At first glance selling off the Epsilon division seems like a poor decision. Aren't there significant synergies between Epsilon and Card Services? Don't these synergies provide much of the company's moat?
From the last quarterly CC:
"From a technology perspective, regardless of where we wind up on this realignment, we will continue to have the various cousins involved in the card business."
"So for example, providing the technology that drives the loyalty platforms of all of our businesses, whether those assets are within the mothership or sort of outside as a cousin, it’s a pretty straightforward deal, but we will absolutely need to rely on the cousins, for example, the loyalty platform, for example, on the Conversant side, we think that’s going to be a critical new account acquisition tool for us to go out there in the marketplace and source new growth for our customers. So, there will be a number of technology items that will continue to go back and forth between the different divisions, whether some of those assets are within the company or some are out, it’s pretty straightforward in terms of what the services are."