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Speaker 1: Please welcome to the stage, Endeavor and t ko Ceo

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Speaker 1: Ari Emmanuel.

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Speaker 2: I'm going to start on one very serious subject.

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Speaker 3: Just you happen to be one of the most influential members,

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Speaker 3: i'd say, of the Jewish community in the US, and

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Speaker 3: so I'm curious for your thoughts on the events of

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Speaker 3: the past week.

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Speaker 1: Well, I actually wrote something, but before I really saw that,

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Speaker 1: you know, I had this. It's not the same as

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Speaker 1: nine to eleven, but I had that same feeling, just

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Speaker 1: the level set.

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Speaker 2: You know, my last name.

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Speaker 1: Was taken from my father's brother's first name, who died

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Speaker 1: in thirty three taking food and medicine into Jerusalem.

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Speaker 2: As a Jew.

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Speaker 1: What happened in Israel this past past weekend was one

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Speaker 1: of the worst pigroms in history, not including the Holocaust,

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Speaker 1: and that was under bb Net Nyahu. My grandmother escaped

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Speaker 1: the Bolsheviks, and the program that happened then it was

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Speaker 1: even worse than that program because we didn't have a

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Speaker 1: Jewish state. We now have a Jewish state. Now we

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Speaker 1: have a country with probably one of the great militaries,

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Speaker 1: one of the great intelligence apparatuses, but from.

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Speaker 2: My opinion, a morally corrupt.

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Speaker 1: Bb NETNATO exposed Israel and its people to rape, death,

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Speaker 1: beheadings of children, murders of fathers, mothers, grandmothers.

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Speaker 2: And he did it to stay in power.

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Speaker 1: He nominated a Minister of Homeland Security that didn't even

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Speaker 1: serve the mandatory military term required in all of Israel.

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Speaker 1: He nominated a second Minister of Defense who barely was

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Speaker 1: a soldier. He fired the minister who was a general

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Speaker 1: and had to bring him back because of public pressure.

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Speaker 1: He refused to meet with key military figures. He was

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Speaker 1: trying to change the Supreme Court because he had to

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Speaker 1: keep himself out of jail. And this led to a

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Speaker 1: vulnerability that is unprecedented. And this would be like thirty

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Speaker 1: thousand Americans dying in nine to eleven. That's what happened

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Speaker 1: in Israel. And I just think it's time that we

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Speaker 1: get rid of this man.

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Speaker 2: Yeah. So, and you know, we talk about.

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Speaker 1: I mean, there's been a lot of conversations about Hamas

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Speaker 1: and the Palacy, the ignorance about Hamas and Hezbollah and

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Speaker 1: the Palestinian issue.

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Speaker 2: They're terrorists.

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Speaker 1: I can argue with you and discuss with you properly,

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Speaker 1: and I probably have different feelings than most people are saying.

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Speaker 1: Maybe about the Palestinian issue and how he was using

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Speaker 1: maybe maybe HAUSBLA and to expand settlements.

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Speaker 2: But they they're heinous.

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Speaker 1: They've had the territory for since two thousand and seven

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Speaker 1: when they were elected. Anybody that goes against them and

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Speaker 1: has wella they get rid of. They have not created

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Speaker 1: any economic benefit that is not the Palestinian issue. So

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Speaker 1: I'm just angry. I'm upset, you know, and I don't

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Speaker 1: think this man deserves UH to be in power. And yeah,

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Speaker 1: you know, it's just horrible.

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Speaker 3: Well, thank you for sharing that there is absolutely no

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Speaker 3: seamless transition, But I was curious for how you're feeling.

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Speaker 3: We are We are here to talk about business, not

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Speaker 3: politics for the most part, unless you have thoughts to

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Speaker 3: jump in later. You know, you closed your deal for

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Speaker 3: WWE a few weeks ago. Now it's a business.

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Speaker 1: I think it's like four and a half weeks.

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Speaker 2: It's business. You know, Well you worked with them as

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Speaker 2: an agent. What why did you want to buy it?

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Speaker 3: And what is the opportunity that you see to grow

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Speaker 3: a business that's been around for four plus decades?

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Speaker 2: Now?

