1 00:00:00,520 --> 00:00:03,840 Speaker 1: This is Bloomberg Business of Sports talk about some of 2 00:00:03,920 --> 00:00:06,680 Speaker 1: the more interesting aspects of business of sports. So there's 3 00:00:06,680 --> 00:00:08,640 Speaker 1: all kinds of cool questions. So this is a fun 4 00:00:08,840 --> 00:00:12,000 Speaker 1: topic to the country is finally getting the memo about 5 00:00:12,000 --> 00:00:14,040 Speaker 1: how amazing the sport is. I think the sky's a 6 00:00:14,080 --> 00:00:16,480 Speaker 1: limit for MLS. We're spending more and more of our 7 00:00:16,520 --> 00:00:19,720 Speaker 1: time in a digital world, and it's also becoming a 8 00:00:19,800 --> 00:00:23,000 Speaker 1: really powerful place for commerce. It is so nice to 9 00:00:23,000 --> 00:00:24,720 Speaker 1: be back and to be able to have fans back 10 00:00:24,720 --> 00:00:27,080 Speaker 1: in the building. So despite the chaotic schedule, and this 11 00:00:27,200 --> 00:00:29,080 Speaker 1: is why we do what we do. When you get 12 00:00:29,120 --> 00:00:31,640 Speaker 1: into the playoffs, there's nothing better at the player for 13 00:00:31,720 --> 00:00:35,400 Speaker 1: the excitement and it's also for the organization sponsors involved. 14 00:00:35,479 --> 00:00:39,440 Speaker 1: Bloomberg Business of Sports from Bloomberg Radio. This is the 15 00:00:39,440 --> 00:00:42,200 Speaker 1: Bloomberg Business of Sports show, where we explore the big 16 00:00:42,280 --> 00:00:44,600 Speaker 1: money issues in the world of sports. I'm Michael barn 17 00:00:44,760 --> 00:00:47,640 Speaker 1: I'm Scarlet Fool, and I'm Mike Lynch. Coming up today, 18 00:00:47,880 --> 00:00:51,440 Speaker 1: she is the goat of women's tennis. We hear from 19 00:00:51,479 --> 00:00:55,480 Speaker 1: Serena Williams on her venture capital fund aimed at backing 20 00:00:55,520 --> 00:00:58,720 Speaker 1: the next generation of champion entrepreneurs. I know what it 21 00:00:58,760 --> 00:01:00,800 Speaker 1: takes to be the best at something in the world. 22 00:01:00,880 --> 00:01:03,080 Speaker 1: So I'm bringing that to the table and not many 23 00:01:03,080 --> 00:01:06,280 Speaker 1: people have that work like a girl. We'll have the 24 00:01:06,319 --> 00:01:09,560 Speaker 1: details on that on the success of the bar Stool 25 00:01:09,680 --> 00:01:13,319 Speaker 1: Difference Fund and their new focus on supporting female owned 26 00:01:13,360 --> 00:01:17,480 Speaker 1: businesses with CEO Erica Nardini. I'm a female executive in 27 00:01:17,480 --> 00:01:21,320 Speaker 1: a male dominated industry and I want to see other 28 00:01:21,480 --> 00:01:24,959 Speaker 1: female business owners be able to have their business thrive. 29 00:01:25,480 --> 00:01:28,240 Speaker 1: That is straight ahead on the Bloomberg Business of Sports Show. 30 00:01:28,280 --> 00:01:31,320 Speaker 1: But first, let's look at some of the top stories 31 00:01:31,400 --> 00:01:34,560 Speaker 1: of the week. And let's start. This one is near 32 00:01:34,600 --> 00:01:37,720 Speaker 1: and dear to my heart and uh it involves the 33 00:01:37,840 --> 00:01:41,440 Speaker 1: U s g A. They're saying that Oakland Hills that's 34 00:01:41,800 --> 00:01:47,280 Speaker 1: in Michigan, UH, will have a pair of US Open championships. Now, 35 00:01:47,319 --> 00:01:50,560 Speaker 1: I say this is really important to me because it 36 00:01:50,640 --> 00:01:56,000 Speaker 1: was only several weeks ago that a huge fire destroyed 37 00:01:56,560 --> 00:02:00,440 Speaker 1: the country club. And I mean I could believe it 38 00:02:00,560 --> 00:02:02,800 Speaker 1: when I'm looking at it on Twitter, I'm like, You've 39 00:02:02,800 --> 00:02:05,360 Speaker 1: got to be kidding, And I mean this everything went 40 00:02:05,400 --> 00:02:08,320 Speaker 1: up in flames. Uh. They were able to save some 41 00:02:08,520 --> 00:02:10,560 Speaker 1: artifacts in there because it's been there, it had been 42 00:02:10,600 --> 00:02:14,280 Speaker 1: there for many years. But Scarlett, I'm so glad that 43 00:02:14,720 --> 00:02:18,120 Speaker 1: Oakland Hills got this and they can rebuild and move on. 44 00:02:18,400 --> 00:02:21,320 Speaker 1: Moving on really pays homage to the fact that the 45 00:02:21,320 --> 00:02:24,360 Speaker 1: club has hosted eleven U S g A championships, starting 46 00:02:24,360 --> 00:02:28,320 Speaker 1: with the U S Open. Have you golf there before far? 47 00:02:28,919 --> 00:02:31,480 Speaker 1: I have. I'm not much of a golfer, but I 48 00:02:31,600 --> 00:02:34,360 Speaker 1: went there a couple of times. My buddy uh is 49 00:02:34,400 --> 00:02:37,639 Speaker 1: a huge golfer, and and I went with him one 50 00:02:37,639 --> 00:02:40,240 Speaker 1: time and I had lunch at that country club, and 51 00:02:40,280 --> 00:02:42,160 Speaker 1: then you know, then he went on the golf and 52 00:02:42,400 --> 00:02:45,560 Speaker 1: but yeah, I mean, it was just a beautiful facility. 53 00:02:45,600 --> 00:02:49,800 Speaker 1: And I modeled after the Mountain Vernon Estate George Washington's 54 00:02:50,360 --> 00:02:54,160 Speaker 1: exactly exactly. I just Lynsey, I, I couldn't believe it. 55 00:02:54,160 --> 00:02:56,840 Speaker 1: I My tears were in mines, and it's stripping with history. 56 00:02:56,880 --> 00:02:59,919 Speaker 1: They've hosted six US Opens, a p GA championship in 57 00:03:00,120 --> 00:03:05,359 Speaker 1: two thousand four Ryder Cup. I'm told that the decision 58 00:03:05,440 --> 00:03:08,959 Speaker 1: to award the U S Open in and fifty one 59 00:03:09,120 --> 00:03:11,880 Speaker 1: came before the fire. But this is sort of a 60 00:03:12,000 --> 00:03:14,359 Speaker 1: rallying cry. And the Chris Illitch, who's a member there, 61 00:03:14,400 --> 00:03:16,360 Speaker 1: had a focus group and told they went to rally 62 00:03:16,360 --> 00:03:18,480 Speaker 1: and pretty much embrace it the way the city of 63 00:03:18,520 --> 00:03:22,000 Speaker 1: Detroit embraced the Fox Theater and how it's thriving now. 64 00:03:22,120 --> 00:03:24,480 Speaker 1: And uh, and I think that was a great analogy. 65 00:03:24,600 --> 00:03:26,760 Speaker 1: So I think it's a big uplift and a big 66 00:03:26,919 --> 00:03:29,920 Speaker 1: emotional boost and a financial boost as well for the 67 00:03:29,960 --> 00:03:33,760 Speaker 1: greater Detroit area. Yeah, it gives everyone something to work towards, 68 00:03:33,840 --> 00:03:37,240 Speaker 1: especially as they rebuild Oakland Hills. Good for you. Uh. 69 00:03:37,280 --> 00:03:42,160 Speaker 1: This past week, Senator Bernie Sanders introduced the Save American 70 00:03:42,280 --> 00:03:47,080 Speaker 1: Baseball Act, targeting MLB's anti trust exemption. If passed, major 71 00:03:47,160 --> 00:03:50,360 Speaker 1: League Baseball wouldn't have as much free reign to conduct 72 00:03:50,400 --> 00:03:54,720 Speaker 1: business as it sees fit, particularly in the minor league. 73 00:03:54,720 --> 00:03:59,240 Speaker 1: Senator Sanders appeared on HBO's Real Sports with Bryant Gumbel. 74 00:03:59,600 --> 00:04:02,760 Speaker 1: It would mean the competition would arise. It would mean 75 00:04:02,880 --> 00:04:08,600 Speaker 1: that other people would have the opportunity to start uh, 76 00:04:08,840 --> 00:04:12,720 Speaker 1: different major League Baseball leagues. You know, we're in the 77 00:04:12,720 --> 00:04:15,720 Speaker 1: middle of a pandemic and corporations and making huge profits. 78 00:04:15,760 --> 00:04:19,599 Speaker 1: CEOs get huge compensation packages. And it's the same exact 79 00:04:19,680 --> 00:04:22,680 Speaker 1: thing with baseball. These billionaires making all kinds of money 80 00:04:23,200 --> 00:04:25,560 Speaker 1: and yet they could care less about ordinary people. And 81 00:04:25,600 --> 00:04:27,120 Speaker 1: by the way, one of the concerns that I have 82 00:04:27,200 --> 00:04:30,640 Speaker 1: personally is that if you're a working class family, you know, husband, wife, 83 00:04:30,640 --> 00:04:32,159 Speaker 1: two kids, you want to go to a Major League 84 00:04:32,160 --> 00:04:35,880 Speaker 1: baseball it's almost completely unaffordable right now, Bernie, you could 85 00:04:35,920 --> 00:04:38,680 Speaker 1: also throw in that stupid ghost runner rule, but I'm 86 00:04:38,720 --> 00:04:45,839 Speaker 1: not going to bring that up again. Are you're bugging me? Man? 87 00:04:45,920 --> 00:04:50,719 Speaker 1: You bug Removing mlbs antitrust exemption could bring the league 88 00:04:50,760 --> 00:04:54,479 Speaker 1: in line with other leagues like the NFL, and Sanders 89 00:04:54,480 --> 00:04:58,760 Speaker 1: called upon the owner imposed lockout an attempt to break 90 00:04:58,760 --> 00:05:02,560 Speaker 1: the union and took Umbridge with MLB's decision to drop 91 00:05:02,680 --> 00:05:07,560 Speaker 1: forty minor league affiliates before season, and Scarlett, that's something 92 00:05:07,600 --> 00:05:12,440 Speaker 1: that I really do embothered with because minor leaguers, they're 93 00:05:12,440 --> 00:05:14,440 Speaker 1: scrapping for what they can get. Absolutely, and this is 94 00:05:14,480 --> 00:05:17,240 Speaker 1: something that Lynch has brought up several times, and we've 95 00:05:17,279 --> 00:05:19,640 Speaker 1: talked with several our of our guests about this, that 96 00:05:20,320 --> 00:05:22,839 Speaker 1: the minor leaguers and what happens there. The farm system 97 00:05:22,920 --> 00:05:25,760 Speaker 1: is kind of the forgotten part of the ecosystem here 98 00:05:26,160 --> 00:05:28,640 Speaker 1: that a lot of the players were fighting for because 99 00:05:28,640 --> 00:05:31,440 Speaker 1: so many of them started off there. Even if they 100 00:05:31,480 --> 00:05:34,240 Speaker 1: were to, even if Congress were to move forward with 101 00:05:34,279 --> 00:05:38,279 Speaker 1: this bill that Senator Sanders has put forth, wouldn't make 102 00:05:38,279 --> 00:05:40,839 Speaker 1: baseball games. Attending a baseball game more affordable. It's not 103 00:05:40,880 --> 00:05:43,880 Speaker 1: like