk in Los Angeles.
http://biz.yahoo.com/bw/061116/20061116005165.html?.v=1
http://biz.yahoo.com/bw/061115/20061115006162.html?.v=1
http://www.gamestop.com
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o Report: 9 Million Next-Gen Game Consoles Will Sell in Fourth Quarter
Boston - Nearly 9 million next-generation video game consoles -- PlayStation 3s, Xbox 360s and Nintendo Wiis -- will be sold during the fourth quarter of 2006, according to a projection from market research firm Strategy Analytics. Microsoft's Xbox 360 will remain the leading system through most of 2007, but Sony's PlayStation 3 will catch up by the end of next year and become the dominant platform of the next-generation of consoles. The report predicts that more than 120 million PS3s will be sold through 2012, compared to 60 million Xbox 360s and 23 million Nintendo Wiis. "Sony will sell everything it can make of its new system," said Strategy Analytics principal analyst David Mercer. "But Microsoft has already had a year in the market to cream off early adopters, so the next few weeks will demonstrate how much pent-up demand there really is for the Xbox 360, and how many disappointed PS3 buyers are willing to switch camps." Strategy Analytics also forecasts that more than 50% of all next-generation console sales through 2012 will be in North America.
http://tinyurl.com/y2nsnr
http://www.strategyanalytics.com
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o Activision Receives Nasdaq Delisting Notice
Santa Monica, Calif. - Video game publisher Activision announced that it has received a notice from the Nasdaq that it is in danger of being delisted from the exchange, due to its failure to file its quarterly report on time. The company had anticipated the notice, having delayed its quarterly report while it investigates its historical stock option grant practices. Activision plans to request a hearing with the Nasdaq at which it will put forth a plan for making all required filings and regaining compliance with Nasdaq listing rules. The company is one of more than 180 that have come under either internal or federal scrutiny over the practice of "backdating," where the dates on which employee stock options were granted are changed in order to increase their value for employees.
http://biz.yahoo.com/bw/061115/20061115006131.html?.v=1
http://www.activision.com
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o Nielsen to Launch Video-on-Demand Ratings Service Next Month
New York - Nielsen Media Research announced on Thursday that it will launch a national video-on-demand measurement service next month. Among other things, the service will allow clients to compare the broadcast ratings of a program with that same program's video-on-demand performance. The company will be able to track programs for clients who have embedded audio watermarking into their on-demand programming, which can be picked up by Nielsen's People Meters. The data will also include household and demographic information on the video-on-demand audience. "Because video-on-demand is a growing business and a potentially valuable new revenue stream for programmers, it is increasingly important for them to understand who is watching their shows and to be able to compare the viewing that is being done via traditional television and VOD," said Nielsen senior vice president Scott L. Brown. The company also told The New York Times that it is working on another VOD rating system based on information provided directly from cable TV providers, which is expected to launch in mid-2007.
http://biz.yahoo.com/prnews/061116/nyth179.html?.v=49
http://www.nytimes.com/2006/11/16/business/media/16adco.html
http://www.nielsenmedia.com
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o Comedy Central to Allow Embedded Video Clips
Los Angeles - Viacom's Comedy Central plans to integrate its Motherload broadband site more tightly with its online platform, showcasing a new Flash video player that lets users embed TV show clips on their own websites, blogs and social network profiles, according to The Hollywood Reporter. Last month, Viacom asked video-sharing site YouTube to remove all of its copyrighted Comedy Central programming, including clips of "The Daily Show" and "South Park." Clips offered through Motherload's new Flash player will include attached advertising; the company is still determining how to handle ad revenue. "We are working out a model to incorporate users into the process and finding the best way possible to get our content where they want it," Michele Ganeless, executive vice president and general manager at Comedy Central, told THR.
http://tinyurl.com/y7mmjy (Hollywood Reporter)
http://www.comedycentral.com/motherload
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o HBO and AOL to Debut New Comedy Website in January
Dulles, Va. - HBO said that it will team with AOL to launch a new broadband website focused on comedy. The "This Just In" site will feature extensive video content, as well as blogs, and will replace AOL's current comedy channel when it launches early next year. "This venture will leverage AOL's online expertise and HBO's established reputation for comedy to provide a unique engaging site for audiences across the Web," said Jim Bankoff, AOL executive vice president of consumer and publisher services.
http://www.timewarner.com/corp/newsroom/pr/0,20812,1559802,00.html
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o Sling Media Expands Portable TV Service to Mobile Phones
London - Sling Media, the developer of a device that lets users access premium home TV channels while away from any Internet-connected device, announced on Thursday that it has developed a new version of its service for mobile phones. The company partnered with European mobile network operator 3 Group to develop the SlingPlayer Mobile service, which will be available exclusively to 3 subscribers with an X-Series handset -- such as the Nokia N73 and Sony Ericsson W950i. The service will allow 3 subscribers who also purchase a Slingbox to view any of their premium home satellite or cable TV channels, as well as recorded programs from a DVR, on their mobile phones. The SlingPlayer Mobile service will be launched by 3 in the U.K. in December, and in 3's other markets in early 2007.
