1 00:00:02,720 --> 00:00:07,240 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,840 --> 00:00:12,080 Speaker 2: Please welcome to the stage Willow Bay, Dean of the 3 00:00:12,200 --> 00:00:17,160 Speaker 2: USC Annenberg School for Communication and Journalism and controlling owner 4 00:00:17,200 --> 00:00:20,439 Speaker 2: of Angel City FC, for a live taping of the 5 00:00:20,560 --> 00:00:24,119 Speaker 2: Deal with Bloomberg's Jason Kelly and Alex Rodriguez. 6 00:00:34,280 --> 00:00:36,120 Speaker 3: All Right, welcome, Thank you. 7 00:00:36,159 --> 00:00:38,680 Speaker 1: But that was a very quiet response from this audience. 8 00:00:38,840 --> 00:00:39,120 Speaker 1: I know. 9 00:00:39,640 --> 00:00:42,080 Speaker 3: I mean, are there any Angel City fans in the house? 10 00:00:42,960 --> 00:00:43,160 Speaker 4: Ah? 11 00:00:43,600 --> 00:00:46,360 Speaker 3: There we go. All right, Well, we're so excited to 12 00:00:46,360 --> 00:00:48,560 Speaker 3: have all of y'all here for a live taping of 13 00:00:48,600 --> 00:00:51,920 Speaker 3: the deal, and we're especially excited to have Willow here 14 00:00:51,960 --> 00:00:53,720 Speaker 3: with us. So we're going to talk about lots of 15 00:00:53,720 --> 00:00:55,639 Speaker 3: different things. For talk some hoop, We're going to talk 16 00:00:55,680 --> 00:00:58,000 Speaker 3: some soccer obviously, but I want to start with your 17 00:00:58,080 --> 00:01:00,680 Speaker 3: day job if we can. Willow, as you were introduced 18 00:01:01,040 --> 00:01:04,200 Speaker 3: dean the Edinburgh School. Over at USC, we're at the 19 00:01:04,200 --> 00:01:07,680 Speaker 3: Screen Time Conference. Clearly, there has been a lot of 20 00:01:07,720 --> 00:01:12,000 Speaker 3: talk today every day these days, it seems around the 21 00:01:12,040 --> 00:01:15,720 Speaker 3: First Amendment, free speech. You're living this every day. Yep. 22 00:01:17,200 --> 00:01:19,600 Speaker 3: What are you saying to your students? What are they 23 00:01:19,600 --> 00:01:20,080 Speaker 3: saying to you? 24 00:01:20,240 --> 00:01:22,280 Speaker 1: Yeah, So let me just start with one thing. Which 25 00:01:22,319 --> 00:01:26,440 Speaker 1: is Day one Fan of the Deal. Thank you, Day 26 00:01:26,440 --> 00:01:28,039 Speaker 1: one fan of the Deal. So thank you for having me. 27 00:01:28,400 --> 00:01:29,200 Speaker 3: So yeah. 28 00:01:29,360 --> 00:01:32,960 Speaker 1: Free freedom of the press, free speech, free expression, which 29 00:01:33,040 --> 00:01:36,840 Speaker 1: encompasses all of them, their core and central to what 30 00:01:36,880 --> 00:01:38,679 Speaker 1: we do at USC, and what we do certainly at 31 00:01:38,760 --> 00:01:43,080 Speaker 1: USC Andnenburgh where we teach journalism, public relations, communication, and 32 00:01:43,400 --> 00:01:47,920 Speaker 1: public diplomacy. And related to that is academic freedom right, 33 00:01:47,960 --> 00:01:53,320 Speaker 1: which is the freedom to teach research and study free 34 00:01:53,400 --> 00:01:58,080 Speaker 1: from interference. And my day job is to protect all 35 00:01:58,120 --> 00:02:01,720 Speaker 1: of those things for our students and for our faculty. 