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Speaker 1: Well, listen, we I think it's kind of UFC two

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Speaker 1: point zero. You know, we took that business from you know,

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Speaker 1: great owners in Las Vegas doing about one hundred and

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Speaker 1: fifty million thousand EBIT, and we've increased the a significant

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Speaker 1: amount of money. Vince and Dana has done an unbelievable

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Speaker 1: job continues to do an unbelievable job in that business.

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Speaker 1: Vince has been decades and decades running this business. And

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Speaker 1: I think our flywheel, whether it be international rights, domestic rights,

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Speaker 1: sponsorship site fees, all the stuff that we do and

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Speaker 1: the cost savings that we can bring into it because

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Speaker 1: of our organization, I thought that there was a lot

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Speaker 1: of upside of what we could create in addition to

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Speaker 1: what we do on the domestic side and the rights deals.

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Speaker 1: And also for the street, I think our endeavor story

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Speaker 1: was a little confusing. We were not getting I mean,

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Speaker 1: I don't think any CEO believes that they're getting proper

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Speaker 1: credit for the economic value that they create. And so

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Speaker 1: this would be a pure play in sports combat sports

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Speaker 1: and then the rest of endeavor and then we could go.

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Speaker 1: We tried to do the following to everybody won our

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Speaker 1: cash flow conversion. That's what the street was asking. I

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Speaker 1: think we did a pretty good job there by doing

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Speaker 1: this deal we've reduced our debt below three times. It's

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Speaker 1: a pure play. I think people can understand it now.

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Speaker 1: I don't think they.

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Speaker 3: So you brought up you brought up UFC earlier, and

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Speaker 3: one of the things that happened I'm a genius, are I.

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Speaker 2: One of the things that happened with UFC is you

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Speaker 2: bought it.

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Speaker 3: Everyone said you ever paid, which has been a recurring

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Speaker 3: theme for you buy something people that you ever paid.

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Speaker 2: Prove them wrong.

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Speaker 3: With UFC, though you had I assume you had a

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Speaker 3: feeling and you were right that you could go and

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Speaker 3: get a much bigger meat creole, because they're right now,

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Speaker 3: there was a point in time at which it looked

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Speaker 3: pretty hairy. I in fact wrote a story that Christian,

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Speaker 3: who worked with you, didn't speak to me like two

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Speaker 3: years after I wrote it because it was about the

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Speaker 3: challenges you guys were having and getting the deal. But

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Speaker 3: you did get a deal with Disney. The street so far,

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Speaker 3: to your point, doesn't love the deal that you already

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Speaker 3: did for w the NBC deal. The NBC dealt So

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Speaker 3: for those that don't know, there's WWE has two sets

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Speaker 3: of right, well three, but two TV sets of rights.

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Speaker 3: They're SmackDown and Raw, and NBC, which had what was

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Speaker 3: seen as the more premium package, paid for the less

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Speaker 3: premium package you got, as it seemed like people both

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Speaker 3: expected that to be more and or were worried that

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Speaker 3: because NBC had sort of traded down, that you were

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Speaker 3: going to be in a tough spot with.

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Speaker 1: Okay, so let me answer the question. Okay, which you've

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Speaker 1: nailed it. Here's here's what I would say. Again, they're wrong,

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Speaker 1: but we got a forty percent increase for SmackDown. We

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Speaker 1: have Raw, which is the number one package available. There's

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Speaker 1: three rights coming available to market, three big rights, WWE, RAW, NBA, UFC, NBA.

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Speaker 2: Okay, we are involved in two of them.

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Speaker 1: Right, there's six buyers plus I would say WWE Network,

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Speaker 1: which is up in twenty six. I think I'm saying

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Speaker 1: that maybe twenty five twenty six. So you know you

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Speaker 1: cannot undervalue the WWNUFC for the following reasons. One, there

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Speaker 1: we do not have a season. One of the biggest

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Speaker 1: issues that will happen with svods and networks is churn.

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Speaker 1: We're fifty two weeks a year, right, and we're flexible.

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Speaker 1: You want us Thursday night, you want us Tuesday. I

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Speaker 1: don't have I don't have any of those scheduling issues.