attending an NFL game is affordable. No, And it's 104 00:05:43,920 --> 00:05:46,160 Speaker 1: not going to be an upstart league that's going to 105 00:05:46,240 --> 00:05:48,280 Speaker 1: come in and challenge Major League Baseball. It's just not 106 00:05:48,320 --> 00:05:50,920 Speaker 1: going to happen. Um. You know, this is one of those, 107 00:05:51,680 --> 00:05:56,840 Speaker 1: with all due respect, frivolous you know, grand standing moments. Yes, yeah, 108 00:05:57,040 --> 00:06:01,000 Speaker 1: like Arl Inspector wanted to investigate the the National Football 109 00:06:01,080 --> 00:06:05,440 Speaker 1: League over Spygate with the Patriots and in two thousand seven. Um, 110 00:06:05,480 --> 00:06:07,320 Speaker 1: you know, with all due respect, there are more important 111 00:06:07,360 --> 00:06:10,039 Speaker 1: things to be dealt with in Congress than, you know, 112 00:06:10,120 --> 00:06:13,279 Speaker 1: an anti trust exemption for the Major League Baseball which 113 00:06:13,279 --> 00:06:15,040 Speaker 1: is and he's doing it because it's coming up and 114 00:06:15,080 --> 00:06:19,359 Speaker 1: it's one hundred the anniversary of the anti trust legislation. Well, 115 00:06:19,760 --> 00:06:22,159 Speaker 1: my question, and it's a question that they ask on 116 00:06:22,320 --> 00:06:24,520 Speaker 1: the shows, I'm gonna ask you to hear. Also, what 117 00:06:24,720 --> 00:06:28,320 Speaker 1: might happen if the MLB's anti trust exemption goes away? 118 00:06:29,760 --> 00:06:31,960 Speaker 1: Good question. I don't think another league will pop up 119 00:06:31,960 --> 00:06:36,440 Speaker 1: all of a sudden, certainly not in the US. Yeah, 120 00:06:36,480 --> 00:06:38,320 Speaker 1: it's I just maybe you don't call it the World 121 00:06:38,320 --> 00:06:41,719 Speaker 1: Series anymore, you call it the MLB Series. I mean, 122 00:06:41,760 --> 00:06:44,360 Speaker 1: this isn't like having you know, RBS and McDonald's and 123 00:06:44,400 --> 00:06:46,680 Speaker 1: Burger King on the same corner at the at every 124 00:06:46,720 --> 00:06:50,039 Speaker 1: town USA. This is Major League Baseball. This is, you know, 125 00:06:50,080 --> 00:06:53,040 Speaker 1: a nine headed monster. It's not going away. There's no 126 00:06:53,080 --> 00:06:55,200 Speaker 1: competition that's going to ever come up and challenge it, 127 00:06:56,040 --> 00:06:58,400 Speaker 1: unlike some other leagues which have had you know, the 128 00:06:58,400 --> 00:07:01,479 Speaker 1: the the A B A in basketball, the World Hockey 129 00:07:01,520 --> 00:07:04,479 Speaker 1: League and hockey, uh, the USFL, or the a old 130 00:07:04,520 --> 00:07:06,479 Speaker 1: AFL in the sixties with the NFL. But it's just 131 00:07:06,520 --> 00:07:09,520 Speaker 1: not gonna happen with Major League Baseball. Let's talk about 132 00:07:09,520 --> 00:07:13,200 Speaker 1: the U s f L. It is coming back. This 133 00:07:13,280 --> 00:07:16,720 Speaker 1: is how old I am. I was a guy who 134 00:07:16,840 --> 00:07:20,400 Speaker 1: is an intern holding a parabolic mic in the old 135 00:07:20,600 --> 00:07:23,960 Speaker 1: U s f L. And you know, I never will 136 00:07:24,000 --> 00:07:26,240 Speaker 1: forget it is a sweep coming at me. It sounded 137 00:07:26,360 --> 00:07:30,360 Speaker 1: like a herd of horses coming at me. And and 138 00:07:30,520 --> 00:07:35,040 Speaker 1: the engineer in my headsets is saying, whatever you do, 139 00:07:35,040 --> 00:07:40,920 Speaker 1: don't wreck the mic. I'm take one for the Take 140 00:07:40,960 --> 00:07:43,160 Speaker 1: one for the network, Take one for the network. Man. 141 00:07:43,480 --> 00:07:46,120 Speaker 1: But you know the newly USFL. It's coming back, and 142 00:07:46,160 --> 00:07:52,560 Speaker 1: there's some rule changes they've added, uh scar three point conversions, uh, 143 00:07:53,440 --> 00:07:56,280 Speaker 1: which is among some of the rule twists. Yeah, it 144 00:07:56,280 --> 00:08:00,400 Speaker 1: feels gimmicky. I mean, does will this change anything? Does anyone? Well, 145 00:08:00,400 --> 00:08:03,440 Speaker 1: anyone watched the USFL because of three point conversions best 146 00:08:03,440 --> 00:08:08,000 Speaker 1: of three overtime UM, an option to retain possession after scoring. 147 00:08:08,960 --> 00:08:11,800 Speaker 1: I don't quite understand what the purpose of this is. 148 00:08:12,200 --> 00:08:14,840 Speaker 1: If you bet it, they will come. Yes, and we 149 00:08:14,960 --> 00:08:18,320 Speaker 1: have the Dasas nation has an insatiable appetite for football, 150 00:08:18,320 --> 00:08:22,080 Speaker 1: where people sit around and watch the combine. Yeah, but 151 00:08:22,120 --> 00:08:24,120 Speaker 1: you know this is it's you have to be a 152 00:08:24,120 --> 00:08:26,840 Speaker 1: little bit gimmicky to grab some attention. So you have 153 00:08:26,880 --> 00:08:28,600 Speaker 1: a one point conversion with the kick, you have the 154 00:08:28,600 --> 00:08:30,360 Speaker 1: two point conversion, and now if you want to go 155 00:08:30,440 --> 00:08:33,319 Speaker 1: for three points, you can you try from the ten 156 00:08:33,440 --> 00:08:36,400 Speaker 1: yard line. I think it's it's it's pretty good. It's interesting. 157 00:08:36,480 --> 00:08:38,800 Speaker 1: I mean I will tune in and give it a 158 00:08:38,840 --> 00:08:41,800 Speaker 1: little sample. I remember the old USFL back in the 159 00:08:41,880 --> 00:08:46,199 Speaker 1: nineteen eighties, um, and you know it was kind of interesting. 160 00:08:46,240 --> 00:08:51,079 Speaker 1: The Lord players like Doug herschel Walker, Donald Trump owned 161 00:08:51,080 --> 00:08:54,240 Speaker 1: the New Jersey Generals, and there were some Jim Kelly 162 00:08:54,280 --> 00:08:56,760 Speaker 1: played in the Buffalo Bills, great quarterback played for the 163 00:08:56,800 --> 00:08:59,240 Speaker 1: Houston Gamblers. So I think it'll be interesting, and I 164 00:08:59,280 --> 00:09:01,880 Speaker 1: think it's a nice litt will segue to get from uh, 165 00:09:02,040 --> 00:09:06,040 Speaker 1: you know, April into early summer and then we start 166 00:09:06,080 --> 00:09:08,560 Speaker 1: worrying about training camp and turn our attention back to 167 00:09:08,559 --> 00:09:10,800 Speaker 1: the National Football League. But this is something we're gonna 168 00:09:10,840 --> 00:09:12,960 Speaker 1: talk about a little bit more. They have some interesting 169 00:09:13,000 --> 00:09:14,959 Speaker 1: ideas what they're gonna do with their first two years. 170 00:09:14,960 --> 00:09:18,520 Speaker 1: And the kickoff is on April six, and um, I 171 00:09:18,520 --> 00:09:21,600 Speaker 1: think we should, you know, dedicate a good chat portion 172 00:09:21,640 --> 00:09:23,560 Speaker 1: of one of these shows to the USFL. Coming up. 173 00:09:23,600 --> 00:09:26,719 Speaker 1: Who's got broadcast rights to the USFL, NBC, so I 174 00:09:26,760 --> 00:09:30,480 Speaker 1: believe it's on Peacock. Both NBC and Fox apparently have 175 00:09:30,559 --> 00:09:35,280 Speaker 1: multi year right steals. By the way, another rule the 176 00:09:35,360 --> 00:09:40,040 Speaker 1: clock will stop for first downs inside two minutes of 177 00:09:40,040 --> 00:09:44,599 Speaker 1: the second and fourth quarters. UH also that if a 178 00:09:44,720 --> 00:09:47,760 Speaker 1: pass does not cross the line of scrimmage, there can 179 00:09:47,800 --> 00:09:52,960 Speaker 1: be no pass interference or ineligible player downfield penalties. This 180 00:09:53,000 --> 00:09:54,920 Speaker 1: is gonna be interesting. I want to see how this 181 00:09:55,000 --> 00:09:57,280 Speaker 1: works out. Because would there ever be an NFL player 182 00:09:57,320 --> 00:10:00,120 Speaker 1: who would play in the NFL and the USFL in 183 00:10:00,200 --> 00:10:02,360 Speaker 1: the off season. I don't know if you could because 184 00:10:02,400 --> 00:10:04,360 Speaker 1: not because it's not I don't think it's against the rules. 185 00:10:04,400 --> 00:10:07,600 Speaker 1: I think it's because you take so much punishment in 186 00:10:07,600 --> 00:10:10,640 Speaker 1: the regular season. Yeah, you need to recover. The body 187 00:10:10,720 --> 00:10:13,000 Speaker 1: has to recover. I mean, I was just thinking with 188 00:10:13,080 --> 00:10:15,240 Speaker 1: these rule changes, you'd have to keep in mind, you 189 00:10:15,240 --> 00:10:20,320 Speaker 1: know which league am I playing in and kick off 190 00:10:20,320 --> 00:10:24,079 Speaker 1: some of the twenty five yard line, right, So I 191 00:10:24,120 --> 00:10:26,560 Speaker 1: mean it's like it's it's you have to be gimmicky. 192 00:10:26,600 --> 00:10:30,320 Speaker 1: When the when the American Football League came in challenging 193 00:10:30,320 --> 00:10:32,920 Speaker 1: the National Football League, they had their names on the 194 00:10:33,000 --> 00:10:35,120 Speaker 1: back of their jerseys. Well, the NFL never did that 195 00:10:35,240 --> 00:10:37,760 Speaker 1: because they thought that the team was more important than 196 00:10:37,760 --> 00:10:41,760 Speaker 1: the individual. Yes, then they allowed the fans to keep 197 00:10:41,760 --> 00:10:43,800 Speaker 1: the football that they kicked into the stands. There were 198 00:10:43,840 --> 00:10:45,840 Speaker 1: no nets for the extra points, and that had some 199 00:10:45,960 --> 00:10:51,760 Speaker 1: Donnybrook brawls, trust me, and there were there were a 200 00:10:51,760 --> 00:10:53,200 Speaker 1: lot of fun I mean I lived through it here 201 00:10:53,200 --> 00:10:55,719 Speaker 1: in the nineteen sixties with the with the Boston Patriots. 202 00:10:56,080 --> 00:10:58,439 Speaker 1: So you have to be gimmicky to get some attention. 203 00:10:58,520 --> 00:11:00,400 Speaker 1: The A B A with Dr J was playing for 204 00:11:00,400 --> 00:11:02,559 Speaker 1: the New Jersey Nets. They had a three point shot. 205 00:11:02,679 --> 00:11:05,679 Speaker 1: The NBA didn't have it, and they had the multicolored basketball. 