36 00:02:02,240 --> 00:02:06,600 Speaker 1: We're not an ivory tower institution. We're deeply connected to 37 00:02:06,720 --> 00:02:10,000 Speaker 1: our industries or practice. So when something hits the news, 38 00:02:10,560 --> 00:02:15,480 Speaker 1: whether it's Jimmy Kimmel and ABC, whether it's the Compact 39 00:02:15,560 --> 00:02:19,400 Speaker 1: for Academic Excellence, which is the letter that the Department 40 00:02:19,440 --> 00:02:21,480 Speaker 1: of Education has sent to a number of schools of 41 00:02:21,520 --> 00:02:25,000 Speaker 1: which we are among them, or even the anniversary of 42 00:02:25,040 --> 00:02:30,320 Speaker 1: October seventh when we had student protests on campus, the 43 00:02:30,360 --> 00:02:33,800 Speaker 1: news of the day is what informs what goes on 44 00:02:33,880 --> 00:02:37,760 Speaker 1: in the classrooms. Our faculty toss out the agenda, they 45 00:02:37,840 --> 00:02:42,959 Speaker 1: toss out their sillaby for the day, and they get 46 00:02:43,000 --> 00:02:47,040 Speaker 1: into it. And I think at this moment, our students 47 00:02:47,160 --> 00:02:51,400 Speaker 1: are really hungry for that. They're asking powerful questions and 48 00:02:51,480 --> 00:02:54,079 Speaker 1: we don't have the answers. But it is so clear 49 00:02:54,160 --> 00:02:58,440 Speaker 1: that right now, at this moment, when we are commodifying outrage, 50 00:02:58,840 --> 00:03:01,200 Speaker 1: and all we hear is shout that we create these 51 00:03:01,240 --> 00:03:05,680 Speaker 1: spaces where people across our university and certainly in our 52 00:03:05,720 --> 00:03:09,680 Speaker 1: classrooms can come together and wrestle with these issues in 53 00:03:09,840 --> 00:03:10,560 Speaker 1: thoughtful ways. 54 00:03:10,639 --> 00:03:13,800 Speaker 3: Yeah, I appreciate your thoughtful answer. Now I'm going to 55 00:03:13,840 --> 00:03:16,000 Speaker 3: undertake what we call in this business a hard pivot. 56 00:03:17,280 --> 00:03:21,240 Speaker 3: But one of the places that does feel mostly safe. 57 00:03:21,680 --> 00:03:24,639 Speaker 3: I think you're degreed partner is sports. You know that 58 00:03:24,720 --> 00:03:28,320 Speaker 3: we can disagree, we can disagree, and I think you're 59 00:03:28,440 --> 00:03:33,919 Speaker 3: familiar with people disagreeing about sports, Alex. So let's go back, 60 00:03:33,960 --> 00:03:36,640 Speaker 3: if we can, to your career. Let's talk some hoop. 61 00:03:36,800 --> 00:03:39,000 Speaker 4: So the first time I heard about Willow Bay was 62 00:03:39,200 --> 00:03:41,400 Speaker 4: I'm going to take you back to the great nineties, 63 00:03:41,560 --> 00:03:44,600 Speaker 4: where such a fun era, and I saw you for 64 00:03:44,640 --> 00:03:47,600 Speaker 4: the first time, and my buddy Amad Rashad on inside 65 00:03:47,600 --> 00:03:51,840 Speaker 4: stuff and in a funny way now being an NBA governor, 66 00:03:52,560 --> 00:03:54,760 Speaker 4: that's really when I first started fell in love with 67 00:03:54,760 --> 00:03:57,320 Speaker 4: the NBA. It made a huge impact on me. It 68 00:03:57,360 --> 00:04:01,320 Speaker 4: started my passion. Did you understand the impact that would 69 00:04:01,320 --> 00:04:05,000 Speaker 4: make on that community and fan base that still looks 70 00:04:05,040 --> 00:04:07,160 Speaker 4: back at this shows a big pivotal point. 