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Speaker 1: Hello, I'm Van Novie Williams and I'm Scott and this

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Speaker 1: is the Bloomberg Business of Sports podcast where we normally

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Speaker 1: stressed the weed. But no Michael Barr. He's out this

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Speaker 1: entire week. So Eben, you and I. You and I

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Speaker 1: will explore the big money issues in the world of

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Speaker 1: sports and do this without Michael Barr. I know he's

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Speaker 1: like the Traffic Cup. Yeah, this is not our forte,

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Speaker 1: But don't does he like wrestling? Did Bart like wrestling? Must?

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Speaker 1: I would think you did? Ms? Al Right, well, we're

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Speaker 1: gonna begin with WrestleMania breaking the record for MetLife Stadium's

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Speaker 1: highest grossing entertainment event. Are you surprised at all? I'm

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Speaker 1: not surprised. But when they say highest grossing entertainment event,

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Speaker 1: that is not sports related, right, So the super Bowl

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Speaker 1: obviously did more money than this, ww you would think

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Speaker 1: you would think the super Bowl did. So we don't

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Speaker 1: have the exact criteria for which they're using on this

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Speaker 1: breaking its own record, I believe, right. Yeah. Um, and

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Speaker 1: this was the event that was headlined by by almost

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Speaker 1: entirely women, Is that right? Look at you taken all

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Speaker 1: the big points, the big talking about this pretty much

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Speaker 1: all I have in producing. You see you see him

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Speaker 1: been going for like the talking points. Boom boom boom.

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Speaker 1: All right, now you take that is how the pros

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Speaker 1: do it. Yeah, WrestleMania thirty five, headlined by the women

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Speaker 1: Rhonda Rousy Flair right, Ric Flair's daughter, Charlotte fat Flair

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Speaker 1: and you by the way, we got we have to

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Speaker 1: tell the listeners and Colin you'll like this. I mentioned

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Speaker 1: Rick Flair like ten minutes ago. Edban looked right at

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Speaker 1: me and said, I have no idea who I mean.

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Speaker 1: I knew he was a wrestler, but I mean I

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Speaker 1: had no idea if you would put like a bunch

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Speaker 1: of wrestlers in front of me, I would never know.

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Speaker 1: And then the only comment when I sent him my

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Speaker 1: favorite clip of look good, fel good whoa you know, yeah,

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Speaker 1: which they play at New Jersey Devil's games, by the way,

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Speaker 1: like the best part of the game that the crowd

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Speaker 1: loves it. Well, Edman says he looks at me, goes

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Speaker 1: great hair, got good hair? Uh? Which is the wrestler

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Speaker 1: that has the finger pointing yes thing that the Islanders do.

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Speaker 1: I don't know, I have no idea. I'm I'm Sergeant

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Speaker 1: Slaughter the iron. She to get back on topic the

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Speaker 1: revenue there what what was the number? Sixteen point seven

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Speaker 1: and sixteen nine, sixteen point nine million dollars just from

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Speaker 1: the event, the one day event at Medlife Stadium, breaking

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Speaker 1: its own record right that ertainment. But for w w

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Speaker 1: was number two behind A ten T. I mean, obviously

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Speaker 1: it's a lot more people. Everything is bigger, everything is bigger.

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Speaker 1: But the thing is, you know what, I saw triple

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Speaker 1: H and this was interesting. And you always say business,

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Speaker 1: business wrestlers, but I saw triple H. He he appeared

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Speaker 1: at the World Congress of Sport and he was asked

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Speaker 1: about everything that they do at w w E and

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Speaker 1: his advice to all those in the room. And of

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Speaker 1: course these are big weig sports executives. Where invest the

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Speaker 1: most in your live property because that's what's going to

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Speaker 1: cost your customers the most time, the most effort, and

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Speaker 1: of course the most money. And I think sports in

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Speaker 1: general could really learn a lot from how w w

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Speaker 1: E goes about producing these live events. Eighties something thousand,

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Speaker 1: you know what it's gonna be. But they still show

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Speaker 1: up and people leave with a smile on their face,

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Speaker 1: and it's reflected in the stock price as well. In