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Speaker 1: And that churn issue because we're the full year is

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Speaker 1: so much different from any other sport because then people

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Speaker 1: churn out. That's one of the issues with sports. Not

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Speaker 1: in a bad way, but that's what sign up for

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Speaker 1: the NFL and then and then the package is over

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Speaker 1: and then you leave.

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Speaker 2: We do not have.

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Speaker 1: Our fans are loyal. They stick around and they stay

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Speaker 1: with it and they move.

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Speaker 2: Do you think that the NBA deal has to get

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Speaker 2: resolved of No?

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Speaker 1: No, no, So I would say to you, there's plenty

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Speaker 1: of interest with Raw right now. I know people like

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Speaker 1: really like NBC is out of the mix, and that's

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Speaker 1: why it went down. I think there's three things that happen. One,

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Speaker 1: the reason the stock is down is what they thought

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Speaker 1: like Raw was the best package. I thought forty percent increase,

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Speaker 1: which was in line with expectation, was good. Two the

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Speaker 1: PFL situation. And three probably Vince in our deal wanted

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Speaker 1: to be able to put at any point in time

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Speaker 1: his stock, you know, seventy eight all. He's working at

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Speaker 1: this for decades and decades. So I think those three

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Speaker 1: back to back issues for those that don't know the

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Speaker 1: PFL situation. So the Saudis invested in this actually a

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Speaker 1: sport that we said find put it on ESPN. That's

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Speaker 1: on ESPN with us with the UFC called the PFL.

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Speaker 1: They put one hundred million dollars in.

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Speaker 2: The Wwe makes over one.

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Speaker 1: Hundred million dollars from the Saudi's for a five year

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Speaker 1: day for two events. It came from the group that

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Speaker 1: did that does events in Saudi. People were thinking it

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Speaker 1: was the next Live It was announced actually today, I

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Speaker 1: don't know if you saw it. We're doing an event

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Speaker 1: with the UFC in Saudi right And they said that

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Speaker 1: there's no exclusivity, which is an indication that that was

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Speaker 1: for events. We were bringing them an event, and so

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Speaker 1: I think that will calm some nerves. And so we

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Speaker 1: now have two big things to go out to market with.

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Speaker 1: Like I was and Mark Shapiro was with the UFC,

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Speaker 1: we're pretty calm right now about our rights. We think

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Speaker 1: we have great, a great situation. We have an unbelievable

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Speaker 1: relationship with Bob Iger and ESPN and Jim and everybody there,

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Speaker 1: and raw's like the ratings are through the roof, smacked

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Speaker 1: down through the roof. Our ratings are through the roof,

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Speaker 1: our events are sold out, so we feel really good.

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Speaker 3: I want to get back to rights in a second.

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Speaker 3: But since Saudi Arabia came up, I'm curious rewind five

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Speaker 3: years or maybe less than that. After jamalks show you

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Speaker 3: gets murdered, you say you give back money, or that

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Speaker 3: Saudi Arabia is going to invest in your company. You

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Speaker 3: now are in business with them a couple of ways, right,

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Speaker 3: what has changed between ben?

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Speaker 1: I would say, I mean we didn't want them. I

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Speaker 1: didn't want them at the time in our in our

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Speaker 1: in our we weren't public in our investors stack, right,

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Speaker 1: I said on Mani podcasts about my feelings about the

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Speaker 1: situation and how we they have hired us to distribute.

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Speaker 1: And I didn't say that we would never be do

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Speaker 1: business in Saudi. I just didn't want them in my

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Speaker 1: in the financial stack of our investors. We distribute there

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Speaker 1: now Soccer League through IMG because of the w W.

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Speaker 1: We're in business with them for at least five years,

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Speaker 1: two events a year. Great, they just bought an event

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Speaker 1: from us for the UFC great price. We're doing the

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Speaker 1: event will be an unbelievable card. So I just at

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Speaker 1: the time didn't feel comfortable for many reasons, which has

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Speaker 1: been stated. But we're in business with them now, so

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Speaker 1: that's simple.

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Speaker 3: And my colleagues and I reported recently that your company

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Speaker 3: has expressed some interest you brought up live some interest

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Speaker 3: in maybe investing in the PGA tour. Saudi Arabia is

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Speaker 3: obviously supposed to be part of you're smiling.