71 00:04:07,920 --> 00:04:10,640 Speaker 1: Look, I can't pretend to know the impact it would 72 00:04:10,640 --> 00:04:15,360 Speaker 1: have decades later. I knew that it was an incredible moment, 73 00:04:15,440 --> 00:04:18,040 Speaker 1: an incredible front row seat to what was going on. 74 00:04:18,080 --> 00:04:21,520 Speaker 1: My first day on the job was the day that 75 00:04:21,760 --> 00:04:24,120 Speaker 1: Magic Johnson announced he was HIV positive. 76 00:04:24,440 --> 00:04:25,400 Speaker 3: That was the first day. 77 00:04:25,480 --> 00:04:28,520 Speaker 1: That was my first day, my first show that happened. 78 00:04:28,520 --> 00:04:30,359 Speaker 1: We actually had taped the show and we had to 79 00:04:30,520 --> 00:04:35,560 Speaker 1: redo it, and it was that was my first indication 80 00:04:36,040 --> 00:04:39,479 Speaker 1: that buckle up. You know, we're we're really in for 81 00:04:39,520 --> 00:04:42,760 Speaker 1: a profound kind of cultural journey as much as we 82 00:04:42,760 --> 00:04:45,719 Speaker 1: were a sports journey. And you know, when I look 83 00:04:45,760 --> 00:04:49,040 Speaker 1: back on it now, the two things were clear. David 84 00:04:49,040 --> 00:04:52,880 Speaker 1: Stern hired me the NBA commissioner, and Adam Silver, current commissioner, 85 00:04:52,920 --> 00:04:56,839 Speaker 1: was just starting so kind of grew up alongside Adam, 86 00:04:56,839 --> 00:05:00,680 Speaker 1: who quickly became my boss. But you know, the two 87 00:05:00,720 --> 00:05:03,160 Speaker 1: things that David was really clear about with that show 88 00:05:03,240 --> 00:05:05,760 Speaker 1: was expanding the fan base. Right to your point, that 89 00:05:05,839 --> 00:05:08,440 Speaker 1: was the first time you saw it. And that's why 90 00:05:08,440 --> 00:05:10,920 Speaker 1: there was a woman sitting there at the desk weekend 91 00:05:11,000 --> 00:05:13,720 Speaker 1: and week out, and not as a sidekick, but as 92 00:05:13,760 --> 00:05:15,800 Speaker 1: a partner, because you wanted to open the sport up 93 00:05:15,839 --> 00:05:19,680 Speaker 1: to young people and certainly to women. And the other 94 00:05:19,920 --> 00:05:22,040 Speaker 1: piece of it, which is the more I think obvious 95 00:05:22,080 --> 00:05:24,920 Speaker 1: piece of it, was it was really the first time 96 00:05:25,080 --> 00:05:29,360 Speaker 1: on a weekly basis we told the stories of players 97 00:05:29,360 --> 00:05:32,120 Speaker 1: in their lives off the court. We had great highlights 98 00:05:32,120 --> 00:05:35,159 Speaker 1: and great music. It was really a cultural moment too. 99 00:05:35,720 --> 00:05:39,800 Speaker 1: But when you look at the through line between those stories, 100 00:05:39,839 --> 00:05:41,360 Speaker 1: that was the only way you got those stories. It 101 00:05:41,400 --> 00:05:43,640 Speaker 1: was the way other players got those stories right. It 102 00:05:43,680 --> 00:05:48,560 Speaker 1: wasn't just the audiences to today's era of you know, 103 00:05:48,640 --> 00:05:53,320 Speaker 1: the athlete as communicator in chief right of their own brand. 104 00:05:54,160 --> 00:05:58,680 Speaker 1: You really see just what a wise soul David Sterne. 