http://biz.yahoo.com/prnews/061116/ukth015.html?.v=59
http://xseries.three.com
http://www.slingmedia.com
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o Mercora Brings 100,000 Web Radio Stations to Mobile Phones
Santa Clara, Calif. - Mercora, a provider of user-programmed Internet radio stations, announced on Thursday the worldwide launch of its M application, which allows Windows Mobile-based smartphones and Pocket PC phones to access over 100,000 channels of streaming Internet radio. In addition to its members' stations, M allows users to stream their PC music libraries to their mobile phones. The service is available for owners of devices like the Motorola Q, T-Mobile Dash and Palm Treo 700wx for $4.99 per month, or $49.99 for an annual subscription. Santa Clara, Calif.-based Mercora also announced that it has signed agreements with mobile content providers Handango, MobiHand, Mobile & Wireless Group, and Motricity. Under the deals, the Mercora M application will be broadly distributed to Windows Mobile smartphone and Pocket PC users.
http://tinyurl.com/ymssoy
http://tinyurl.com/yanm4c
http://www.mercora.com/M
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o Canada Launches $2 Million Competition for Game Developers
Toronto - The Canadian government has announced the launch of a video game development competition that will award a total of $2 million in financing to start-up studios. Telefilm Canada, a government agency that promotes the country's audiovisual industry, hopes its "Great Canadian Video Game Competition" will help bring more of the $20 billion video game market to the country. Big-name video game publishers with presences in Canada, including Electronic Arts, Ubisoft and Radical Entertainment, will mentor smaller developers seeking the financing. The initial round of the competition will provide 10 companies with $50,000 to develop a concept; four companies will then receive $250,000 each to create a playable prototype; and a winner will be awarded $500,000 to support commercialization of the game.
http://www.telefilm.gc.ca/03/vgabout.asp
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o Mobile Search & Advertising Firm Medio Systems Raises $30 Million
Seattle - Medio Systems, a provider of mobile search and advertising technologies, announced on Thursday that it has raised $30 million in its second round of venture capital financing. Accel Partners led the investment round, which also featured participation from previous investors Mohr Davidow Ventures, Frazier Technology Ventures and Trilogy Equity Partners. Wireless network operators including Verizon and Telus Mobility use Seattle-based Medio's mobile search technology, which can also place ads next to mobile search results. The company will use the funds for product development, to add to its sales and operations for wireless operators and advertisers, and to expand its presence in European and Asia-Pacific markets.
http://www.mediosystems.com/company/press/20061116.php
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o Chinese User-Generated Content Search Firm Qihoo Secures $25 Million
Beijing - Chinese search engine developer Qihoo announced that it has raised $25 million in its second round of venture capital financing. Highland Capital Partners led the investment round; Redpoint Ventures and previous investors Sequoia Capital China, CDH, Matrix Partners and IDG Ventures also participated. Beijing-based Qihoo offers an Internet and mobile search engine for user-generated content, and aggregates content from news sources, blogs, online communities, bulletin board services, videos and photos.
http://tinyurl.com/ygkpes
http://www.qihoo.com
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o Digital Signage Ad Sales Firm SeeSaw Networks Raises $10 Million
Chicago - SeeSaw Networks, a provider of digital signage advertising sales, announced on Thursday that it has raised $10 million in its first round of venture capital financing, led by Sutter Hill Ventures. San Francisco-based SeeSaw's website allows advertisers to play, buy and measure advertising on a network of digital venues. The company will use the funds to develop and operate SeeSawAds.com and to expand its sales force and nationwide network of affiliates.
http://www.seesawnetworks.com/2006/09/09/sutter-hill-invests-in-seesaw _____________________________________________
o Online Publishing Firm Real Girls Media Network Lands $6 Million
San Francisco - Real Girls Media Network (RGM), an online publishing company that combines editorial, user-generated content and community, announced on Thursday that it has raised $6 million in its first venture capital round, from 3i and WaldenVC. The online network aims to build ad-supported sites focused on "the totality of women's lives, not just specific life events," and will allow women to publish their own opinions and stories. The company's first website, DivineCaroline.com, targets women ages 25-54 and is set to launch in early 2007. RGM plans to launch sites aimed at other age groups later next year.
http://www.realgirlsmedia.com/press.htm
http://www.divinecaroline.com
Money raised this week: Photo Search Startup Raises $5.1M
Swedish Startup Polar Rose Develops New Approach to Finding Photos on the Web.
November 14, 2006, Red Herring.
Polar Rose, a Malmo, Sweden-based company which uses a combination of automatic facial recognition with 3D modeling to look for photos on the Internet, announced Tuesday it has received initial Series A funding of $5.1 million from Nordic Venture Partners in Copenhagen. Polar Rose’s technology aims to revolutionize how people sort and find photos of friends, celebrities or family on the Internet, regardless of whether the photos are in an individual web album or anywhere on the Internet, said Danish economist and serial tech entrepreneur Nikolaj Nyholm, Polar Rose’s CEO. Unlike major image search engines such as Google and Yahoo!, Polar Rose harnesses collective intelligence to improve on what can be done with algorithms alone, according to the company’s founder and CEO and Chief Technology Officer Jan Erik Solem. The company, which is named after a flower-shaped mathematical curve, said further details on the technology and product will be disclosed by the end of the year, with an open beta trial available in Q1 2007.