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Speaker 2: At me, No, you reported your unbelievable journalists. We like.

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Speaker 1: I think it's like seven other bidders.

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Speaker 2: We put in a.

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Speaker 1: Bid for the there's a five O one C three

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Speaker 1: nonprofit and then they've created a profit investment opportunity for

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Speaker 1: the PGA. We put in a bid I think a

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Speaker 1: week ago, like you know day, we are in in

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Speaker 1: t k O the lot of the sports business. I'm

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Speaker 1: an avid golfer. Anybody wants to home a seven handicap

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Speaker 1: we you know, we you know, and is one of

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Speaker 1: the great sports.

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Speaker 2: I love it, you know.

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Speaker 1: I think we could add to it what we've added

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Speaker 1: to all of our sports based on the flywheel.

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Speaker 3: Would that Do you have a sense of whether that

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Speaker 3: would be in addition to the Saudi money coming in

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Speaker 3: or instead.

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Speaker 1: Of uh, we put in our bid for what for

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Speaker 1: the PGA deal for for a piece of the tour

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Speaker 1: or for the whole thing for for the PGA.

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Speaker 2: Yeah, yeah, a piece whole. You can't. You can't buy

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Speaker 2: the majority. Okay, thank you. I would love to. Now.

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Speaker 3: On the sports rights front, a lot of this is

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Speaker 3: predicated on that market keep continuing to increase. That has

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Speaker 3: been ballooning for a long long time, right, given what

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Speaker 3: you're seeing with the kind of continued collapse of TV.

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Speaker 2: The way that.

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Speaker 1: Okay, I'm not going to interrupt you. Okay, NFL don't

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Speaker 1: have a ten year deal with linear television ten years, okay.

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Speaker 1: The linear business is not going in there. They've also

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Speaker 1: made deals on digital. We did the same thing ESPN,

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Speaker 1: ESPN Plus. On the UFC side, wwe did Peacock Showtime

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Speaker 1: I mean USA Network and Fox, which is whatever. So

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Speaker 1: the linear business is not going anywhere. The sports business

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Speaker 1: is moving and is going to figure itself out between

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Speaker 1: digital and linear. It's an unbelievably healthy market. They all

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Speaker 1: have to be in it. They all want to be

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Speaker 1: every single one of the players want to be in

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Speaker 1: it because of the audience. We have two assets in

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Speaker 1: the sports businesses that don't have our year long don't

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Speaker 1: have a season. I don't believe prices are going down.

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Speaker 1: You're going to figure out the bifurcation of the rights

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Speaker 1: and give things up, not give things up.

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Speaker 3: How how long do you think it is before Netflix

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Speaker 3: actually jumps into sports?

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Speaker 1: You know they're in sports right now. They just do

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Speaker 1: the shoulder programming.

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Speaker 2: Yeah.

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Speaker 1: I think their point of view and you'll last heed

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Speaker 1: tomorrow is we build up the We don't want to

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Speaker 1: be in the bidding of rights and then not have

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Speaker 1: any long tail. So I'm not sure they did bid

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Speaker 1: on Formula one and but yes, me and got it.

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Speaker 1: So I think that was a smaller package, meaning smaller economics.

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Speaker 2: So we'll see that.

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Speaker 3: We've We've gone through all this time without talking about Hollywood,

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Speaker 3: So now I got to ask you about that Hollywood.

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Speaker 1: Yes, oh wow, I was all I only studied about sports.

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Speaker 3: Yeah, I think here you know what you're talking about.

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Speaker 3: Do you still consider yourself an agent?

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Speaker 2: Yeah, I'm in it.

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Speaker 1: I'm an agent.

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Speaker 2: Yeah.

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Speaker 1: I got Marty's movie coming out, Marty Scorsese, yah out.

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Speaker 1: I just finished a pretty significant, two significant deals at

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Speaker 1: Netflix for significant amount of money for two big clients

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Speaker 1: to share. I think they've got a Tyler Perry and

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Speaker 1: David Ellison and yeah, I mean I'm I'm.

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Speaker 2: In it every day with clients every day.

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Speaker 1: So I mean there's a screen actor, there's a you know,

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Speaker 1: the actors are pretty hard.