206 00:11:05,720 --> 00:11:09,160 Speaker 1: It almost looked like a beach ball, like a Harlem Globetrotters. Yeah, yeah, exactly. 207 00:11:09,280 --> 00:11:10,920 Speaker 1: And so you have to be that way to get 208 00:11:11,000 --> 00:11:13,360 Speaker 1: to get some attention and bringing the peripheral sports fan 209 00:11:13,400 --> 00:11:16,520 Speaker 1: as well. Maybe MLB needs something like this and they 210 00:11:16,520 --> 00:11:19,080 Speaker 1: can do other experiments and see what sticks and what 211 00:11:19,360 --> 00:11:22,680 Speaker 1: actually gets two fans excited, and they can then bring 212 00:11:22,720 --> 00:11:24,840 Speaker 1: it into the MLV. That's a great idea because they 213 00:11:24,840 --> 00:11:27,640 Speaker 1: can take this dog going ghost runner and try it 214 00:11:27,720 --> 00:11:34,000 Speaker 1: in this new league. Yeah, let them ghost muster. I 215 00:11:34,000 --> 00:11:35,640 Speaker 1: should have known that I was setting you up for that. 216 00:11:35,960 --> 00:11:40,800 Speaker 1: Oh yeah, you see the nostrils flaring. Uh. Finally, New 217 00:11:40,880 --> 00:11:44,200 Speaker 1: York City Mayor Eric Adams Ah he has announced that 218 00:11:44,280 --> 00:11:49,120 Speaker 1: he's exempting athletes and performers from the city vaccine mandate 219 00:11:49,200 --> 00:11:53,920 Speaker 1: for private workers. That is big for Kyrie Irving because 220 00:11:54,000 --> 00:11:56,280 Speaker 1: now he can play home games with the Brooklyn Nets. 221 00:11:56,280 --> 00:11:59,480 Speaker 1: Scar he comes out ahead because he stuck firm. He 222 00:11:59,520 --> 00:12:02,120 Speaker 1: was not going to get vaccinated, and he wasn't able 223 00:12:02,160 --> 00:12:04,120 Speaker 1: to play for home games. He was able to participate 224 00:12:04,120 --> 00:12:09,360 Speaker 1: in away games, and now he can do everything he wants. Well, 225 00:12:09,360 --> 00:12:11,480 Speaker 1: he did lose some money for the home game. He 226 00:12:11,559 --> 00:12:14,680 Speaker 1: knew that. He knew that going in and it did 227 00:12:14,720 --> 00:12:17,000 Speaker 1: cost his team. Um, they are right now, they're going 228 00:12:17,040 --> 00:12:19,000 Speaker 1: to make the playoffs, but they're they're probably going to 229 00:12:19,080 --> 00:12:21,640 Speaker 1: be a sixth, seventh or eighth seed right now. So 230 00:12:21,960 --> 00:12:25,000 Speaker 1: you know, the home home court advantage is just so big. 231 00:12:25,080 --> 00:12:26,760 Speaker 1: Let me see what the home record of the Brooklyn 232 00:12:26,800 --> 00:12:32,040 Speaker 1: Nets is. It's eighteen and nine, sixteen and nineteen, sixteen 233 00:12:32,080 --> 00:12:35,440 Speaker 1: and nineteen. And he makes a big difference, Skyrie. And 234 00:12:35,480 --> 00:12:37,800 Speaker 1: as you that also, it also makes a difference because 235 00:12:38,040 --> 00:12:42,440 Speaker 1: now unvaccinated baseball players can take the field when their 236 00:12:42,480 --> 00:12:46,040 Speaker 1: official season begins. It's a good point outdoor outdoor games 237 00:12:46,040 --> 00:12:48,880 Speaker 1: tho versus indoor games. You think Kyrie Irving is gonna 238 00:12:48,880 --> 00:12:53,600 Speaker 1: be booed or cheered when he cheered at home chared cheered. Absolutely, Yeah. 239 00:12:53,600 --> 00:12:55,199 Speaker 1: I just it took a stance, and I think a 240 00:12:55,280 --> 00:12:58,000 Speaker 1: lot of people are with him, and he didn't cave 241 00:12:58,160 --> 00:12:59,920 Speaker 1: and he was true to his word and true to 242 00:13:00,040 --> 00:13:02,720 Speaker 1: his conviction. But he costs his team the home court Admitte. 243 00:13:02,960 --> 00:13:05,320 Speaker 1: But you know what, the all you have to do 244 00:13:05,360 --> 00:13:08,000 Speaker 1: is get into the tournament, is uh, someone once said, 245 00:13:08,040 --> 00:13:11,199 Speaker 1: and then anything can happen. Up next on the show, 246 00:13:11,240 --> 00:13:15,520 Speaker 1: we speak with bar Stool Sports CEO Erica Nardini. That's 247 00:13:15,520 --> 00:13:18,720 Speaker 1: straight ahead on Bloomberg Business of Sports. I'm Michael Barr. 248 00:13:18,760 --> 00:13:20,760 Speaker 1: You can follow me on Twitter at dig bar Sports. 249 00:13:20,840 --> 00:13:23,280 Speaker 1: I'm on Twitter at Scarlett Fu. And I'm Mike Glinch. 250 00:13:23,320 --> 00:13:25,520 Speaker 1: You can follow me at Lynch E w CPD. And 251 00:13:25,640 --> 00:13:28,439 Speaker 1: don't forget to catch our podcast that's Monday's, Wednesdays and 252 00:13:28,480 --> 00:13:32,240 Speaker 1: Thursdays on all your podcasts platforms and right here on 253 00:13:32,240 --> 00:13:36,599 Speaker 1: Bloomberg Business of Sports from Bloomberg Radio. This is the 254 00:13:36,640 --> 00:13:39,120 Speaker 1: Bloomberg Business of Sports show where we explore the big 255 00:13:39,120 --> 00:13:42,160 Speaker 1: money issues before the sports. I'm Michael Barn, I'm Scarlett Fu. 256 00:13:42,559 --> 00:13:45,800 Speaker 1: My Glench is stepping aside for this next conversation, but 257 00:13:45,920 --> 00:13:48,240 Speaker 1: he'll be back later on in the show. You know 258 00:13:48,280 --> 00:13:52,040 Speaker 1: we've We're joined now by bar Stools Sports Chief Executive 259 00:13:52,080 --> 00:13:56,640 Speaker 1: Officer Erica Nardini. Erica took over as CEO in ten 260 00:13:56,720 --> 00:14:01,240 Speaker 1: overseeing an incredible increase in overall rev new during your tenure. 261 00:14:01,520 --> 00:14:08,160 Speaker 1: We're gonna say, all, let's call it and was instrumental. Yeah, 262 00:14:08,440 --> 00:14:12,560 Speaker 1: that's that's a four and instrumental in the company's partnership 263 00:14:12,760 --> 00:14:16,800 Speaker 1: with casino operator Penn National Gaming. Erica. Welcome to the show. 264 00:14:17,000 --> 00:14:19,040 Speaker 1: Thank you for having me. I should always have you 265 00:14:19,080 --> 00:14:23,240 Speaker 1: introduced me. I always like to start with this question, 266 00:14:23,240 --> 00:14:26,640 Speaker 1: and it's always because I I always think of my mom. 267 00:14:27,240 --> 00:14:28,920 Speaker 1: I want to talk to start off first of all 268 00:14:28,960 --> 00:14:32,120 Speaker 1: with the bar Stool difference, the evolution of the bar 269 00:14:32,240 --> 00:14:36,520 Speaker 1: Stool fund work like a Girl campaign. I love that 270 00:14:36,640 --> 00:14:40,840 Speaker 1: you got to tell me about that. That's awesome. Yeah. So, um, 271 00:14:40,920 --> 00:14:44,560 Speaker 1: the Barstool difference is what people used to say, what 272 00:14:44,640 --> 00:14:47,920 Speaker 1: our fans used to say when we would royally screw 273 00:14:48,040 --> 00:14:51,720 Speaker 1: something up. So when the technology wouldn't work in a 274 00:14:51,760 --> 00:14:55,200 Speaker 1: live stream, or the sound didn't work in a production, 275 00:14:55,520 --> 00:14:59,560 Speaker 1: or somebody at at Barstool did something stupid with the 276 00:14:59,640 --> 00:15:02,160 Speaker 1: chant would be on Twitter with something to the effect 277 00:15:02,200 --> 00:15:04,640 Speaker 1: of the Barstool difference. Right. It was just the way 278 00:15:04,720 --> 00:15:08,800 Speaker 1: barstoold did things. Um, and so we've kind of adopted 279 00:15:08,800 --> 00:15:11,920 Speaker 1: that name because I think that's exactly right. Barstool does 280 00:15:11,960 --> 00:15:16,120 Speaker 1: things in its own way. In its own style. We're 281 00:15:16,160 --> 00:15:21,160 Speaker 1: not particularly corporate, we're not particularly conservative. We just kind 282 00:15:21,160 --> 00:15:23,880 Speaker 1: of see see where the Internet takes us and to 283 00:15:24,800 --> 00:15:29,120 Speaker 1: make things happen from there. So, you know, in in December, 284 00:15:29,960 --> 00:15:33,480 Speaker 1: Dave Portnoy, the founder, put out a tweet because we 285 00:15:33,480 --> 00:15:36,720 Speaker 1: were seeing what was happening to restaurants and small businesses 286 00:15:36,800 --> 00:15:40,960 Speaker 1: during the pandemic, and we were especially seeing how creative 287 00:15:41,040 --> 00:15:44,800 Speaker 1: small business owners were in trying to make things work 288 00:15:45,000 --> 00:15:49,960 Speaker 1: in ever changing regulations and a huge amount of uncertainty 289 00:15:50,040 --> 00:15:54,240 Speaker 1: and especially financial insecurity. And so we raised in the 290 00:15:54,320 --> 00:15:56,520 Speaker 1: course of you know, three and a half four months, 291 00:15:56,520 --> 00:16:00,400 Speaker 1: we raised forty one million dollars from over to hundred 292 00:16:00,480 --> 00:16:04,840 Speaker 1: thousand people across the country. It was amazing. Um. We 293 00:16:04,840 --> 00:16:08,080 Speaker 1: we distributed those funds as quickly as we could humanly 294 00:16:08,160 --> 00:16:11,920 Speaker 1: possibly do it. Uh. And we also showcased the stories 295 00:16:12,080 --> 00:16:15,280 Speaker 1: of small business owners, which was really inspiring and really 296 00:16:15,280 --> 00:16:18,960 Speaker 1: impactful and and motivated us, I think in an incredible way. 297 00:16:19,560 --> 00:16:22,680 Speaker 1: And we really felt that take hold across the country. 