1 00:00:03,160 --> 00:00:07,760 Speaker 1: Broadcasting live to New York, Bloomberg eleventh to Washington, d C. 2 00:00:07,960 --> 00:00:13,240 Speaker 1: Bloomberg to Boston, Bloomberg twelve hundred to San Francisco, Bloomberg 3 00:00:13,360 --> 00:00:17,159 Speaker 1: nine to the country, Joe's Exam General one nine and 4 00:00:17,280 --> 00:00:21,120 Speaker 1: around the globe the Bloomberg Radio plus Appen Bloomberg Got Gone. 5 00:00:21,440 --> 00:00:24,759 Speaker 1: This is taking stock. I'm Kafe and Hayes along with 6 00:00:24,880 --> 00:00:27,760 Speaker 1: Pim Fox. A first for professional sports in the United 7 00:00:27,760 --> 00:00:32,600 Speaker 1: States is the Philadelphia seventy six announced today that stub Hub, yes, 8 00:00:32,680 --> 00:00:35,040 Speaker 1: that ticket company, will have its logo on the team's 9 00:00:35,159 --> 00:00:39,159 Speaker 1: jersey's beginning next year. Find out why the leaders of 10 00:00:39,280 --> 00:00:42,400 Speaker 1: both the seventy sixers and the stub Hub group feel 11 00:00:42,440 --> 00:00:45,320 Speaker 1: this is going to be a success. Pim and will also, 12 00:00:45,360 --> 00:00:47,280 Speaker 1: I guess, be wondering what that two and a half 13 00:00:47,280 --> 00:00:49,920 Speaker 1: by two and a half inch logo patch. Maybe find 14 00:00:49,920 --> 00:00:51,760 Speaker 1: out a little bit how much it costs to get 15 00:00:51,760 --> 00:00:53,880 Speaker 1: that on the jersey. But right now, let's go to 16 00:00:53,960 --> 00:00:57,080 Speaker 1: Charlie Peel and Bloomberg newsroom for a Bloomberg Business Flamanda. 17 00:00:57,160 --> 00:00:58,960 Speaker 1: Thank you, Pim, thank you, Kathleen. We're brought to you 18 00:00:59,000 --> 00:01:02,400 Speaker 1: by Bentley Universe. The what do rebooting America's old As 19 00:01:02,440 --> 00:01:05,600 Speaker 1: Ski Shop and crunching numbers at Vista Print have in common. 20 00:01:05,880 --> 00:01:09,800 Speaker 1: An NBA from Bentley University that prepares graduates to innovate 21 00:01:09,840 --> 00:01:15,360 Speaker 1: and lead because business is everywhere, prepare here. Equities are climbing, 22 00:01:15,480 --> 00:01:19,600 Speaker 1: is warrem buffets bet On Apple sends the iphonemakers shares rallying. 23 00:01:20,000 --> 00:01:23,600 Speaker 1: Crude surge to a six month time it speculation of 24 00:01:23,680 --> 00:01:28,479 Speaker 1: supply glut has ease, is boosting shares in commodity producers 25 00:01:28,520 --> 00:01:31,039 Speaker 1: around the world. Crude oil up now by three point 26 00:01:31,080 --> 00:01:34,920 Speaker 1: three percent, advancing a dollar fifty one forty seven seventy 27 00:01:34,920 --> 00:01:38,199 Speaker 1: two on West Texas Intermediate crude gold of a dollar 28 00:01:38,240 --> 00:01:41,480 Speaker 1: fifty now twelve seventy four twenty viounce and vance there 29 00:01:41,680 --> 00:01:45,600 Speaker 1: point one percent. A busy week for Federal Aated News. 30 00:01:45,600 --> 00:01:50,240 Speaker 1: Here's Bloomberg Intelligence Chief US economists call Rickadona. The combination 31 00:01:50,280 --> 00:01:52,800 Speaker 1: of the Fed minutes on Wednesday afternoon, and then UH 32 00:01:53,040 --> 00:01:56,440 Speaker 1: New York Fed President Bill Dudley speaking on Thursday morning. 