105 00:05:58,520 --> 00:06:01,839 Speaker 3: Was because I would imagine and it changes the way 106 00:06:01,920 --> 00:06:05,520 Speaker 3: you think about media as an athlete. Is that a 107 00:06:05,520 --> 00:06:08,640 Speaker 3: fair assessment if you're watching that and you're seeing these players, 108 00:06:08,880 --> 00:06:11,359 Speaker 3: because just a couple of years after that you're a 109 00:06:11,400 --> 00:06:13,440 Speaker 3: professional athlete, how did it change you? Yeah? 110 00:06:13,480 --> 00:06:15,240 Speaker 4: I mean I go back again to the nineties. I 111 00:06:15,279 --> 00:06:17,560 Speaker 4: grew up with Mel Allen and This Week in Sports, 112 00:06:17,640 --> 00:06:20,400 Speaker 4: and you get one opportunity on Saturdays to get a 113 00:06:20,440 --> 00:06:23,159 Speaker 4: recap of a whole week while we're all watching, you know, 114 00:06:23,200 --> 00:06:25,480 Speaker 4: the score boxes, and we remember those days when we 115 00:06:25,480 --> 00:06:27,560 Speaker 4: would like get the paper, see what Keith Nanders and 116 00:06:27,600 --> 00:06:30,600 Speaker 4: Dryl Strawberry did and inside stuff was that. 117 00:06:30,760 --> 00:06:35,159 Speaker 3: But people are googling right now. They're a scorebox. It 118 00:06:35,279 --> 00:06:36,240 Speaker 3: just kind of opened it up. 119 00:06:36,320 --> 00:06:39,359 Speaker 4: When I came in, I led with fear with media 120 00:06:39,360 --> 00:06:41,600 Speaker 4: because I didn't feel like I had the tools. And 121 00:06:41,640 --> 00:06:44,080 Speaker 4: as i've you know, the arc has gone to where, 122 00:06:44,080 --> 00:06:45,800 Speaker 4: like I understand, the media could be an ally and 123 00:06:46,120 --> 00:06:48,200 Speaker 4: it's very powerful tool. And I think you started that. 124 00:06:48,400 --> 00:06:51,120 Speaker 1: You are the media now, remember, yeah. 125 00:06:50,960 --> 00:06:52,800 Speaker 3: You're the media. You're sitting in the media. You're on 126 00:06:52,880 --> 00:06:56,640 Speaker 3: discouch now and yeah, well and to that point, just 127 00:06:56,680 --> 00:06:58,960 Speaker 3: to go back actually to your day job sort of 128 00:06:58,960 --> 00:07:01,960 Speaker 3: bringing it all together, you guys just did some work 129 00:07:02,000 --> 00:07:06,240 Speaker 3: around this. What did you find about athlete driven media? 130 00:07:06,279 --> 00:07:09,200 Speaker 1: I've been wanting to do an academic study on the 131 00:07:09,200 --> 00:07:12,640 Speaker 1: phenomenon that we've all been watching unfold, which is athletes 132 00:07:12,640 --> 00:07:15,880 Speaker 1: as creators, athletes creating their own content but also owning 133 00:07:15,920 --> 00:07:18,480 Speaker 1: the IP and monetizing it. So this is the first 134 00:07:18,480 --> 00:07:23,000 Speaker 1: academic study to drop. Academics don't really use the term drop, 135 00:07:23,000 --> 00:07:24,200 Speaker 1: but I'm going to teach them how to do that. 136 00:07:25,000 --> 00:07:29,040 Speaker 1: And what it has demonstrated is this is reshaping the 137 00:07:29,080 --> 00:07:33,560 Speaker 1: media ecosystem and the sports storytelling ecosystem in very profound 138 00:07:33,640 --> 00:07:39,720 Speaker 1: ways economically and culturally. Athlete owned media enterprises are driving 139 00:07:39,920 --> 00:07:44,280 Speaker 1: billions of dollars of value and the athletes themselves as 140 00:07:44,400 --> 00:07:48,680 Speaker 1: owners are benefiting. It is driving innovation because they are 141 00:07:48,760 --> 00:07:52,200 Speaker 1: using new platforms and new storytelling formats to connect with 142 00:07:52,360 --> 00:07:58,640 Speaker 1: their with their fans in direct and immediate ways. And 143 00:07:59,440 --> 00:08:01,920 Speaker 1: you will appreciate this because now you are the media. 