298 00:16:23,120 --> 00:16:26,920 Speaker 1: And so what we're doing now is really reinvigorating. What 299 00:16:26,960 --> 00:16:29,640 Speaker 1: we're doing not just in terms of raising money to 300 00:16:29,720 --> 00:16:33,600 Speaker 1: help small businesses, but in my case, I'm you know, 301 00:16:33,640 --> 00:16:37,280 Speaker 1: I'm a female executive in a male dominated industry. I 302 00:16:37,320 --> 00:16:40,640 Speaker 1: spend most of my time with men, and I want 303 00:16:40,720 --> 00:16:44,880 Speaker 1: to see other female business owners and other female business 304 00:16:44,920 --> 00:16:49,440 Speaker 1: executives be able to have their business thrive. Um. Women 305 00:16:49,880 --> 00:16:54,920 Speaker 1: women run businesses were disproportionately affected during the pandemic, and 306 00:16:54,960 --> 00:16:57,600 Speaker 1: so what we're doing with the Barstool Difference is really 307 00:16:57,600 --> 00:17:02,720 Speaker 1: focusing on women owned, women and run businesses, helping them out, 308 00:17:02,920 --> 00:17:07,240 Speaker 1: using the bar using the Barstool Fund to be able 309 00:17:07,280 --> 00:17:10,359 Speaker 1: to connect with people and give them the help that 310 00:17:10,440 --> 00:17:13,800 Speaker 1: they need to have their business thrives. So I'm glad 311 00:17:13,800 --> 00:17:17,560 Speaker 1: that you explained that this um happened when sparked by 312 00:17:17,600 --> 00:17:22,000 Speaker 1: Dave Portnoy taking this on back in December. Because skeptics 313 00:17:22,080 --> 00:17:24,320 Speaker 1: out there, like journalists people who are trying to make 314 00:17:24,320 --> 00:17:26,719 Speaker 1: a name for themselves on social media might say that 315 00:17:26,760 --> 00:17:30,080 Speaker 1: Barstool is doing this because it's trying to distract from 316 00:17:30,280 --> 00:17:35,200 Speaker 1: negative headlines of Portnoy's alleged sexual misconduct and a culture 317 00:17:35,359 --> 00:17:38,560 Speaker 1: of alleged bullying and misogyny those reports. But this is 318 00:17:38,600 --> 00:17:42,840 Speaker 1: something that Barstool has been working on from far beyond 319 00:17:42,960 --> 00:17:45,560 Speaker 1: before all of this. I'm curious to hear from you 320 00:17:45,840 --> 00:17:50,199 Speaker 1: Erica overall, because the Portnoy controversy is certainly something that 321 00:17:50,240 --> 00:17:54,399 Speaker 1: businesses are are thinking about, and um it's an issue 322 00:17:54,480 --> 00:18:00,119 Speaker 1: for the current acquisition by Penn as well. Um, how 323 00:18:00,200 --> 00:18:03,760 Speaker 1: has the Portanoy controversy affected Barstool's business overall, for better 324 00:18:03,880 --> 00:18:05,520 Speaker 1: or for worse? I mean, there may not be any 325 00:18:05,520 --> 00:18:07,840 Speaker 1: clear cause and effect, but what kinds of correlations have 326 00:18:07,880 --> 00:18:10,760 Speaker 1: you seen? You know? So what I would say is, 327 00:18:10,920 --> 00:18:13,840 Speaker 1: you know, as as far as it relates to social 328 00:18:13,920 --> 00:18:18,359 Speaker 1: good and charitable efforts, barstool has been helping people since 329 00:18:18,400 --> 00:18:22,760 Speaker 1: barstool was started in in two thousand four, So doing 330 00:18:22,880 --> 00:18:27,240 Speaker 1: things to help others, whether it's firefighters, whether it's victims 331 00:18:27,240 --> 00:18:32,960 Speaker 1: of the Barstool merrit the Boston Marathon bombing, the Barstool Fund. Uh, 332 00:18:33,080 --> 00:18:36,399 Speaker 1: We've done a lot to help a lot of different people, 333 00:18:36,600 --> 00:18:39,639 Speaker 1: a lot of different organizations, and most recently a lot 334 00:18:39,680 --> 00:18:43,160 Speaker 1: of different businesses. So this is something that is a 335 00:18:43,200 --> 00:18:45,840 Speaker 1: part of our DNA and always has been part of 336 00:18:45,920 --> 00:18:50,960 Speaker 1: Barstool's DNA. As it relates to, you know, being controversial 337 00:18:51,000 --> 00:18:54,920 Speaker 1: and the controversy. You know, look, barstool is a company 338 00:18:54,960 --> 00:18:57,800 Speaker 1: that has a huge target on its back. Why do 339 00:18:57,880 --> 00:18:59,920 Speaker 1: we have a target on our back. We don't play 340 00:19:00,640 --> 00:19:04,200 Speaker 1: by everybody else's rule. We don't believe that the way 341 00:19:04,359 --> 00:19:11,000 Speaker 1: traditional media has been packaged, produced, run, monetized, distributed, we don't. 342 00:19:11,160 --> 00:19:14,200 Speaker 1: We don't believe in that. We're we're charting our own path. 343 00:19:14,800 --> 00:19:17,520 Speaker 1: And as a result, as you know, every year has 344 00:19:17,560 --> 00:19:20,639 Speaker 1: gone by, you talked about the revenue growth in you know, 345 00:19:20,720 --> 00:19:24,920 Speaker 1: three thousand percent, We've become more formidable, and that makes 346 00:19:24,960 --> 00:19:29,720 Speaker 1: bar School a bigger and bigger target. Um Dave himself, 347 00:19:29,800 --> 00:19:32,280 Speaker 1: as you know, one of the most influential people on 348 00:19:32,320 --> 00:19:36,360 Speaker 1: the Internet, has also become a bigger and bigger target. 349 00:19:36,840 --> 00:19:41,800 Speaker 1: He is right now suing Business Insider for defamation. I 350 00:19:41,840 --> 00:19:45,040 Speaker 1: think that that case will be very interesting to see 351 00:19:45,040 --> 00:19:47,639 Speaker 1: how that plays out. But you know, one of the 352 00:19:47,720 --> 00:19:50,080 Speaker 1: things that that I would say as it relates to 353 00:19:50,240 --> 00:19:54,760 Speaker 1: quote unquote controversy, is I think most everything right now 354 00:19:54,880 --> 00:19:58,960 Speaker 1: is controversial. When you go look at you know, any community, 355 00:19:59,040 --> 00:20:01,560 Speaker 1: you look at any and base, you look at any 356 00:20:01,680 --> 00:20:04,359 Speaker 1: sector that has a lot of heat to it, there's 357 00:20:04,400 --> 00:20:08,520 Speaker 1: a huge amount of controversy. American politics frought with controversy, 358 00:20:09,080 --> 00:20:13,680 Speaker 1: business throught with controversy. The Internet is like the originator 359 00:20:13,720 --> 00:20:17,560 Speaker 1: of of controversy, at least as it plays out now 360 00:20:17,600 --> 00:20:21,480 Speaker 1: on Twitter and other mediums. So you know, I would 361 00:20:21,480 --> 00:20:24,720 Speaker 1: say we're pretty used to it um. And certainly as 362 00:20:24,720 --> 00:20:27,720 Speaker 1: we've gotten bigger, we understand that there are more eyes 363 00:20:27,760 --> 00:20:31,120 Speaker 1: on barstool, there's more scrutiny um, and then there will 364 00:20:31,160 --> 00:20:34,040 Speaker 1: be you know, varying perceptions. There are people who are 365 00:20:34,200 --> 00:20:37,000 Speaker 1: who love us, there's people who hate us. There's people 366 00:20:37,000 --> 00:20:40,600 Speaker 1: who like certain personalities are aspects of our business and 367 00:20:40,720 --> 00:20:44,960 Speaker 1: disdain others. And you know, as the CEO, I'm comfortable 368 00:20:44,960 --> 00:20:48,280 Speaker 1: with that. I want to go back to the work 369 00:20:48,400 --> 00:20:51,160 Speaker 1: like a girl campaign for a moment because it makes 370 00:20:51,160 --> 00:20:53,640 Speaker 1: me think, I gotta tell a very short but quick 371 00:20:53,640 --> 00:20:58,960 Speaker 1: story and hopefully you understand. My mom was in World 372 00:20:59,040 --> 00:21:01,560 Speaker 1: War Two. She was in the Women's Army Corps. They 373 00:21:01,560 --> 00:21:05,400 Speaker 1: have seen the stories that have come out. I, as 374 00:21:05,560 --> 00:21:08,879 Speaker 1: as a son, is like, okay, Mom, it's like and 375 00:21:08,920 --> 00:21:11,760 Speaker 1: then you hear all these stories and like, oh my god. 376 00:21:12,520 --> 00:21:15,840 Speaker 1: And you know, I didn't stand the chance of stepping 377 00:21:15,840 --> 00:21:17,760 Speaker 1: on the line because my dad was in World War 378 00:21:17,800 --> 00:21:20,679 Speaker 1: two and all this stuff. So when I think I 379 00:21:20,760 --> 00:21:22,400 Speaker 1: told the story before, but I gotta tell it again, 380 00:21:22,400 --> 00:21:25,119 Speaker 1: you'll understand where I'm going with this. Back in the 381 00:21:25,200 --> 00:21:27,280 Speaker 1: day when you used to bring home paper checks, I 382 00:21:27,280 --> 00:21:30,719 Speaker 1: had to be like about four years old, and you know, 383 00:21:30,960 --> 00:21:33,280 Speaker 1: and so they're coming in, and you know, we're all 384 00:21:33,320 --> 00:21:34,920 Speaker 1: talking about you know, I knew it was paid a 385 00:21:35,560 --> 00:21:38,440 Speaker 1: And I said, and I remember this clearly at four, 386 00:21:39,000 --> 00:21:42,520 Speaker 1: So Mom, you make less than dad because you're a woman, right, 387 00:21:43,160 --> 00:21:45,800 Speaker 1: And my mom, God bless her, she said, Oh, hell no, 388 00:21:46,240 --> 00:21:49,360 Speaker 1: I gotta sit you down here right quick and and 389 00:21:49,440 --> 00:21:52,399 Speaker 1: talk about the real deal here. And I was gonna 390 00:21:52,440 --> 00:21:56,240 Speaker 1: turn to my dad. And you ever seen the cartoon 391 00:21:56,359 --> 00:22:00,119 Speaker 1: the the coyote where you see the big zip and 392 00:22:00,119 --> 00:22:05,320 Speaker 1: then the cloud means out the room right there? Yeah, exactly. 393 00:22:06,359 --> 00:22:12,040 Speaker 1: I bring all of this up because people like in 394 00:22:12,160 --> 00:22:17,440 Speaker 1: my mom's category, liking your category made it to CEO, 395 00:22:18,240 --> 00:22:22,400 Speaker 1: and you are carrying the torch to move along for 396 00:22:22,480 --> 00:22:25,679 Speaker 1: other women to be CEOs as well. That's why I 397 00:22:25,760 --> 00:22:29,879 Speaker 1: like the work like a Girl campaign. That's awesome. I 398 00:22:29,920 --> 00:22:33,840 Speaker 1: appreciate that. Shout out to your mom. Um. Yeah, look, 399 00:22:33,880 --> 00:22:36,280 Speaker 1: I think you know you. I want to see more 400 00:22:36,320 --> 00:22:40,800 Speaker 1: women in business. I want to see the most women 401 00:22:40,920 --> 00:22:44,399 Speaker 1: possible succeed in their careers. It's it's hard. You know, 402 00:22:44,440 --> 00:22:47,959 Speaker 1: it's hard. Life is hard for everybody or most everybody, 403 00:22:47,960 --> 00:22:51,359 Speaker 1: and making it to find your dream and to have 404 00:22:51,520 --> 00:22:53,960 Speaker 1: that dream and to keep working on it and getting 405 00:22:53,960 --> 00:22:57,800 Speaker 1: better at it every day is is It's no small feet. 406 00:22:57,840 --> 00:23:01,000 Speaker 1: It takes stamina, it takes grit. Know, everybody has their 407 00:23:01,000 --> 00:23:04,720 Speaker 1: own stuff they need to overcome. And you know what 408 00:23:04,800 --> 00:23:07,520 Speaker 1: I get so inspired by is you look at women 409 00:23:07,640 --> 00:23:10,640 Speaker 1: who've made it and you hear about how much they 410 00:23:10,640 --> 00:23:13,840 Speaker 1: had to take on in their personal life, things they 411 00:23:13,840 --> 00:23:16,760 Speaker 1: had to combat in their professional lives. It just gives 412 00:23:16,760 --> 00:23:20,640 Speaker 1: you so much admiration. And I think it's so inspiring 413 00:23:20,800 --> 00:23:23,919 Speaker 1: to to really believe that for the women who are 414 00:23:23,960 --> 00:23:25,679 Speaker 1: going to come after me and then the women who 415 00:23:25,680 --> 00:23:29,080 Speaker 1: are going to come after them, that there's only going 416 00:23:29,119 --> 00:23:32,639 Speaker 1: to be more possibilities, There's only going to be further 417 00:23:32,800 --> 00:23:36,720 Speaker 1: frontiers that that women can go conquer. And you know, 418 00:23:36,760 --> 00:23:39,280 Speaker 1: I think I'm a good example of that. When you know, 419 00:23:39,280 --> 00:23:43,760 Speaker 1: when I came to Barstool, they the investor behind Barstool 420 00:23:43,840 --> 00:23:46,600 Speaker 1: was looking for a CEO and they had a bunch 421 00:23:46,600 --> 00:23:49,760 Speaker 1: of you know, white guys with MBAs, and that's who 422 00:23:49,800 --> 00:23:53,359 Speaker 1: the that's that's the profile of the person who was 423 00:23:53,400 --> 00:23:57,200 Speaker 1: going to come to Barstool and I didn't fit that profile. 