33 00:01:56,760 --> 00:01:59,440 Speaker 1: And the real focus here is to see how strong 34 00:01:59,520 --> 00:02:01,920 Speaker 1: to support it is, how much cohesion there still is 35 00:02:02,200 --> 00:02:04,400 Speaker 1: for two hikes this year, and if there's two hikes 36 00:02:04,400 --> 00:02:06,960 Speaker 1: this year, UH, the second one is probably December. So 37 00:02:07,000 --> 00:02:09,040 Speaker 1: the question is when is that first hike? Uh, And 38 00:02:09,080 --> 00:02:13,840 Speaker 1: there's debate between June, July, maybe September. I think novembers 39 00:02:13,840 --> 00:02:16,520 Speaker 1: off the table because that's too close to the presidential election, 40 00:02:16,560 --> 00:02:21,160 Speaker 1: and I think there's a realistic probability that the September 41 00:02:21,360 --> 00:02:23,720 Speaker 1: may be too close for comfort as well. We love 42 00:02:23,760 --> 00:02:26,640 Speaker 1: fed Wednesdays, and we will be all over those seven 43 00:02:26,639 --> 00:02:30,040 Speaker 1: minutes as they break right here on taking stock SMP 44 00:02:30,200 --> 00:02:32,760 Speaker 1: up twenty four points now to two thousand seventy, a 45 00:02:32,800 --> 00:02:36,040 Speaker 1: gain of one point two percent, down, industriels up two 46 00:02:36,120 --> 00:02:39,000 Speaker 1: oh eight, a gain of one point two percent, as 47 00:02:39,000 --> 00:02:41,359 Speaker 1: stack up one and a half percent to thirty two 48 00:02:41,360 --> 00:02:43,400 Speaker 1: on Wall Street, and now look at some of the 49 00:02:43,400 --> 00:02:46,520 Speaker 1: other stories making us Thank you, Charlie from the Bloomberg 50 00:02:46,560 --> 00:02:50,080 Speaker 1: news room. I'm Sherry Ann. Should birth control be free 51 00:02:50,200 --> 00:02:54,120 Speaker 1: even for employees of religious organizations? The Supreme Court is 52 00:02:54,160 --> 00:02:57,440 Speaker 1: dodging the question, sending the latest challenge to the Affordable 53 00:02:57,440 --> 00:03:00,720 Speaker 1: Care Act back to the lower course today telling them 54 00:03:00,760 --> 00:03:04,560 Speaker 1: to work out a compromise. White House spokesperson Josh Ernest 55 00:03:04,680 --> 00:03:07,720 Speaker 1: reacted to the news to these briefing that we obviously 56 00:03:08,040 --> 00:03:15,080 Speaker 1: were pleased with h the announcement from the Supreme Court today, 57 00:03:15,080 --> 00:03:21,400 Speaker 1: it will allow millions of women across the country to 58 00:03:21,480 --> 00:03:24,040 Speaker 1: continue to get the healthcare coverage that they need. Presumptive 59 00:03:24,040 --> 00:03:28,120 Speaker 1: Republican presidential nominee Donald Trump was asked how he felt 60 00:03:28,160 --> 00:03:32,240 Speaker 1: about British Prime Minister Cameron, saying his proposed Muslim ban 61 00:03:32,520 --> 00:03:36,120 Speaker 1: is stupid and divisive. Well, number one, I'm not stupid, Okay, 62 00:03:36,160 --> 00:03:38,800 Speaker 1: I can tell you that right now. Just the opposite 63 00:03:39,000 --> 00:03:41,120 Speaker 1: number two in terms of divisive. I don't think I'm 64 00:03:41,160 --> 00:03:44,080 Speaker 1: a divisive person. I'm a unifier. Unlike our president now, 65 00:03:44,080 --> 00:03:46,960 Speaker 1: I'm a unifier. Trump says he and Cameron may not 66 00:03:47,120 --> 00:03:51,240 Speaker 1: have a good relationship if he becomes president. Thunderstorms in 67 00:03:51,280 --> 00:03:53,640 Speaker 1: southern Texas have dumped up to a foot of rain. 68 00:03:53,800 --> 00:03:57,800 Speaker 1: No injuries were reported in Corpus Christie, where emergency management 69 00:03:57,840 --> 00:04:02,200 Speaker 1: officials reported high water rescue from vehicles and low lying areas. 