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Speaker 1: the past year, you know, the ww E stock has

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Speaker 1: gone from about thirty seven dollars all the way up

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Speaker 1: to eighty nine dollars, right, So that's that's more than

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Speaker 1: doubling in the past year alone. Well, that's also because

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Speaker 1: of their big Fox deal. So they're gonna be on

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Speaker 1: Fox Friday night. That's a significantly more money than they

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Speaker 1: got last time, and they had the major franchises and

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Speaker 1: SmackDown in raw And there's been some there's been some

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Speaker 1: criticism as well. Last week, you know, very public John Oliver,

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Speaker 1: the HBO host, kind of went after them for the

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Speaker 1: way that they treat their wrestlers. Uh. Certainly the money

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Speaker 1: that they were potentially taking in their relationship with Saudi

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Speaker 1: Arabia earlier this year or maybe later last year. Uh,

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Speaker 1: that also kind of drew some headlines. But overall, it

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Speaker 1: certainly feels as though ww e's businesses is in a

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Speaker 1: is in a smart place where everybody is trying to

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Speaker 1: chase the OT team. And we talked about this all

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Speaker 1: over every way over the top, ESPN, plus, NBC. Everybody's

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Speaker 1: got this O T T network starting. Nobody does it

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Speaker 1: better than w w E. They get they've got that

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Speaker 1: subscriber money coming in, and people love to see not

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Speaker 1: only the live events, however, they also love and I

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Speaker 1: don't I mean, you would think the other sports would

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Speaker 1: come in there too, but they love the archive. Yeah.

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Speaker 1: Laurence Epstein, the CEO of UFC, told us this when

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Speaker 1: he was on the podcast a couple of months ago.

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Speaker 1: UFC also does a very good job intern with their

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Speaker 1: with their O T T. But just like you said,

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Speaker 1: with wrestling, people like to watch old fights uh and

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Speaker 1: in UFC as well. It's it's a popular item. I

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Speaker 1: don't know how popular it would be if the NFL,

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Speaker 1: you know, as part of Sunday ticket, you've got access

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Speaker 1: to whatever. That's what NFL Films is all about, and

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Speaker 1: people love to watch NFL. The NFL Films is a curated,

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Speaker 1: almost docuse series of previous seasons or previous games, right.

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Speaker 1: I don't think a raw footage of individual events would

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Speaker 1: be all that popular. But you're right in terms of

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Speaker 1: kind of navigating this changing media land escape, you know,

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Speaker 1: putting a bigger emphasis on digital uh w W E

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Speaker 1: has done as well as almost any other sports property

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Speaker 1: out there. And I guess the takeaway Edman from that

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Speaker 1: is the women headline the event at MetLife Stadium. They're

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Speaker 1: really running the sport of wrestling. That brings us to

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Speaker 1: our next topic, Mr Noby Williams Sportswear Company and I'm

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Speaker 1: gonna say it the right way, addas teaming up with

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Speaker 1: one of the world's biggest pop stars, take it away. Yeah,

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Speaker 1: So Beyonce has signed on to be a creative partner

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Speaker 1: and endorser of Adidas. Fits very well into their stable

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Speaker 1: already of of of celebrity endorsers. You know, everybody knows

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Speaker 1: they work with Kanye they have for a while. He's

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Speaker 1: been possibly their most important, uh celebrity partner over the

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Speaker 1: past decade. Um Farrell, you know, the producer slash hip

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Speaker 1: hop star, also part of the Adidas stable. Um does

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Speaker 1: make you wonder if you know we're entering this potential

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Speaker 1: phase air. You know, celebrities might be better, you know, entertainment.