424 00:23:57,280 --> 00:23:59,760 Speaker 1: I don't have an m B A. I would obviously don't. 425 00:24:04,920 --> 00:24:13,440 Speaker 1: We have a chance to go for three owns the 426 00:24:13,560 --> 00:24:17,720 Speaker 1: company to be and you know, Dave Portnoy and Peter 427 00:24:17,800 --> 00:24:20,360 Speaker 1: Charan and gave me a chance. And you know, here 428 00:24:20,560 --> 00:24:24,399 Speaker 1: here we are today, and I'm just hopeful that more 429 00:24:24,400 --> 00:24:27,280 Speaker 1: women can stand and have a chance, and there's more 430 00:24:27,320 --> 00:24:30,640 Speaker 1: men and more people who give it to them. And 431 00:24:30,760 --> 00:24:34,919 Speaker 1: as CEO under your tenure, we've actually I remember talking 432 00:24:34,920 --> 00:24:38,560 Speaker 1: to in the past and you're surprising me with numbers 433 00:24:38,560 --> 00:24:41,360 Speaker 1: on the breakdown of your audience and how it's it's 434 00:24:41,400 --> 00:24:45,160 Speaker 1: a lot more female oriented than you might expect. Um, 435 00:24:45,280 --> 00:24:47,760 Speaker 1: tell us about that, and tell us overall about how 436 00:24:47,840 --> 00:24:51,879 Speaker 1: the audience has evolved since you became CEO. Sure, I 437 00:24:51,880 --> 00:24:55,240 Speaker 1: mean I think Barstools a lot more than than people expect, 438 00:24:55,440 --> 00:24:58,520 Speaker 1: you know, Like I generally end up having this type 439 00:24:58,520 --> 00:25:02,639 Speaker 1: of conversation always, which is like, hey, great business results, 440 00:25:03,080 --> 00:25:05,199 Speaker 1: tell me what Dave's done. Dave seems to be in 441 00:25:05,240 --> 00:25:08,360 Speaker 1: trouble again. What's going on with Dave? And then when 442 00:25:08,359 --> 00:25:12,040 Speaker 1: you peel back the onion on our business, it's actually 443 00:25:12,119 --> 00:25:16,680 Speaker 1: and I'm super biased. It's really fascinating. We are one 444 00:25:16,720 --> 00:25:19,879 Speaker 1: of the fastest, it's not the fastest growing brand on 445 00:25:19,920 --> 00:25:23,960 Speaker 1: the internet. We have sixty five brands that we own 446 00:25:24,000 --> 00:25:27,880 Speaker 1: and operate inside of Barstool. We have the top sports 447 00:25:27,880 --> 00:25:30,960 Speaker 1: podcast brand, we have the top hockey brand, we have 448 00:25:31,000 --> 00:25:33,439 Speaker 1: a top golf brand, we have a top you know, 449 00:25:33,560 --> 00:25:39,560 Speaker 1: three top entertainment brands. So what's interesting about our audience is, 450 00:25:39,880 --> 00:25:41,600 Speaker 1: you know, when I got to Barstool, it was a 451 00:25:41,640 --> 00:25:44,840 Speaker 1: regional blog. I was in New York, it was in Philly, 452 00:25:45,320 --> 00:25:48,920 Speaker 1: was in Boston, obviously, which is where Dave started Barstool. 453 00:25:49,440 --> 00:25:51,879 Speaker 1: It was in Iowa, and that was about it. And 454 00:25:52,200 --> 00:25:57,159 Speaker 1: it was a predominantly you know, Northeastern male audience. And 455 00:25:57,240 --> 00:25:59,960 Speaker 1: now you know, we reach over a hundred and fifth 456 00:26:00,040 --> 00:26:03,880 Speaker 1: the million people every month on every platform out there. 457 00:26:04,040 --> 00:26:07,399 Speaker 1: And our audience is in large part female. Some of 458 00:26:07,400 --> 00:26:12,080 Speaker 1: our shows are female, some shows are fifty female. Um, 459 00:26:12,240 --> 00:26:15,040 Speaker 1: but we reach a very big audience, and we have 460 00:26:15,240 --> 00:26:19,000 Speaker 1: fans that come from all different types of places, all 461 00:26:19,040 --> 00:26:22,080 Speaker 1: different types of backgrounds, all different types of genders, all 462 00:26:22,119 --> 00:26:27,160 Speaker 1: different types of races. So there's something that is let 463 00:26:27,160 --> 00:26:29,880 Speaker 1: me just say this near and dear to my heart Uh, 464 00:26:30,000 --> 00:26:35,240 Speaker 1: let's just talk about online gambling. It's available for you 465 00:26:35,320 --> 00:26:38,359 Speaker 1: guys in twelve of the eighteen states where online sports 466 00:26:38,359 --> 00:26:42,679 Speaker 1: betting is legal. To disclaimer, folks, if you're gonna bet, 467 00:26:42,880 --> 00:26:46,560 Speaker 1: bet responsibly. Having said that, I got my twenty in 468 00:26:46,680 --> 00:26:49,800 Speaker 1: my fist and I'm ready to go gamble on our 469 00:26:49,960 --> 00:26:54,639 Speaker 1: stool sports book, did you ever think that this would 470 00:26:54,680 --> 00:26:59,040 Speaker 1: grow to this much when it comes to online sports betting. 471 00:27:00,480 --> 00:27:04,639 Speaker 1: I'm excited about online sports betting. When PASPO was repealed, 472 00:27:04,920 --> 00:27:07,399 Speaker 1: you know, Dave Portnoy and I looked at one another 473 00:27:07,480 --> 00:27:10,080 Speaker 1: and said, this is it for this company, Like this 474 00:27:10,160 --> 00:27:13,800 Speaker 1: is our path. And you know what, what we knew 475 00:27:14,040 --> 00:27:17,040 Speaker 1: because Dave and you know, Dan Cats and a lot 476 00:27:17,119 --> 00:27:21,320 Speaker 1: of our characters and personalities are big gamblers. We knew 477 00:27:21,359 --> 00:27:25,600 Speaker 1: that content around betting is can be electric, right, It 478 00:27:25,640 --> 00:27:30,240 Speaker 1: can be funny, it can be rowdy. It's all about 479 00:27:30,320 --> 00:27:33,240 Speaker 1: who's winning and who's losing, and the steak you have 480 00:27:33,359 --> 00:27:38,119 Speaker 1: in a game and sweating out the conclusion. It really embodies, 481 00:27:38,160 --> 00:27:40,880 Speaker 1: I think a lot of the best of sports. Right, 482 00:27:40,960 --> 00:27:44,320 Speaker 1: you don't know what's going to happen, You're you're emotionally invested, 483 00:27:44,400 --> 00:27:47,280 Speaker 1: you may be financially invested a little bit. I totally 484 00:27:47,280 --> 00:27:50,719 Speaker 1: agree you should gamble responsibly. Um. And then there's a 485 00:27:50,720 --> 00:27:55,280 Speaker 1: whole bunch of conversation and ribbing that can come around that. 486 00:27:55,560 --> 00:27:58,399 Speaker 1: So you know, when I think about sports and I 487 00:27:58,440 --> 00:28:01,720 Speaker 1: think about younger audiences, is especially you know, in their 488 00:28:01,760 --> 00:28:06,640 Speaker 1: twenties and thirties, Um, the shorter attention span. People want 489 00:28:06,680 --> 00:28:09,160 Speaker 1: to be motivated by something. This is the Robin Hood 490 00:28:09,200 --> 00:28:12,480 Speaker 1: generation where you can swipe up an app and buy 491 00:28:12,520 --> 00:28:15,280 Speaker 1: a stock, right, So why couldn't you do the same 492 00:28:15,320 --> 00:28:17,840 Speaker 1: thing to put a stake in the game in terms 493 00:28:17,840 --> 00:28:19,959 Speaker 1: of what's going to happen in your favorite sport or 494 00:28:19,960 --> 00:28:23,760 Speaker 1: with your favorite team, or in whatever matchup is happening, 495 00:28:24,600 --> 00:28:27,480 Speaker 1: whatever matchup is happening at any given day or date 496 00:28:27,600 --> 00:28:30,560 Speaker 1: or time. So we're fired up about sports betting. I 497 00:28:30,600 --> 00:28:32,719 Speaker 1: think it can be huge. I actually think it can 498 00:28:32,760 --> 00:28:36,280 Speaker 1: be huge beyond sports and and that's the bet we're 499 00:28:36,280 --> 00:28:39,680 Speaker 1: making with Penn National. UM. I was talking to our 500 00:28:39,680 --> 00:28:41,880 Speaker 1: reporters here at Bloomberg and and they point out that 501 00:28:41,920 --> 00:28:45,880 Speaker 1: Barstool sports betting is currently battling for fourth place nationally 502 00:28:45,920 --> 00:28:48,880 Speaker 1: with Caesar's and is far behind the market leaders like 503 00:28:48,880 --> 00:28:53,120 Speaker 1: fanjul and DraftKings. What's your path the profitability with your 504 00:28:53,160 --> 00:28:57,640 Speaker 1: current sliver of market share. Yeah, I mean when you 505 00:28:57,680 --> 00:29:00,920 Speaker 1: look at Sanduel and draft Kings, both of whom are 506 00:29:00,960 --> 00:29:04,720 Speaker 1: companies we've worked with pretty substantially. We helped grow both 507 00:29:04,800 --> 00:29:08,200 Speaker 1: of those when they were in the daily fantasy business. Um, 508 00:29:08,240 --> 00:29:12,600 Speaker 1: they're spending you know, a gazillion dollars on advertising, right, 509 00:29:13,040 --> 00:29:17,000 Speaker 1: traditionally above the line advertising, so they're buying television. You 510 00:29:17,080 --> 00:29:20,479 Speaker 1: cannot drive around in a state with legal sports betting 511 00:29:20,560 --> 00:29:24,920 Speaker 1: and not see five hundred billboards that really generally look 512 00:29:25,040 --> 00:29:27,240 Speaker 1: the same and have the same type of offer and 513 00:29:27,280 --> 00:29:30,600 Speaker 1: the same type of clip art of some athlete. You're 514 00:29:30,600 --> 00:29:34,160 Speaker 1: going to see that everywhere. That's not our strategy, right. 