70 00:04:02,520 --> 00:04:05,400 Speaker 1: The National Weather Service says he could reign in Corpus 71 00:04:05,480 --> 00:04:09,840 Speaker 1: Christie all week. A long Island park has removed signs 72 00:04:09,880 --> 00:04:13,080 Speaker 1: bearing the name of Disgrace. Former New York Sended Majority 73 00:04:13,200 --> 00:04:16,440 Speaker 1: leader A Dean Scalles Scalas was sentenced last week to 74 00:04:16,640 --> 00:04:20,800 Speaker 1: five years in prison on federal corruption charges. Global News 75 00:04:20,839 --> 00:04:23,360 Speaker 1: twenty four hours a day, powered by our twenty four 76 00:04:23,400 --> 00:04:25,800 Speaker 1: hundred journalists in more than a hundred and fifty news 77 00:04:25,839 --> 00:04:28,680 Speaker 1: bureaus around the world. From the Bloomberg News Room, I'm 78 00:04:28,720 --> 00:04:33,000 Speaker 1: Sherry Anne Charlie recapping s from p UP twenty four 79 00:04:33,040 --> 00:04:36,200 Speaker 1: a gain of one percent. I'm Charlie pale Petza, Bloomberg 80 00:04:36,240 --> 00:04:39,480 Speaker 1: Business Flash, Charlie Pellett, thank you so very much. Big 81 00:04:39,520 --> 00:04:42,240 Speaker 1: news as the seventies Sixer is announcing today the ticket 82 00:04:42,240 --> 00:04:44,919 Speaker 1: company's StubHub will have its logo on the team's jersey's 83 00:04:45,000 --> 00:04:48,359 Speaker 1: beginning in the eighteen season, when the NBA decided a 84 00:04:48,360 --> 00:04:50,600 Speaker 1: three year pilot program will start the first team and 85 00:04:50,640 --> 00:04:52,680 Speaker 1: the four major U sports to sell an ad on 86 00:04:52,720 --> 00:04:55,120 Speaker 1: a jersey. So we sat down with Scott O'Neil, the 87 00:04:55,160 --> 00:04:58,400 Speaker 1: CEO of the seventies Sixers, and Scott Cutler, president of 88 00:04:58,360 --> 00:05:00,599 Speaker 1: stub Hub, to discuss what this means for the team 89 00:05:00,680 --> 00:05:05,719 Speaker 1: and for the sport. The NBA continues to set trends 90 00:05:06,200 --> 00:05:09,240 Speaker 1: and while this is very commonplace in Europe, the four 91 00:05:09,279 --> 00:05:11,640 Speaker 1: major sports in America have yet to put a logo 92 00:05:11,640 --> 00:05:13,839 Speaker 1: on the jerseys. And you have a commissioner in Adam 93 00:05:13,880 --> 00:05:17,039 Speaker 1: Silver who is a true leader and a visionary and 94 00:05:17,080 --> 00:05:20,560 Speaker 1: continues to provide opportunities for teams to drive engagement with 95 00:05:20,640 --> 00:05:23,479 Speaker 1: their fans and in the end of the day, increased revenue. So, 96 00:05:23,720 --> 00:05:28,680 Speaker 1: Scott Cutler, stub Hub continues to build its brand and 97 00:05:28,760 --> 00:05:31,960 Speaker 1: to take the franchise, take the business in all kinds 98 00:05:31,960 --> 00:05:33,840 Speaker 1: of new directions. What does this mean to stub hub 99 00:05:34,160 --> 00:05:37,400 Speaker 1: For us as a brand, this is about brand consideration 100 00:05:37,480 --> 00:05:41,160 Speaker 1: and the thought that individuals going to event experiences can 101 00:05:41,160 --> 00:05:44,160 Speaker 1: connect emotionally with the brand, and it's important for us 102 00:05:44,200 --> 00:05:46,800 Speaker 1: to be on that jersey because that's where the emotive 103 00:05:46,839 --> 00:05:50,279 Speaker 1: experience is contained, and that's where the moment is captured 104 00:05:50,279 --> 00:05:52,760 Speaker 1: and we want to be associated with that emotion. Okay, 105 00:05:52,760 --> 00:05:54,800 Speaker 1: it's not just about emotional, it's about the bottom line. 106 00:05:54,800 --> 00:05:58,840 Speaker 1: It's about money. So, Scott O'Neill, what's in it for 107 00:05:58,880 --> 00:06:02,040 Speaker 1: the