144 00:08:02,840 --> 00:08:07,160 Speaker 1: It puts the decision making authority in the athlete's hands. 145 00:08:07,200 --> 00:08:09,560 Speaker 1: They get to decide what stories they're going to tell, 146 00:08:09,800 --> 00:08:12,200 Speaker 1: what platform they're going to tell it on, and how 147 00:08:12,200 --> 00:08:14,200 Speaker 1: they're going to distribute it. 148 00:08:14,720 --> 00:08:16,640 Speaker 3: And so what I find so interesting about that is 149 00:08:16,720 --> 00:08:21,000 Speaker 3: you guys are now both dealing with this as owners. 150 00:08:21,200 --> 00:08:23,160 Speaker 3: You know you you dealt with this as an athlete. 151 00:08:23,240 --> 00:08:28,120 Speaker 3: Now you have several very very famous in the news 152 00:08:28,200 --> 00:08:31,760 Speaker 3: everyday athletes who play for your teams. In Minnesota, Oh 153 00:08:32,080 --> 00:08:36,280 Speaker 3: of any of his players made news no, just so 154 00:08:36,760 --> 00:08:39,920 Speaker 3: a little bit. I mean, I'll say their names out loud. 155 00:08:39,960 --> 00:08:43,640 Speaker 3: Anthony Edwards and Ifisa Kalier obviously are out there in 156 00:08:43,760 --> 00:08:47,320 Speaker 3: a very big way. You're now dealing with this as 157 00:08:47,400 --> 00:08:50,840 Speaker 3: the owner of Angel City. So let's talk about what 158 00:08:51,000 --> 00:08:54,400 Speaker 3: the responsibilities are as an owner, and let's talk about 159 00:08:54,400 --> 00:08:56,080 Speaker 3: you as an owner. How did this deal? This is 160 00:08:56,120 --> 00:08:58,280 Speaker 3: the deal? How did you come to this? 161 00:08:59,160 --> 00:09:00,880 Speaker 1: You know, I love a good story, even more so 162 00:09:00,920 --> 00:09:02,800 Speaker 1: if it's a good business story and sits at the 163 00:09:02,800 --> 00:09:05,240 Speaker 1: intersection of sports and culture, and Angel City is a 164 00:09:05,240 --> 00:09:09,440 Speaker 1: phenomenal story and the way they captured not just Los Angeles' attention, 165 00:09:09,600 --> 00:09:12,960 Speaker 1: but the world's attention with this mission to drive equity 166 00:09:13,000 --> 00:09:17,040 Speaker 1: on and off the pitch. I had never imagined right 167 00:09:17,120 --> 00:09:19,760 Speaker 1: that I would be an owner. You might have. I 168 00:09:19,800 --> 00:09:23,120 Speaker 1: certainly didn't. And we made the decision really quickly, my 169 00:09:23,200 --> 00:09:28,520 Speaker 1: co owner and I. But I was the one in 170 00:09:28,559 --> 00:09:30,160 Speaker 1: some ways who had the grounding because I used to 171 00:09:30,200 --> 00:09:33,920 Speaker 1: take students there every year. I teach a sports immersion 172 00:09:34,000 --> 00:09:37,640 Speaker 1: class in the spring, and every year we would visit 173 00:09:37,679 --> 00:09:40,200 Speaker 1: Angel City because I thought it was imperative that we 174 00:09:40,640 --> 00:09:43,560 Speaker 1: make sure we were centering women's sports in the ray 175 00:09:43,600 --> 00:09:47,400 Speaker 1: of sports entities that we were exposing students