515 00:29:34,240 --> 00:29:39,000 Speaker 1: So Danduel and DraftKings super smart companies, very big databases, 516 00:29:39,400 --> 00:29:43,920 Speaker 1: strong technology backgrounds. They are duking it out for the 517 00:29:44,040 --> 00:29:48,600 Speaker 1: number one number two spots. Our approach is to make 518 00:29:48,920 --> 00:29:54,480 Speaker 1: betting cultural, to make betting conversational, and to market our 519 00:29:54,560 --> 00:29:57,800 Speaker 1: sports book alongside a whole bunch of other products and 520 00:29:57,840 --> 00:30:02,160 Speaker 1: services and content that we create, and to do so profitably. 521 00:30:02,320 --> 00:30:04,160 Speaker 1: So when you look at the end of a quarter, 522 00:30:04,240 --> 00:30:06,560 Speaker 1: when you look at all of the results from whether 523 00:30:06,600 --> 00:30:10,600 Speaker 1: it's Pen National or Draft Kings or FanDuel. And you 524 00:30:10,680 --> 00:30:13,880 Speaker 1: look at how much people are spending on growing share 525 00:30:13,960 --> 00:30:18,400 Speaker 1: or maintaining share and attracting audience. Their numbers are huge. 526 00:30:19,000 --> 00:30:22,640 Speaker 1: Our number is very small because what we're doing is 527 00:30:22,720 --> 00:30:28,200 Speaker 1: making content that's compelling, show featuring and showcasing personalities who 528 00:30:28,200 --> 00:30:33,240 Speaker 1: people relate to. And we're making betting at a fluid 529 00:30:33,400 --> 00:30:39,560 Speaker 1: part of what we're doing every day, a holistic part, right, 530 00:30:39,640 --> 00:30:43,920 Speaker 1: And so that approach will be more profitable, right, just 531 00:30:44,040 --> 00:30:46,800 Speaker 1: by nature of how we think about spending money. We 532 00:30:46,920 --> 00:30:52,000 Speaker 1: don't use paid placements. We're using content, right, We're using 533 00:30:52,120 --> 00:30:56,320 Speaker 1: social conversation, we're using the brand equity all of our 534 00:30:56,360 --> 00:31:01,000 Speaker 1: personalities have built to make betting just you know, same 535 00:31:01,040 --> 00:31:03,680 Speaker 1: as you laugh at a podcast, or same as you 536 00:31:03,720 --> 00:31:07,200 Speaker 1: watch a live stream of our gang talking about sports. 537 00:31:07,680 --> 00:31:11,240 Speaker 1: Now you do so when you bet with us. Bar 538 00:31:11,320 --> 00:31:17,240 Speaker 1: Stool ceo Erica Nardini, you are so kind, and we 539 00:31:17,640 --> 00:31:19,960 Speaker 1: gotta ask one more questions I do. I'm sorry, I'm 540 00:31:20,040 --> 00:31:23,160 Speaker 1: curious about this given what we've seen with the Major 541 00:31:23,200 --> 00:31:26,080 Speaker 1: League Baseball coming to terms with the players union and 542 00:31:26,280 --> 00:31:30,360 Speaker 1: all this talk about Apple TV now broadcasting some MLB. 543 00:31:30,840 --> 00:31:33,960 Speaker 1: You're exploring jumping into acquiring live sports right if if 544 00:31:34,000 --> 00:31:35,960 Speaker 1: I've got that correctly, I want to hear more about 545 00:31:36,000 --> 00:31:39,200 Speaker 1: that because this is a super expensive proposition, especially if 546 00:31:39,200 --> 00:31:43,800 Speaker 1: you're talking the Big Four, the NFL, the NBA, the MLB, NHL. 547 00:31:44,760 --> 00:31:47,680 Speaker 1: Are you going for those leagues or are there specific 548 00:31:47,680 --> 00:31:50,240 Speaker 1: sports that are more natural fit with with your focus, 549 00:31:50,240 --> 00:31:54,840 Speaker 1: with your audience. Yeah, I mean we You know, six 550 00:31:54,920 --> 00:31:56,800 Speaker 1: years ago, I would never have dreamed that we would 551 00:31:56,840 --> 00:31:59,800 Speaker 1: have a shot at live right right, live sports right, 552 00:32:00,640 --> 00:32:04,800 Speaker 1: Live sports rights are the single most compelling assets in 553 00:32:05,040 --> 00:32:08,080 Speaker 1: content asset in the market right now. Nothing beats live 554 00:32:08,160 --> 00:32:11,840 Speaker 1: sports on television in particular. Um, you know, we do 555 00:32:12,000 --> 00:32:14,920 Speaker 1: our own live events, right. We have a brand called 556 00:32:15,000 --> 00:32:18,000 Speaker 1: Rough and Rowdy. We have an amateur boxing pay per 557 00:32:18,080 --> 00:32:21,160 Speaker 1: view business that's content that we own the rights to. 558 00:32:21,360 --> 00:32:25,400 Speaker 1: We were also obviously very familiar with growing brands and 559 00:32:25,480 --> 00:32:29,960 Speaker 1: developing personalities. We have the rights to the Arizona Bowls. 560 00:32:30,080 --> 00:32:34,120 Speaker 1: So the Arizona Bowl is a college um is a 561 00:32:34,600 --> 00:32:37,840 Speaker 1: college football bowl game that's between the Mountain West and 562 00:32:37,960 --> 00:32:41,440 Speaker 1: Mac divisions that happens on New Year's Eve or right 563 00:32:41,480 --> 00:32:44,560 Speaker 1: around New Year's Eve every year. We will broadcast that 564 00:32:44,720 --> 00:32:49,080 Speaker 1: game in addition to being the title sponsor of that game. UM, 565 00:32:49,240 --> 00:32:52,000 Speaker 1: and then we're also looking to find, you know, whether 566 00:32:52,040 --> 00:32:56,640 Speaker 1: it's other sports or other avenues, to showcase live sports 567 00:32:56,680 --> 00:32:59,840 Speaker 1: and to to build the commentary and the color around that. 568 00:33:00,040 --> 00:33:03,080 Speaker 1: Uh that we think our fans will like. I don't 569 00:33:03,160 --> 00:33:07,200 Speaker 1: think you will see us be you know, alongside NBC 570 00:33:07,760 --> 00:33:12,440 Speaker 1: or hockey rates or you know, football rates whatnot. Erica Nardini, 571 00:33:12,600 --> 00:33:17,560 Speaker 1: Barstool Sports CEO, thank you for joining us. Let's tear 572 00:33:17,600 --> 00:33:20,680 Speaker 1: into the world of venture capital. Serena Ventures. That is. 573 00:33:20,960 --> 00:33:24,480 Speaker 1: Bloomberg's Emily Chang caught up with the women's tennis champion 574 00:33:24,680 --> 00:33:28,080 Speaker 1: Serena Williams earlier this week to discuss the new one 575 00:33:28,560 --> 00:33:33,120 Speaker 1: eleven million dollar fund focusing on overlooked founders. Let's listen 576 00:33:33,160 --> 00:33:36,160 Speaker 1: to some of that conversation. Serena, you have been investing 577 00:33:36,200 --> 00:33:39,600 Speaker 1: in early stage companies for nine years now, but this 578 00:33:39,680 --> 00:33:42,880 Speaker 1: new fund takes it to the next level. You say 579 00:33:42,920 --> 00:33:45,760 Speaker 1: you want to invest in the next generation of champions. 580 00:33:45,880 --> 00:33:50,480 Speaker 1: Who and where do you think those champions are. UM. Yeah, 581 00:33:50,560 --> 00:33:53,840 Speaker 1: so I have been investing for nine years now, and 582 00:33:53,880 --> 00:33:57,400 Speaker 1: then I've been actually working on this particular chapter in 583 00:33:57,400 --> 00:34:00,320 Speaker 1: my life for the past um four years, UM and 584 00:34:00,400 --> 00:34:03,600 Speaker 1: just really building my track record here. So UM, I 585 00:34:03,720 --> 00:34:06,280 Speaker 1: feel like us at certain Avengers, we don't really kind 586 00:34:06,400 --> 00:34:08,760 Speaker 1: we don't check just one box. We really are looking 587 00:34:08,800 --> 00:34:12,640 Speaker 1: forward to well well health and wellness, film tech as 588 00:34:12,680 --> 00:34:15,759 Speaker 1: well as fintech. Obviously we're the crypto space and the 589 00:34:15,800 --> 00:34:18,000 Speaker 1: Web three space and n f t s are something 590 00:34:18,000 --> 00:34:21,560 Speaker 1: that is on everyone's mind. And UM, I don't think 591 00:34:21,600 --> 00:34:23,799 Speaker 1: you can really have a VC firm and not have 592 00:34:24,520 --> 00:34:29,359 Speaker 1: some really big part of that into into a big 593 00:34:29,400 --> 00:34:31,640 Speaker 1: part of your fun, into that part of the Web 594 00:34:31,680 --> 00:34:35,040 Speaker 1: three space. So um, we're kind of like looking in 595 00:34:35,120 --> 00:34:39,640 Speaker 1: those particular areas. Now, you've been the greatest of all 596 00:34:39,680 --> 00:34:42,320 Speaker 1: time in tennis for so long, but in venture capital 597 00:34:42,360 --> 00:34:44,800 Speaker 1: you've kind of been in stealth mode or under the radar, 598 00:34:44,920 --> 00:34:47,880 Speaker 1: and a lot of a lot of celebrities and athletes 599 00:34:47,920 --> 00:34:50,760 Speaker 1: don't necessarily get taken seriously here unless they're investing directly 600 00:34:50,800 --> 00:34:54,480 Speaker 1: in their craft. Is there something motivating or energizing about 601 00:34:54,480 --> 00:34:58,560 Speaker 1: trying to prove yourself at something new. Yes, And honestly, 602 00:34:58,680 --> 00:35:01,120 Speaker 1: that's one of the reasons I have been investing so long, 603 00:35:01,160 --> 00:35:03,120 Speaker 1: and I have been in stealth mode for so long 604 00:35:03,200 --> 00:35:05,880 Speaker 1: because I feel like you know, whether it's an entertainer 605 00:35:06,040 --> 00:35:09,480 Speaker 1: or it's an athlete. When we try to do something different, 606 00:35:09,560 --> 00:35:12,799 Speaker 1: it's seen as more of an opportunity as instead of 607 00:35:12,800 --> 00:35:14,680 Speaker 1: a passion. This is actually a passion of mine. I 608 00:35:14,719 --> 00:35:17,640 Speaker 1: wake up every morning thinking, oh my gosh, I cannot 609 00:35:17,640 --> 00:35:20,120 Speaker 1: wait to open my computer and look at decks or 610 00:35:20,160 --> 00:35:22,440 Speaker 1: just talk to the company or just see how what 611 00:35:22,480 --> 00:35:25,920 Speaker 1: we're gonna do today. Um. And it's something that is 612 00:35:26,160 --> 00:35:28,840 Speaker 1: I'm super passionate about and I just genuinely have so 613 00:35:28,920 --> 00:35:32,320 Speaker 1: much fun with it. Um. But yeah, that's also another 614 00:35:32,360 --> 00:35:34,959 Speaker 1: reason why I was operated in stealth. I really wanted 615 00:35:35,000 --> 00:35:37,600 Speaker 1: to build my portfolio. I wanted to build my track record. 