seventies sixers from the revenue standpoint, Well, we've had 108 00:06:02,080 --> 00:06:05,039 Speaker 1: a long standing relationship with with stub Hub. We've worked 109 00:06:05,080 --> 00:06:08,440 Speaker 1: on a really incredible ticketing platform that will launch this fall. 110 00:06:09,240 --> 00:06:11,880 Speaker 1: We have the Jersey patch. The way we look at 111 00:06:11,920 --> 00:06:16,159 Speaker 1: partnership is we are successful if we help drive your business, 112 00:06:16,600 --> 00:06:18,839 Speaker 1: and if we can do that with a partner that's 113 00:06:19,120 --> 00:06:22,880 Speaker 1: part of the overall fabric of the sport, it's better UM. 114 00:06:22,880 --> 00:06:24,719 Speaker 1: And this is a good example of that. In terms 115 00:06:24,760 --> 00:06:27,360 Speaker 1: of revenue, of course, there's always an exchange of goods 116 00:06:27,360 --> 00:06:30,000 Speaker 1: for services. That's that's UM in the American way for 117 00:06:30,080 --> 00:06:32,719 Speaker 1: some time UM. But but for us, this is much 118 00:06:32,760 --> 00:06:35,839 Speaker 1: more about do we have the right partner that are 119 00:06:36,160 --> 00:06:38,200 Speaker 1: is led by the right right people in this case 120 00:06:38,560 --> 00:06:41,280 Speaker 1: Scott Cutler, that have the same values that we share 121 00:06:41,279 --> 00:06:44,159 Speaker 1: about innovation and breaking through and doing things differently and 122 00:06:44,200 --> 00:06:47,799 Speaker 1: being first, but yet all on the confines of moments 123 00:06:47,800 --> 00:06:50,839 Speaker 1: and memories, because that's the business we're actually in. Cutler, 124 00:06:50,920 --> 00:06:53,360 Speaker 1: the same question to you. I mean, this is kind 125 00:06:53,360 --> 00:06:56,120 Speaker 1: of an historic move in the world of professional sports, 126 00:06:56,520 --> 00:06:59,039 Speaker 1: StubHub helping to lead the way. What does it mean 127 00:06:59,120 --> 00:07:02,839 Speaker 1: for your penny? Again in terms of revenues, in terms 128 00:07:02,839 --> 00:07:05,880 Speaker 1: of building the brand, it's a big moment in time, 129 00:07:06,480 --> 00:07:09,400 Speaker 1: and it's the opportunity for us as a corporate brand 130 00:07:09,440 --> 00:07:11,920 Speaker 1: to be the first in American sports history to be 131 00:07:12,120 --> 00:07:14,880 Speaker 1: on the jersey. And so it's huge for us as 132 00:07:14,880 --> 00:07:16,520 Speaker 1: a brand, and I think it's a moment in time 133 00:07:16,520 --> 00:07:18,240 Speaker 1: where we're going to look forward from here and say, 134 00:07:18,280 --> 00:07:20,840 Speaker 1: this is the first time that we've connected with a 135 00:07:20,840 --> 00:07:23,840 Speaker 1: fan in a unique and experiential way. And so for us, 136 00:07:23,880 --> 00:07:27,200 Speaker 1: that's super exciting, and it's great to be the innovator, 137 00:07:27,280 --> 00:07:29,920 Speaker 1: to be partnered with an innovator, and to be first 138 00:07:29,960 --> 00:07:32,200 Speaker 1: in this initiative. You're either gonna love this or hate this, 139 00:07:32,320 --> 00:07:34,960 Speaker 1: but we have some fun activations around this. I actually 140 00:07:34,960 --> 00:07:37,920 Speaker 1: love this. So we called the U S Constitution, the 141 00:07:37,960 --> 00:07:40,880 Speaker 1: Constitution Center in Philadelphia and asked if we could put 142 00:07:41,000 --> 00:07:44,000 Speaker 1: the jerseys with the stuff Hubbalo Goo on each of 143 00:07:44,000 --> 00:07:47,280 Speaker 1: the founding fathers and the Constitution Center