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Speaker 2: But yeah, why do you think that's taken so long?

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Speaker 1: Uh? As I said, I think my last earnings call,

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Speaker 1: I said, this is going to take months, not days.

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Speaker 1: It's gonna They've got big issues they have to address.

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Speaker 1: I just hope that they all get in a room,

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Speaker 1: lock the door and don't leave, and nobody gets on

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Speaker 1: a soap o soapbox.

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Speaker 2: How much influence, Like do you get involved in this?

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Speaker 2: Do you call those sides?

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Speaker 1: Now? I don't think they want us agents involved. You know,

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Speaker 1: I've talked behind the scenes with a bunch of people.

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Speaker 1: They're handling it. So it's just frustrating. I mean, just

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Speaker 1: lock the door and when you're in negotiation, get half

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Speaker 1: a loaf. I mean, what's with everybody? I need the

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Speaker 1: full loaf. I mean, just get a half a loaf

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Speaker 1: and move on, make a deal. It's not that high.

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Speaker 1: We all need to go to work.

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Speaker 2: Do you blame one side more than the other. There's

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Speaker 2: no blame.

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Speaker 1: It's just like you know, you don't have to solve

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Speaker 1: every issue right now.

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Speaker 2: You don't.

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Speaker 1: You can do as best you can in the moment.

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Speaker 2: People need to go on.

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Speaker 1: You know, the screen actors, I mean the writers were

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Speaker 1: one hundred and forty days in a week. Directors we

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Speaker 1: were a week. This is going on a long time.

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Speaker 1: Get in a room, lock the door and say, okay,

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Speaker 1: you know it's not exactly what I want, but it's

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Speaker 1: affecting a lot of people, and a lot of people

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Speaker 1: are hurting. And in this day and age, it's not

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Speaker 1: the last time you're going to be at the table.

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Speaker 1: You're not winning an oscar for this negotiation.

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Speaker 2: I want to play a little game with you, or

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Speaker 2: you're I really don't like games yet. I like Sadoku,

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Speaker 2: but I don't like games. Is great.

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Speaker 3: Yeah, so they're wordle I do him good at what

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Speaker 3: I am A curdle guy.

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Speaker 2: I can't do a connection.

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Speaker 3: They're as as I talked about earlier, and as you

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Speaker 3: and I have discussed, it's a fairly shaky time in

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Speaker 3: media and entertainment or there's just seems to be a

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Speaker 3: lot of change, a lot of traditional companies that are

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Speaker 3: trying to figure out what to do. The looking across

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Speaker 3: entertainment media. You can even go into tech if you want.

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Speaker 3: You got to put a buy on one company in

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Speaker 3: a short or sell on one company.

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Speaker 2: What do you do for each?

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Speaker 1: You want me to go around and tell you I

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Speaker 1: just want one for each? Now you know you want

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Speaker 1: to like, Oh, no, I want to I want.

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Speaker 2: To buy Disney. I want to want for each.

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Speaker 1: I don't understand the question.

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Speaker 2: Do you guys understand question?

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Speaker 3: If there's one company that you believe will have a

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Speaker 3: really good next five years, who is that?

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Speaker 2: And one company that you think is gonna have a

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Speaker 2: real well for sure?

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Speaker 1: I think YouTube, Google will be fine. I think Microsoft

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Speaker 1: will be fine. I think Netflix will be fine. I

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Speaker 1: think uh, Comcast, you know, forty billion dollars free cash

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Speaker 1: flow pretty good. I think Zazz has figured it out.

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Speaker 1: He went through he went through that tough year where

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Speaker 1: he was getting killed, but he's not profitable. Bob's going

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Speaker 1: through it now. He's a very good executive. He'll figure

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Speaker 1: it out. I would not put my money on Paramount.

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Speaker 1: I think there's gonna be rough times at Fox just

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Speaker 1: because the demographic is getting older. And I don't know

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Speaker 1: what you know you have family issues? Did it?

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Speaker 3: What when you said, I'm curious because you brought up

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Speaker 3: two of the ones that have had a kind of

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Speaker 3: a shaky cool family issues.

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Speaker 2: Well I was yes.

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Speaker 3: But with David Zaslav, what do you think he has

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Speaker 3: figured out?