616 00:35:37,880 --> 00:35:39,880 Speaker 1: So when people have questions, I would say, you know, 617 00:35:40,000 --> 00:35:41,880 Speaker 1: we can just go to our track record, to go 618 00:35:41,920 --> 00:35:43,799 Speaker 1: to our data room and kind of see what we've 619 00:35:43,840 --> 00:35:45,520 Speaker 1: done in the past, and it gives you a glimpse 620 00:35:45,880 --> 00:35:48,839 Speaker 1: of when we do have bigger fund and being able 621 00:35:48,880 --> 00:35:51,319 Speaker 1: to write those big checks, what we'll actually do in 622 00:35:51,360 --> 00:35:55,759 Speaker 1: the future. Now, Serena, in sports, you know immediately if 623 00:35:55,800 --> 00:35:59,239 Speaker 1: you win or lose in venture, it takes years of 624 00:35:59,719 --> 00:36:02,600 Speaker 1: you know, some of them money losing investments. How do 625 00:36:02,640 --> 00:36:05,920 Speaker 1: you think about that? Feed fact that this is years 626 00:36:05,920 --> 00:36:10,319 Speaker 1: over time money winning investments. We really try to have 627 00:36:10,400 --> 00:36:14,160 Speaker 1: ourselves do the best to have our most calculated risk, right, 628 00:36:14,200 --> 00:36:15,440 Speaker 1: I mean, that's the best thing that you can do. 629 00:36:15,480 --> 00:36:18,600 Speaker 1: AD mentures just try to kind of just do as 630 00:36:18,719 --> 00:36:23,640 Speaker 1: much research, do as much due diligence as possible to 631 00:36:24,080 --> 00:36:27,680 Speaker 1: UM to make sure that our risk are less. So 632 00:36:27,840 --> 00:36:29,840 Speaker 1: that's kind of we focus on. And you know, I 633 00:36:29,880 --> 00:36:33,040 Speaker 1: was actually having this conversation last night. It's UM. You 634 00:36:33,400 --> 00:36:35,759 Speaker 1: invest in the fund and you have to wait five 635 00:36:35,880 --> 00:36:39,160 Speaker 1: years sometimes to see the turnaround. It's so interesting sometimes 636 00:36:39,160 --> 00:36:42,320 Speaker 1: in this other space companies and web three in crypto 637 00:36:42,360 --> 00:36:44,759 Speaker 1: and the n n f T space, some of these 638 00:36:44,760 --> 00:36:47,600 Speaker 1: companies are taking turnarounds in one or two years, and 639 00:36:47,640 --> 00:36:50,720 Speaker 1: this is really unprecedented. It's something that we as bcs 640 00:36:50,760 --> 00:36:53,640 Speaker 1: haven't really seen and it's new and everyone's excited about it. 641 00:36:53,960 --> 00:36:56,920 Speaker 1: But typically you really have to wait a few years 642 00:36:56,960 --> 00:37:00,239 Speaker 1: before you see that return and patients is the key here. 643 00:37:00,360 --> 00:37:02,160 Speaker 1: You know, you have to go for the long the 644 00:37:02,239 --> 00:37:05,239 Speaker 1: long haul. Really, you said yourself, Serena, you don't like 645 00:37:05,320 --> 00:37:09,319 Speaker 1: to lose. What do you take from the court to investing, 646 00:37:10,719 --> 00:37:13,120 Speaker 1: So that's a good question, you know, it's really about 647 00:37:13,160 --> 00:37:17,640 Speaker 1: having a winning attitude and really just about um understanding 648 00:37:17,680 --> 00:37:20,000 Speaker 1: that you have to put a lot of time into this, 649 00:37:20,520 --> 00:37:21,920 Speaker 1: you know, and you have to put a lot of 650 00:37:21,960 --> 00:37:24,640 Speaker 1: effort into learning. And for me, I'm the kind of 651 00:37:24,680 --> 00:37:27,520 Speaker 1: person that I like to really do my homework and 652 00:37:27,560 --> 00:37:29,879 Speaker 1: really do my due diligence and really just kind of 653 00:37:30,080 --> 00:37:32,880 Speaker 1: figure out exactly how so I can be the best 654 00:37:32,920 --> 00:37:36,000 Speaker 1: at it, because you know, I know what that takes. 655 00:37:36,000 --> 00:37:37,440 Speaker 1: I know what it takes to be the best at 656 00:37:37,520 --> 00:37:39,920 Speaker 1: something in the world. So I'm bringing that to the 657 00:37:39,960 --> 00:37:41,719 Speaker 1: table and not many people have that. But at the 658 00:37:41,760 --> 00:37:43,480 Speaker 1: same time, I understand that the hard work and the 659 00:37:43,520 --> 00:37:47,600 Speaker 1: dedication and then also that champions mentality of like, I 660 00:37:47,719 --> 00:37:50,359 Speaker 1: like winning, So if you do, what does it take 661 00:37:50,400 --> 00:37:52,440 Speaker 1: to win? And it's really just figuring that out and 662 00:37:52,480 --> 00:37:56,600 Speaker 1: applying it into this this part of our of my life, Serena. 663 00:37:56,680 --> 00:37:59,280 Speaker 1: The New York Times ran a story about your fund 664 00:37:59,360 --> 00:38:02,880 Speaker 1: and mistake inly printed a photo of your sister instead 665 00:38:02,920 --> 00:38:05,680 Speaker 1: of you. You tweeted about this saying, no matter how 666 00:38:05,719 --> 00:38:08,399 Speaker 1: far we come, we get reminded that it's not enough. 667 00:38:08,719 --> 00:38:11,000 Speaker 1: This is why I raised a hundred eleven million dollars 668 00:38:11,000 --> 00:38:13,759 Speaker 1: for Serena Ventures to support the founders who are overlooked 669 00:38:13,760 --> 00:38:17,719 Speaker 1: by ingrained systems, woefully unaware of their biases. Because even 670 00:38:17,920 --> 00:38:25,000 Speaker 1: I am overlooked. How did you process that mistake? UM? Honestly, 671 00:38:25,520 --> 00:38:28,160 Speaker 1: I've been through a lot in my career and in 672 00:38:28,239 --> 00:38:31,920 Speaker 1: my life, and I don't let one thing tick me 673 00:38:32,000 --> 00:38:35,800 Speaker 1: off too much. For me, I process processed it as 674 00:38:35,840 --> 00:38:39,080 Speaker 1: an opportunity to use it to let other people know 675 00:38:39,120 --> 00:38:42,680 Speaker 1: that you're not the only one being overlooked and let 676 00:38:42,719 --> 00:38:45,799 Speaker 1: people know. This is why I'm raising Serena Ventures, you know, 677 00:38:45,960 --> 00:38:48,680 Speaker 1: this is why I want to make an impact because 678 00:38:49,239 --> 00:38:52,120 Speaker 1: we can. We need people like me and people like 679 00:38:52,160 --> 00:38:54,640 Speaker 1: Alison and like our team at Serena Ventures to be 680 00:38:54,760 --> 00:38:57,279 Speaker 1: riding the big checks to change that narrative so we 681 00:38:57,400 --> 00:39:00,880 Speaker 1: don't have to be overlooked and just just thought on 682 00:39:01,120 --> 00:39:03,040 Speaker 1: and just you know, just say okay, let me just 683 00:39:03,080 --> 00:39:05,520 Speaker 1: write right, let me just post this as as fast 684 00:39:05,560 --> 00:39:06,919 Speaker 1: as I can. I'm not even going to think about 685 00:39:06,960 --> 00:39:09,040 Speaker 1: it because it doesn't really matter to me. And so 686 00:39:09,440 --> 00:39:12,080 Speaker 1: it's really about changing that narrative. And it's UM, I 687 00:39:12,120 --> 00:39:16,280 Speaker 1: think that's so important because if you have a platform 688 00:39:16,280 --> 00:39:18,759 Speaker 1: to talk about and to discuss it, then it needs 689 00:39:18,800 --> 00:39:22,800 Speaker 1: to be discussed, and UM, yeah, I think it's important 690 00:39:22,800 --> 00:39:24,959 Speaker 1: for other women and other people of color to see 691 00:39:24,960 --> 00:39:27,759 Speaker 1: that you're not the only one struggling. I mean, I've 692 00:39:27,760 --> 00:39:31,200 Speaker 1: been number one for I don't know EON's and m 693 00:39:31,520 --> 00:39:36,360 Speaker 1: one more I can even find. And um, the fact 694 00:39:36,360 --> 00:39:39,080 Speaker 1: that that can still happen is just and and and 695 00:39:39,719 --> 00:39:42,680 Speaker 1: the truth that this is why we have Serena ventures 696 00:39:42,920 --> 00:39:46,279 Speaker 1: Serena speaking of other great athletes. Tom Brady on retiring, 697 00:39:46,360 --> 00:39:50,600 Speaker 1: what's your take on that? Um, I think everyone is 698 00:39:50,640 --> 00:39:53,640 Speaker 1: happy about it, or most people were. I know I was, 699 00:39:53,920 --> 00:39:57,319 Speaker 1: so it was definitely mixed feelings about him retiring, and 700 00:39:57,360 --> 00:40:00,160 Speaker 1: then kind of felt pretty good about the unretirement. I 701 00:40:00,239 --> 00:40:04,000 Speaker 1: was like, oh, that's exciting so well, like top Rady, 702 00:40:04,040 --> 00:40:08,120 Speaker 1: you've accomplished seemingly everything possible on the court, and you've 703 00:40:08,160 --> 00:40:10,920 Speaker 1: now started this second career and investing and you've got 704 00:40:10,960 --> 00:40:13,600 Speaker 1: other business interests. How much longer are we going to 705 00:40:13,680 --> 00:40:16,680 Speaker 1: see you playing tennis? And are you thinking about the 706 00:40:16,960 --> 00:40:20,840 Speaker 1: R word more often? I mean, I think every tennis 707 00:40:20,840 --> 00:40:23,440 Speaker 1: player thinks about the R word as soon as they 708 00:40:23,520 --> 00:40:28,880 Speaker 1: hit five years, because tennis is so intense. It's literally 709 00:40:28,920 --> 00:40:33,000 Speaker 1: eleven months out of the year. Um, But I don't know. 710 00:40:33,160 --> 00:40:35,720 Speaker 1: I you know, I don't know. I'm not I'm living 711 00:40:35,760 --> 00:40:38,600 Speaker 1: for the day. I always tell people I'm not planning 712 00:40:38,600 --> 00:40:41,400 Speaker 1: for tomorrow. Only in business, and when it comes to tennis, 713 00:40:41,400 --> 00:40:44,399 Speaker 1: I'm planning to sperate it. So what is your advice then, 714 00:40:44,440 --> 00:40:46,680 Speaker 1: for the next generation of women and women of color, 715 00:40:47,040 --> 00:40:52,920 Speaker 1: whether they are founders or investors or tennis players, about 716 00:40:52,920 --> 00:40:56,200 Speaker 1: facing this adversity that obviously still exists in the world 717 00:40:56,920 --> 00:41:01,920 Speaker 1: and how to overcome. Yeah, you have to just understand 718 00:41:01,960 --> 00:41:04,160 Speaker 1: that adversity is always gonna be there, and there's always 719 00:41:04,200 --> 00:41:07,440 Speaker 1: gonna be people that are very nice and UM. For me, 720 00:41:07,960 --> 00:41:10,480 Speaker 1: I think it's because of the way I grew up. UM. 721 00:41:10,520 --> 00:41:13,799 Speaker 1: I liked when I had adversity. It made me better UM, 722 00:41:14,239 --> 00:41:18,319 Speaker 1: and I thrived on that, or thrived on hearing people 723 00:41:18,360 --> 00:41:20,040 Speaker 1: say I would never be good or I would never 724 00:41:20,080 --> 00:41:22,960 Speaker 1: win another Grand Slam, when I would never do this, 725 00:41:23,239 --> 00:41:26,440 Speaker 1: and it made me excited to go out and train. 