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Speaker 1: Celebrities may be better hawkers of merchandise and shoes than

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Speaker 1: athletes and even the athletes. And I think when I

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Speaker 1: think Adidas right now, I think James Harden and he's

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Speaker 1: got the beard, the look, the creativity, the fashion. It's

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Speaker 1: not just yes, he's a great player, probably the m

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Speaker 1: v P this year. I get it. But if James

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Speaker 1: Harden was just a great basketball player, I'm not so

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Speaker 1: sure he fits in that Adidas stable. But but he's

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Speaker 1: got this avant garde approach to the fashion, not even

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Speaker 1: to the game. The way he plays, to me, he

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Speaker 1: screams artists more than athlete, or just as much artist

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Speaker 1: as athletes. Yeah, and I think that's that kind of

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Speaker 1: to me. It highlights where Adidas maybe going with with

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Speaker 1: this part of its company. Right. We think of Adidas

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Speaker 1: and Nike as almost identical companies, but in truth that

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Speaker 1: they're not. Right and a Adidas right now at large,

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Speaker 1: big push into the kind of athletisure side of athletics, right,

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Speaker 1: maybe getting away from the hard perform it's goods type

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Speaker 1: type apparel and then getting into, you know, the kind

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Speaker 1: of stuff that you know is comfortable and stretches, but

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Speaker 1: you're not gonna wear it to play basketball and you're

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Speaker 1: just gonna wear it around town. Um, they're pushing big

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Speaker 1: into that. Nike is doubling down on athletes themselves on

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Speaker 1: on the field exactly. Yeah, So you can certainly see

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Speaker 1: a world in which where where where Beyonce may mean

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Speaker 1: more to Adidas, given the direction of their company now

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Speaker 1: than maybe she would mean to Nike and and lost

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Speaker 1: in the shuffle here because it's not as big a

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Speaker 1: deal as Nike of course as Beyonce. Of course, Naomi Osaka,

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Speaker 1: the number one ranked women's tentis player in the world

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Speaker 1: last week as well, went from Adidas over to Nike. Um. Again, Yeah,

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Speaker 1: you know, she's a she's a fantastic tennis player. Uh,

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Speaker 1: someone who you know, touches you know, a lot of

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Speaker 1: different communities. She's half Haitian, she's half Japanese, she's outspoken.

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Speaker 1: She could be the next Serena Williams, both on and

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Speaker 1: off the court, in which case, you know, Nike hits

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Speaker 1: a slam dunk there. Um. But you know, it just

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Speaker 1: kind of to me highlights maybe the two different directions

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Speaker 1: these companies are looking right now as one goes after,

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Speaker 1: you know, goes after Beyonce. Reebok Meadow Tool was was

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Speaker 1: with us a couple of months ago, right before they

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Speaker 1: signed with Cardi B. You know, there there is a

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Speaker 1: push there about influencers, and I think I just should

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Speaker 1: just go to Instagram and say, look at who's got

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Speaker 1: the most followers and like, okay, just go down the

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Speaker 1: list who's not taken yet by a shoe and apparel company,

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Speaker 1: and like the highest number was not untaken, that's going

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Speaker 1: to be the next Yeah. And I think Nike has

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Speaker 1: a deal with Drake perhaps, and I think Kevin Hart

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Speaker 1: does work with them as well. Um, we're definitely kind

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Speaker 1: of in this world now where you know, it's not

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Speaker 1: just it's not just athletes that are that are able

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Speaker 1: to snell sell sneakers. It's it's anyone with influence in

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Speaker 1: social cloud, like like Anna Wintour had had a deal

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Speaker 1: for the special Vote, you know, the Vogue or whatever

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Speaker 1: the sneakers. You can really see this is this is

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Speaker 1: fashion entertainment no longer just about athlete and performance. And

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Speaker 1: I wonder which is easier if if you're Nike and

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Speaker 1: you're carving out that great athlete perform Corman's is it

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Speaker 1: easier for you to add the artistic side, or if

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Speaker 1: you've already got the artistic side, is it easier for

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Speaker 1: an id das to look the other way and say

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Speaker 1: I want Zion Williams, I want the next great basketball

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Speaker 1: I want or the athlete whatever whichever way it goes, yeah,

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Speaker 1: and we did see. I don't know if you you

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Speaker 1: caught this. At the end of the week, Um, there

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Speaker 1: was some reporting out there that that Nike that that

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Speaker 1: Beyonce's team had walked out of a meeting with Reebok

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Speaker 1: because you know, the makeup the demographic team wasn't as

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Speaker 1: diverse as she was expecting Reebok to me kind of

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Speaker 1: pushed back on that, Um said that they have been

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Speaker 1: working with her for a while to try to get

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Speaker 1: it off the ground, and you know, Reebok and Adidas

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Speaker 1: at the same company, so in some way she ended

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Speaker 1: up signing with kind of the same parent as it is.

