Good evening from New York, and congratulations on surviving another roller-coaster week.

The current stock market volatility is going to cost the media business $45 billion in advertising sales in the US, according to a report from MoffettNathanson. Internet companies like Alphabet and Meta will lose the most because they make the most. Meta, Snap, Alphabet and Roku all make the majority of their money from ads. But this could become an inflection point for the TV advertising business – and not a good one.