726 00:41:26,640 --> 00:41:28,880 Speaker 1: And but that's you know, that was my whole life, 727 00:41:28,920 --> 00:41:32,000 Speaker 1: was trying to um prove people that I was better 728 00:41:32,040 --> 00:41:35,160 Speaker 1: than that. And that's what I'm doing UM now in 729 00:41:35,200 --> 00:41:39,040 Speaker 1: a different way, like I love proving that athletes can 730 00:41:39,080 --> 00:41:42,320 Speaker 1: turn and have an amazing career, whether they're playing tennis 731 00:41:42,440 --> 00:41:46,799 Speaker 1: or whether you know, I'm doing investing, and so it's 732 00:41:46,840 --> 00:41:49,160 Speaker 1: important to me too, and that kind of motivates me, 733 00:41:49,200 --> 00:41:52,840 Speaker 1: and so I look forward to doing that with certain adventures. 734 00:41:53,560 --> 00:41:58,000 Speaker 1: Serena william speaking with Bloomberg's Emily Chang, and when I 735 00:41:58,000 --> 00:42:03,600 Speaker 1: think about that interview, I think about something and I 736 00:42:03,640 --> 00:42:07,560 Speaker 1: didn't realize it about a New York Times article that 737 00:42:07,640 --> 00:42:12,320 Speaker 1: came out about this. What I didn't realize was that 738 00:42:13,000 --> 00:42:16,920 Speaker 1: she took a picture of the article and they put 739 00:42:16,920 --> 00:42:21,440 Speaker 1: it as Serena Williams, but it was her sister, Venus Williams. Yeah, 740 00:42:21,560 --> 00:42:24,480 Speaker 1: and I'm glad that Emily talked about that with Serena 741 00:42:24,600 --> 00:42:26,960 Speaker 1: um and and the fact that they could address that. 742 00:42:27,080 --> 00:42:31,040 Speaker 1: And Serena's answer was so thoughtful to just pointing out 743 00:42:31,040 --> 00:42:33,279 Speaker 1: to everyone that it can happen, even to me, and 744 00:42:34,040 --> 00:42:35,839 Speaker 1: she wants people to know that they're not alone when 745 00:42:35,880 --> 00:42:38,319 Speaker 1: that happens. I mean, I can I can relate to this. 746 00:42:38,480 --> 00:42:41,040 Speaker 1: I've been in the Bloomberg pantry and people have mistaken 747 00:42:41,040 --> 00:42:45,120 Speaker 1: me for the other Asian anchor constantly. So it's something 748 00:42:45,160 --> 00:42:47,080 Speaker 1: that comes up quite often when you're a woman. I 749 00:42:47,080 --> 00:42:51,839 Speaker 1: feel like, especially a minority woman. But how you deal 750 00:42:51,880 --> 00:42:54,200 Speaker 1: with it, how you move forward. I think the way 751 00:42:54,200 --> 00:42:57,640 Speaker 1: that Serena explained it full of grace, well put Scarlett um. 752 00:42:58,200 --> 00:43:00,719 Speaker 1: I thought the same thing when once she brought up 753 00:43:00,719 --> 00:43:03,840 Speaker 1: that the picture, I said, oh, my goodness. I remember 754 00:43:03,840 --> 00:43:06,799 Speaker 1: there was a uh they had a number of candidates 755 00:43:06,880 --> 00:43:10,640 Speaker 1: for the race for mayor of Boston last year, and 756 00:43:10,680 --> 00:43:13,719 Speaker 1: there were two Hispanic candidates, and they just put the 757 00:43:13,760 --> 00:43:17,600 Speaker 1: wrong picture in of the of the wrong person and 758 00:43:17,640 --> 00:43:19,279 Speaker 1: gave the wrong credit in the photo. And I said, 759 00:43:19,320 --> 00:43:21,680 Speaker 1: what and what must be going through this person's mind? 760 00:43:21,960 --> 00:43:24,800 Speaker 1: And uh, you know, Serena, you know, could have taken 761 00:43:25,760 --> 00:43:28,360 Speaker 1: that cheap shot at the photographer, at the at the publisher, 762 00:43:28,520 --> 00:43:30,319 Speaker 1: and she took the high road. I was impressed with 763 00:43:30,360 --> 00:43:33,040 Speaker 1: this interview. I really was. Yeah, and I when I 764 00:43:33,080 --> 00:43:35,800 Speaker 1: had to. I mean, obviously, the New York Times we're 765 00:43:35,840 --> 00:43:39,879 Speaker 1: talking about a big time publication, and they're very good 766 00:43:39,920 --> 00:43:43,640 Speaker 1: at what they do, and trust me, we all make mistakes. 767 00:43:44,719 --> 00:43:50,520 Speaker 1: But I like the way Serena handled it because she 768 00:43:50,680 --> 00:43:54,200 Speaker 1: was coming at it from the fact that, you know, 769 00:43:54,400 --> 00:43:59,319 Speaker 1: I won all these tennis championships and still you know, 770 00:43:59,800 --> 00:44:03,640 Speaker 1: I got to climb the Mountain and salute her for 771 00:44:03,719 --> 00:44:06,600 Speaker 1: doing that in the classy way that she addressed that 772 00:44:10,360 --> 00:44:12,200 Speaker 1: ltter to be than the one, than number five. I'll 773 00:44:12,239 --> 00:44:14,000 Speaker 1: wear a number because of Mike. We have a chance 774 00:44:14,040 --> 00:44:15,640 Speaker 1: to go for three in a row. Good numbers are 775 00:44:15,680 --> 00:44:17,720 Speaker 1: a good time. When I first started wearing the number, 776 00:44:17,760 --> 00:44:20,960 Speaker 1: how we just have them? Proud Floomberg Business of Sports, 777 00:44:20,960 --> 00:44:24,600 Speaker 1: the number of the week. Guess what it's time for? 778 00:44:25,280 --> 00:44:30,600 Speaker 1: Get your digital mind ready, here we go, Al Michaels 779 00:44:30,640 --> 00:44:34,120 Speaker 1: and Kirk herb Street they will call Amazon's Thursday Night 780 00:44:34,200 --> 00:44:39,000 Speaker 1: Football al Michael's. He's seventy seven, just called his eleventh 781 00:44:39,000 --> 00:44:41,720 Speaker 1: Super Bowl in February while working for NBC. And also 782 00:44:41,760 --> 00:44:45,960 Speaker 1: you know him from the famous nineteen eighty team USA 783 00:44:46,200 --> 00:44:50,400 Speaker 1: hockey upset of the Soviet Union miracle on ice. He 784 00:44:50,480 --> 00:44:52,480 Speaker 1: just got his star by the way on the Hollywood 785 00:44:52,480 --> 00:44:54,920 Speaker 1: Walking Really, I did not know that. You got it 786 00:44:55,080 --> 00:44:58,880 Speaker 1: very good. What I want to know, and I'll start 787 00:44:58,880 --> 00:45:05,680 Speaker 1: with you, Scarlett, is how much did Amazon pay for 788 00:45:05,760 --> 00:45:11,000 Speaker 1: the rights for Thursday Night Football this year? Okay, I'm 789 00:45:11,080 --> 00:45:22,520 Speaker 1: going to guess Benjie a billion. Yeah, Lyndsey hit it 790 00:45:22,640 --> 00:45:26,960 Speaker 1: right on the nose. You get the hundred dollars and 791 00:45:27,000 --> 00:45:30,480 Speaker 1: then you come up on stage. They're paying a billion 792 00:45:30,520 --> 00:45:33,960 Speaker 1: dollars round a billion dollars for the rights this year. 793 00:45:34,040 --> 00:45:37,239 Speaker 1: How long is the UM contract for Well, I know 794 00:45:37,320 --> 00:45:39,960 Speaker 1: it's for this year now, I haven't seen so they 795 00:45:40,000 --> 00:45:42,600 Speaker 1: only they did one year at a time. No, it's 796 00:45:42,600 --> 00:45:44,480 Speaker 1: for longer than that. I think it's I think it's 797 00:45:44,520 --> 00:45:46,960 Speaker 1: for ten to twelve years. Okay, so then we've just 798 00:45:47,000 --> 00:45:50,920 Speaker 1: divided up. Okay, but but according to this, now, this, 799 00:45:51,040 --> 00:45:52,920 Speaker 1: according to the Washington Post, I'm gonna read it exactly, 800 00:45:52,960 --> 00:45:57,319 Speaker 1: Amazon will begin broadcasting Thursday Night football exclusively this year, 801 00:45:57,600 --> 00:46:00,439 Speaker 1: paying around a billion dollars for the rights, the first 802 00:46:00,560 --> 00:46:05,440 Speaker 1: NFL TV package that will be available exclusively via streaming 803 00:46:06,840 --> 00:46:09,560 Speaker 1: except in the two local markets. By the way, according 804 00:46:09,600 --> 00:46:12,759 Speaker 1: to the New York Post, Michael's and Herb Streets salaries 805 00:46:12,760 --> 00:46:19,200 Speaker 1: will eclipse ten million dollars. Oh, dear Scarlett, you're in 806 00:46:19,200 --> 00:46:27,279 Speaker 1: the rough. Okay, okay, this is the Bloomberg Business of 807 00:46:27,360 --> 00:46:29,880 Speaker 1: Sports show. We're here each and every week at the 808 00:46:29,880 --> 00:46:33,279 Speaker 1: same time, plus online wherever you get your podcast. You 809 00:46:33,280 --> 00:46:35,839 Speaker 1: can catch those Mondays, Wednesdays and Thursdays on Michael Bar 810 00:46:35,920 --> 00:46:38,080 Speaker 1: on Twitter at Big Bar Sports. I'm a very sad 811 00:46:38,080 --> 00:46:40,920 Speaker 1: Scarlet food at Scarlet fo on Twitter. Always next week 812 00:46:41,000 --> 00:46:45,479 Speaker 1: Scarlett and that's billiont with a B B. I'm Mike Lynch. 813 00:46:45,719 --> 00:46:51,319 Speaker 1: Follow me at Lynch w c v B. That was 814 00:46:51,320 --> 00:46:54,000 Speaker 1: pretty good, Lynch, I gotta give you that. Thanks for 815 00:46:54,120 --> 00:46:57,440 Speaker 1: listening to it. In again next week for the latest 816 00:46:57,440 --> 00:47:00,440 Speaker 1: time the stories moving big old money in the world 817 00:47:00,560 --> 00:47:03,720 Speaker 1: of sports. You're listening to Bloomberg Business of Sports Bloomberg 818 00:47:03,800 --> 00:47:05,400 Speaker 1: Radio around the world. M