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Speaker 1: But maybe an interesting message in there, UM for for

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Speaker 1: brands who are looking to reach out to UH to

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Speaker 1: celebrities in terms of kind of matching. You know, the

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Speaker 1: people you have working working on the pitch with with

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Speaker 1: the person you're trying to woo, all right, and finally

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Speaker 1: on location experiences you and I know. That's the high

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Speaker 1: events business partly owned by the NFL close to a

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Speaker 1: sale to drum Roll Endeavor about six hundred million dollars.

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Speaker 1: They did not go on the block. They had expressions

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Speaker 1: of interest coming inbound, so they said all right, let's

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Speaker 1: let's examine some of these uh and now On Location

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Speaker 1: is UH going to be headed to Endeavor, which probably

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Speaker 1: has the ability to scale a bit more than there

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Speaker 1: was Redbird Capital and Brewing Um, and the NFL is

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Speaker 1: gonna stay and their exiting and the NFL is going

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Speaker 1: to stay in so much of their business is NFL

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Speaker 1: related Super Bowl things like that. Yeah, give listeners just

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Speaker 1: a brief kind of couple of year history on on Location.

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Speaker 1: It was originally owned entirely by the NFL. Is that right?

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Speaker 1: Or by by NFL owners, Yeah, by NFL owners, And

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Speaker 1: they brought in Brewing and red Bird. Redbird first, then

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Speaker 1: Bruin John bon Jovi was an owner for a little while,

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Speaker 1: then he exited. So you look at it from the

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Speaker 1: perspective of what are essentially private equity companies, this is

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Speaker 1: like what they could do. But they also got a

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Speaker 1: great result. I mean, they were in for seventy million

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Speaker 1: and they sold for almost seven hundred millions. It's not bad,

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Speaker 1: can you can You can do the math, right, So,

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Speaker 1: but they just took it as far as they could go.

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Speaker 1: Now it's time to see somebody with the ability to scale.

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Speaker 1: They've got this Universe, They've got Fashion Week, They're into events.

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Speaker 1: This is this seems to be a logical home Live

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Speaker 1: Nation was also interested but went to WDOW or it's

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Speaker 1: going to endeavor. Yeah. And and for folks who don't know,

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Speaker 1: on Location is a you know that their specialty is

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Speaker 1: these premium ticket slash experience packages. Right, So if you've

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Speaker 1: ever been to a super Bowl, you know there may

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Speaker 1: be a massive concert in town on the Saturday night

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Speaker 1: before the super Bowl right on location maybe the one

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Speaker 1: putting that concert together. And and part of the package

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Speaker 1: for your super Bowl ticket may include to stay on

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Speaker 1: topic the Beyonce concert the night before, right. So, uh,

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Speaker 1: they do a lot around the final four, the Final

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Speaker 1: four and the super Bowl must be their too biggest

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Speaker 1: and they're reaching out to go global. They're gonna look

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Speaker 1: at the reaching Yeah. As you know, the the the

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Speaker 1: experiential economy takes off. I think on Location really believes

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Speaker 1: that it is well positioned to offer both tickets, but

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Speaker 1: possibly more importantly, tickets with a trip to the locker

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Speaker 1: room for the championship, or tickets to you know, extra

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Speaker 1: y before the game or after the game, be on

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Speaker 1: the field. It's things like that that they believe kind

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Speaker 1: of take their you know, take their packages to to

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Speaker 1: another level. All right, Sir, I am Scott Sashik along

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Speaker 1: with Edmund Novie Williams Michael Barr is taking the week off.

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Speaker 1: This entire week. Wow, we are here and every Monday's,

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Speaker 1: Wednesday and Thursday exploring the world of money in sports.

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Speaker 1: Please join us again at the end of the week

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Speaker 1: sports business world. You're listening to a Bloomberg Business of

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