to. So 176 00:09:47,600 --> 00:09:50,440 Speaker 1: every year students would do a project for them, and 177 00:09:50,480 --> 00:09:54,600 Speaker 1: so it was this very intense snapshot of a startup 178 00:09:55,240 --> 00:09:58,240 Speaker 1: year by year and the decisions they were making from 179 00:09:58,640 --> 00:10:02,120 Speaker 1: you know, who's the first player that we should hire 180 00:10:02,320 --> 00:10:05,880 Speaker 1: to how can we develop our sponsorship partners in a 181 00:10:05,880 --> 00:10:10,800 Speaker 1: way that aligns our community impact with our player interests 182 00:10:10,840 --> 00:10:16,319 Speaker 1: and values. And when the opportunity arose, I had that 183 00:10:16,440 --> 00:10:19,480 Speaker 1: grounding combined with you know what we were watching happen 184 00:10:19,720 --> 00:10:23,719 Speaker 1: with women's sports, both at the college level and at 185 00:10:23,720 --> 00:10:28,280 Speaker 1: the professional level. And you know, I literally said to Bob, 186 00:10:28,440 --> 00:10:30,240 Speaker 1: do you have any interest in doing this? And he 187 00:10:30,440 --> 00:10:34,920 Speaker 1: did not even pause and said absolutely. And there we 188 00:10:34,920 --> 00:10:37,320 Speaker 1: were in the in the bidding process. Bob Iger is 189 00:10:37,360 --> 00:10:39,760 Speaker 1: my co owner and partner in this. 190 00:10:40,120 --> 00:10:42,000 Speaker 3: And husband and husband, Oh. 191 00:10:42,000 --> 00:10:56,640 Speaker 4: Right, husband, When you look at the deal and you 192 00:10:56,679 --> 00:10:58,600 Speaker 4: acquired it for about two hundred and fifty million dollars, 193 00:10:59,120 --> 00:11:01,040 Speaker 4: are you looking at this is a double bottom line? 194 00:11:01,080 --> 00:11:03,120 Speaker 4: Like what can you do also for the community or 195 00:11:03,160 --> 00:11:04,559 Speaker 4: you just think that this could be a three or 196 00:11:04,559 --> 00:11:06,520 Speaker 4: four x in the next five or ten years. 197 00:11:06,720 --> 00:11:10,240 Speaker 1: So community impact was embedded in the business model. Look 198 00:11:10,280 --> 00:11:13,760 Speaker 1: this was the biggest investment we've ever made personally, and 199 00:11:14,480 --> 00:11:17,280 Speaker 1: I expect that it will continue that will hold firm 200 00:11:17,360 --> 00:11:24,760 Speaker 1: for quite some time. So what was so compelling was 201 00:11:25,320 --> 00:11:28,640 Speaker 1: the purpose embedded in the business. So one of the 202 00:11:28,640 --> 00:11:32,760 Speaker 1: things that's different about Angel City is that their sponsorship 203 00:11:32,840 --> 00:11:38,880 Speaker 1: model directly invest ten percent of sponsorship dollars into the community. 204 00:11:39,160 --> 00:11:40,920 Speaker 1: So that's not an add on or nice to have. 205 00:11:40,960 --> 00:11:43,200 Speaker 1: We didn't wait till we were profitable to do that. 206 00:11:43,200 --> 00:11:48,040 Speaker 1: That was very much built in to its business equity 207 00:11:48,080 --> 00:11:51,280 Speaker 1: on and off the pitch. And by the time we 208 00:11:51,440 --> 00:11:56,520 Speaker 1: got there, they had invested roughly three million dollars in 209 00:11:56,559 --> 00:12:00,520 Speaker 1: the community. We're at nearly three million meals through door 210 00:12:00,600 --> 00:12:04,600 Speaker 1: dash and sprouts our sponsors into the into the community 211 00:12:04,640 --> 00:12:07,360 Speaker 1: to people in needs. So this was a community This 212 00:12:07,600 --> 00:12:09,719 Speaker 1: is a community asset. I think it's a sort of 213 00:12:09,880 --> 00:12:13,640 Speaker 1: jewel in the in the sports universe of Los Angeles. 