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Speaker 1: Well, he's paying down debt, he's made his stream service profitable,

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Speaker 1: he's got his people in place for a strategy on

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Speaker 1: d C, on the movie business casey boys at HBO

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Speaker 1: is incredible. I think he's he's now off to the

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Speaker 1: races it. You know, you got to remember with all

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Speaker 1: these executives and Bob just coming back, they're driving down

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Speaker 1: the street sixty miles an hour and they're changing four tires.

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Speaker 1: It is not easy in this day and age, as

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Speaker 1: you just talked to the dynamics of going on. Plus

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Speaker 1: they got a lot of debt, so it's hard and

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Speaker 1: I think they both got really good assets and they'll

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Speaker 1: figure it out.

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Speaker 3: Do you have an opinion of what? Because Bob has

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Speaker 3: tossed a ton of balloons out there, what would you

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Speaker 3: do if you were in his position?

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Speaker 1: Now, I'm not going to say that.

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Speaker 2: Another one of your favorite subjects.

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Speaker 3: Then cia long arrival of your agency, Although now I

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Speaker 3: get that your company does a lot more than that

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Speaker 3: just sold a majority stake. I think you were on

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Speaker 3: a podcast earlier this year, and correct me if I'm

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Speaker 3: mispoting you, where you basically said that you would pay

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Speaker 3: the salaries of the guys still running that company to

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Speaker 3: stay because you think it's benefited you.

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Speaker 1: You know, I should have I actually, I actually should

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Speaker 1: have written something up about them. So this past week,

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Speaker 1: and this is serious. Actually, the two heads of that

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00:21:59,000 --> 00:22:09,240
Speaker 1: company were sued for their involvement in Harvard Einstein. And

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Speaker 1: it's been I think seven cases. There was the Stephen

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Speaker 1: Sigal's case that they told Kevin Yuvaine about and he said,

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Speaker 1: don't do anything, Brad. And you know the whole edict

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Speaker 1: about CIA that they pitches. Everybody knows everything, we share.

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Speaker 1: Seven different agents knew about different incidents with women.

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Speaker 2: When they took over.

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Speaker 1: They decided that we're not We're going to look the

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Speaker 1: other way and set people up. And that's why they

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Speaker 1: got sued.

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Speaker 2: Kevin and Brian.

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Speaker 1: From my perspective, and we all think, you know, hashtag

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Speaker 1: me too, we have to believe you know the woman,

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Speaker 1: and I agree with that. They they said they told

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Speaker 1: this woman, you know, don't do it as bad. They

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Speaker 1: Gwyneth Patro talked about it with Brad Pitt. The other

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Speaker 1: people you're sitting in a situation that Kevin and Brian

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Speaker 1: are like Harvey Weinstein, Like what's her name? Maxwell was

398
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Speaker 1: to Jeffrey Epstein. They were leading them in to this man.

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Speaker 1: So what should happen with them is the following And

400
00:23:25,920 --> 00:23:30,359
Speaker 1: then I'll talk about the business as any public company

401
00:23:30,720 --> 00:23:32,879
Speaker 1: or in private company, and they're only now by Keering,

402
00:23:32,880 --> 00:23:37,119
Speaker 1: which is a huge luxury brand for women. You should

403
00:23:37,160 --> 00:23:41,679
Speaker 1: bring an outside person to investigate it, not somebody who

404
00:23:41,760 --> 00:23:45,280
Speaker 1: hired from Paul Weiss. They should take a leave of absence.

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Speaker 1: This is the seventh time this has been brought up

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Speaker 1: about that agency. I don't know where Screen Actors Guild

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Speaker 1: is on it, because if it was a it was

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00:23:52,960 --> 00:23:55,280
Speaker 1: an agency in the valley, they would have closed that

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Speaker 1: thing down. So they should take a leave of absence.

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00:24:00,560 --> 00:24:03,040
Speaker 1: An investigator should come in and they should look at

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Speaker 1: what they did. They didn't apologize, they didn't deny it.

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Speaker 1: They didn't so from my perspective, it's horrific. I don't

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Speaker 1: know where Margot Robbie is, where Meryl Streep is on

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Speaker 1: this issue, like.