loba the fact 144 00:07:47,360 --> 00:07:50,480 Speaker 1: the pictures are spectacular, it's really fun. And we did 145 00:07:50,720 --> 00:07:53,600 Speaker 1: and and and on Wednesday, we're gonna roll down the 146 00:07:53,840 --> 00:07:55,800 Speaker 1: kind of the iconic Rocky Steps in front of the 147 00:07:55,800 --> 00:07:58,760 Speaker 1: Philadelphia Art Museum a big stuff up jersey that will 148 00:07:58,760 --> 00:08:00,640 Speaker 1: cover all the stuff. So we're doing some fun things, 149 00:08:00,640 --> 00:08:02,400 Speaker 1: like at the end of the day, this is sports 150 00:08:02,560 --> 00:08:05,360 Speaker 1: entertainment and and we're trying to engage fans. I mean, 151 00:08:05,400 --> 00:08:08,200 Speaker 1: this is not rocket science, but there's certainly an opportunity 152 00:08:08,440 --> 00:08:11,040 Speaker 1: to have some fun, drive some business and make sure 153 00:08:11,040 --> 00:08:14,120 Speaker 1: we do it in a tasteful way that that encourages 154 00:08:14,360 --> 00:08:17,280 Speaker 1: more and more fans to experience stubbub in the sixers. 155 00:08:17,680 --> 00:08:20,960 Speaker 1: Over the years in professional sports, there seemed to be 156 00:08:20,960 --> 00:08:23,160 Speaker 1: more and more fans who are just a little jaded. 157 00:08:23,360 --> 00:08:25,840 Speaker 1: You know, at one time you joined a team and 158 00:08:25,920 --> 00:08:28,160 Speaker 1: you stayed with that team for years and years, right, 159 00:08:28,200 --> 00:08:30,720 Speaker 1: you were part of that that town, in that city's fabric. 160 00:08:30,920 --> 00:08:32,800 Speaker 1: I think more and more a lot of people view 161 00:08:33,520 --> 00:08:36,960 Speaker 1: professional sports players as higher guns. You know, you play 162 00:08:37,000 --> 00:08:40,080 Speaker 1: where the money is highest. So does this move then 163 00:08:40,200 --> 00:08:43,000 Speaker 1: putting the logo on the jersey, does that just turn 164 00:08:43,280 --> 00:08:46,400 Speaker 1: players more and more like to walking billboards. Is there 165 00:08:46,440 --> 00:08:49,160 Speaker 1: any chance that fans will will will not react positively? 166 00:08:49,480 --> 00:08:51,240 Speaker 1: I don't know. You know this is so you know, 167 00:08:51,280 --> 00:08:53,640 Speaker 1: if you go to Europe and I've seen football games 168 00:08:53,640 --> 00:08:55,680 Speaker 1: in Europe and hockey games in Europe and basketball games 169 00:08:55,679 --> 00:09:00,000 Speaker 1: in Europe, and it's really commonplace. I think what's important 170 00:09:00,040 --> 00:09:03,600 Speaker 1: and too, in particular millennials, is that is it part 171 00:09:03,640 --> 00:09:05,800 Speaker 1: of the fabric of the experience. I just had one 172 00:09:05,800 --> 00:09:07,920 Speaker 1: other thing. I mean, for us, we're gonna be on 173 00:09:07,960 --> 00:09:10,760 Speaker 1: this jersey in this moment in time, and so for 174 00:09:10,800 --> 00:09:14,000 Speaker 1: the fans during this period of time. This is going 175 00:09:14,040 --> 00:09:16,959 Speaker 1: to be the time where this jersey actually means something 176 00:09:17,400 --> 00:09:20,240 Speaker 1: in the legions of history, and I think having that 177 00:09:20,320 --> 00:09:22,800 Speaker 1: connection at this moment in time like that's gonna be 178 00:09:22,840 --> 00:09:25,719 Speaker 1: really important for us. Speaking of this moment in time, 179 00:09:25,800 --> 00:09:28,120 Speaker 1: Scott Cutler, as president of stubhob, I just have to 180 00:09:28,200 --> 00:09:30,960 Speaker 1: ask you, who