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Speaker 2: Hey, where are you guys?

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Speaker 1: Where are you guys questioning your leaders and your agents. No,

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00:24:24,920 --> 00:24:28,600
Speaker 1: they're not as it relates to the business now, and

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Speaker 1: I think that's it's disgusting what they did, and it's

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00:24:32,000 --> 00:24:42,439
Speaker 1: happened when they were just taking power. So you know,

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Speaker 1: we got a bigger business than them in the agency business.

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Speaker 1: And you know, if there were seven billion dollars, and

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Speaker 1: you can put my stock price up there for DRGA

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Speaker 1: and it's going to make depress me tonight.

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Speaker 2: We're worth a lot.

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Speaker 1: More and have more morals and we have a better

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Speaker 1: business in you know, they got valued at fifteen times

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Speaker 1: for the agency business. Quint which is an experienced business,

428
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Speaker 1: same as my business on location, just got valued at about

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Speaker 1: fifteen times.

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Speaker 2: I just sold.

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Speaker 1: My academy IMG Academy, which I got at zero value

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Speaker 1: for for a billion.

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Speaker 2: Two.

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Speaker 1: I sold my production company for a billion dollars, and

435
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Speaker 1: then I have a betting business.

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Speaker 2: Open bet. I'm not getting any.

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Speaker 1: Credit for any of those things. To the to the

438
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Speaker 1: and I actually don't expect it to be fifteen times,

439
00:25:38,280 --> 00:25:42,040
Speaker 1: because that's the private market. It shouldn't be one and

440
00:25:42,040 --> 00:25:46,280
Speaker 1: a half times. Give me six. I got kids to feed.

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Speaker 1: I think you're doing all right now, so I mean,

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Speaker 1: it's like I just don't understand it.

443
00:25:51,680 --> 00:25:54,120
Speaker 2: You know, I'm curious on that.

444
00:25:55,080 --> 00:25:57,440
Speaker 3: On that note, you have at least recently and maybe

445
00:25:57,520 --> 00:25:59,200
Speaker 3: set up before apologies if I missed it.

446
00:25:59,240 --> 00:26:01,840
Speaker 2: Started to talk to talk about Mark Shapiro as the

447
00:26:01,880 --> 00:26:03,919
Speaker 2: president company, as your successor.

448
00:26:04,560 --> 00:26:06,840
Speaker 1: Yeah, you have a succession plan throughout the whole company.

449
00:26:06,920 --> 00:26:07,240
Speaker 2: Yeah.

450
00:26:07,600 --> 00:26:07,760
Speaker 1: Yeah.

451
00:26:08,080 --> 00:26:11,640
Speaker 3: Is that because you're starting to think about leaving your

452
00:26:11,640 --> 00:26:12,280
Speaker 3: current job.

453
00:26:13,040 --> 00:26:16,439
Speaker 1: I think he probably wants to kick me out, you know, now, Listen,

454
00:26:16,720 --> 00:26:22,520
Speaker 1: I just he's an unbelievable executive and I'm not going anywhere.

455
00:26:23,080 --> 00:26:23,920
Speaker 2: I love what I do.

456
00:26:24,920 --> 00:26:26,959
Speaker 1: I think I have enough energy. But these people will

457
00:26:27,000 --> 00:26:30,880
Speaker 1: tell me, my my my clients and my associates will

458
00:26:30,880 --> 00:26:34,720
Speaker 1: tell me. But he deserves a ton of credit for

459
00:26:35,400 --> 00:26:38,720
Speaker 1: his his intelligence, the way he runs the business with me.

460
00:26:40,040 --> 00:26:44,479
Speaker 1: We do it together on both and he always shoots

461
00:26:44,480 --> 00:26:46,760
Speaker 1: me straight. That's all you can ask for an executive.

462
00:26:46,960 --> 00:26:48,760
Speaker 1: And I just think people need to know him and

463
00:26:48,800 --> 00:26:52,720
Speaker 1: he definitely will be the heir apparent, are running both businesses.

464
00:26:52,760 --> 00:26:56,159
Speaker 2: Yeah, all right, thank you very much. Oh, thank you.

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00:26:58,520 --> 00:27:05,520
Speaker 1: Thanks