are you in any talks with the 181 00:09:30,960 --> 00:09:34,400 Speaker 1: New Jersey Devils, which your good friend Scott O'Neil here 182 00:09:34,480 --> 00:09:37,320 Speaker 1: is very intimately associated with, going to do the same 183 00:09:37,320 --> 00:09:40,040 Speaker 1: thing with him. Well, it's this is a this is 184 00:09:40,080 --> 00:09:41,960 Speaker 1: a league deal, so first has to be approved by 185 00:09:42,000 --> 00:09:44,200 Speaker 1: the lead. The NBA is the first um and all 186 00:09:44,240 --> 00:09:47,800 Speaker 1: were exclusive with the Sixers, So I don't know. Maybe 187 00:09:47,800 --> 00:09:49,760 Speaker 1: Scott has a view on that. We should talk afterwards. 188 00:09:50,240 --> 00:09:52,320 Speaker 1: But this was a good lead in Okay, Well, I 189 00:09:52,320 --> 00:09:54,319 Speaker 1: think so too. Just just about the team in the 190 00:09:54,360 --> 00:09:56,080 Speaker 1: kind of year you had last year, the year looking 191 00:09:56,160 --> 00:09:58,280 Speaker 1: you know this year, are you a little bit frustrated 192 00:09:58,320 --> 00:10:00,760 Speaker 1: with the performance before? No, you know, it's all been 193 00:10:00,800 --> 00:10:02,800 Speaker 1: part of a process that we've gone through over the 194 00:10:02,880 --> 00:10:06,160 Speaker 1: last three years to make sure that we are building 195 00:10:06,240 --> 00:10:09,560 Speaker 1: up enough assets and momentum to start, you know, And 196 00:10:09,559 --> 00:10:12,079 Speaker 1: so we hate ground zero last year, and so now 197 00:10:12,120 --> 00:10:15,480 Speaker 1: we walk into tomorrow is the NBA lottery where we'll 198 00:10:15,520 --> 00:10:17,360 Speaker 1: have an opportunity to get a very high draft pick, 199 00:10:17,400 --> 00:10:20,400 Speaker 1: maybe two. We've got fifty million dollars in cap space, 200 00:10:20,480 --> 00:10:24,079 Speaker 1: we have a new GM Brian Colangelo, who's a tremendous dealmaker, 201 00:10:24,320 --> 00:10:26,319 Speaker 1: and so we think we're poised to go. So it's 202 00:10:26,360 --> 00:10:29,800 Speaker 1: it's times been three years of very difficult basketball and 203 00:10:29,880 --> 00:10:31,719 Speaker 1: that is over. In the next phase will be a 204 00:10:31,760 --> 00:10:33,440 Speaker 1: lot more fun, and that will be a lot happier 205 00:10:33,480 --> 00:10:35,320 Speaker 1: and nicer. Well, maybe I'll be calling you both for 206 00:10:35,520 --> 00:10:37,559 Speaker 1: some advice on how to get stub Hub on the 207 00:10:37,640 --> 00:10:45,320 Speaker 1: Kathleen Hayes taking stock Bloomberg Radio Jersey, Scott O'Neill, chief 208 00:10:45,320 --> 00:10:48,840 Speaker 1: executive of the Philadelphia seventies sixers, as Scott Cutler, president 209 00:10:48,920 --> 00:10:51,240 Speaker 1: of stub Hub. And as for the cost of the 210 00:10:51,320 --> 00:10:53,800 Speaker 1: placement on the jersey, according to a league official who 211 00:10:53,840 --> 00:10:57,240 Speaker 1: last not to be cited by name, five million dollars 212 00:10:57,400 --> 00:11:02,520 Speaker 1: a year. This is Bloomberg Radio Lumbertaking Stock is brought 213 00:11:02,559 --> 00:11:04,800 Speaker 1: to you by Commonwealth Financial Network. When it's time to 214 00:11:04,920 --> 00:11:07,160 Speaker 1: change the conversation, talk with a broker dealer r I 215 00:11:07,200 --> 00:11:09,600 Speaker 1: A that's ready to listen called eight six six four 216 00:11:09,640 --> 00:11:12,360 Speaker 1: six two three six three eight, or visit commonwealth dot 217 00:11:12,400 --> 00:11:13,280 Speaker 1: com to learn more.