214 00:12:14,720 --> 00:12:17,880 Speaker 1: And is there a bottom line? Yes, Do we expect 215 00:12:17,920 --> 00:12:20,440 Speaker 1: it to improve every year? Yes? Are we on the 216 00:12:20,440 --> 00:12:24,920 Speaker 1: march towards profitability? Heck yes, But this is really a 217 00:12:24,960 --> 00:12:27,920 Speaker 1: community and entity with community at its core. 218 00:12:28,360 --> 00:12:30,240 Speaker 3: You know, it's interesting to have the two of you 219 00:12:30,320 --> 00:12:32,240 Speaker 3: sit between the two of you. I don't own any 220 00:12:32,280 --> 00:12:34,680 Speaker 3: sports steams just just for the record, but you know, 221 00:12:34,720 --> 00:12:35,520 Speaker 3: I know people who does. 222 00:12:35,760 --> 00:12:37,360 Speaker 1: It happens every once in a while. 223 00:12:37,960 --> 00:12:41,640 Speaker 3: Yeah, But like it's interesting to think about like that 224 00:12:42,040 --> 00:12:45,559 Speaker 3: perspective because you now own basketball teams in the NBN, 225 00:12:45,600 --> 00:12:48,080 Speaker 3: the w n A. How do you think about it 226 00:12:48,080 --> 00:12:50,959 Speaker 3: from a bottom line perspective because these are these are 227 00:12:50,960 --> 00:12:52,240 Speaker 3: not small amounts. 228 00:12:51,840 --> 00:12:54,559 Speaker 1: Of money, and a community perspective because you're getting to 229 00:12:54,600 --> 00:12:55,400 Speaker 1: know a new community. 230 00:12:55,440 --> 00:12:57,320 Speaker 4: Also, how'm going to end up getting a double teamed 231 00:12:57,320 --> 00:12:58,839 Speaker 4: here the other way? 232 00:12:58,840 --> 00:13:00,640 Speaker 3: Two journalists, I think, well. 233 00:13:00,480 --> 00:13:03,120 Speaker 4: You said it beautifully and just to bring you back 234 00:13:03,280 --> 00:13:06,240 Speaker 4: five years, I mean, this was the time right after COVID, 235 00:13:06,640 --> 00:13:09,360 Speaker 4: which people thought we overpaid for one point five billion, 236 00:13:09,720 --> 00:13:13,600 Speaker 4: and then you had obviously the George Floyd tragedy. So 237 00:13:13,800 --> 00:13:16,199 Speaker 4: when we acquired this team, it was a pivotal moment 238 00:13:16,440 --> 00:13:19,959 Speaker 4: in Minnesota that kind of moved around the world and 239 00:13:20,240 --> 00:13:24,160 Speaker 4: we thought, I've seen for thirty years how sports can 240 00:13:24,320 --> 00:13:28,840 Speaker 4: transform communities. And look, the truth is when the Dodgers win, 241 00:13:29,000 --> 00:13:31,200 Speaker 4: LA feel is a little bit more chipper. So there's 242 00:13:31,200 --> 00:13:33,480 Speaker 4: not too many businesses like when your Amazon stock goes down, 243 00:13:33,520 --> 00:13:35,960 Speaker 4: you're not like depressed well, you don't say we, You 244 00:13:36,000 --> 00:13:38,000 Speaker 4: just say my Amazon stock is depressed. But when the 245 00:13:38,040 --> 00:13:40,720 Speaker 4: Yankees the Dodgers lose, you say we lost or we won. 246 00:13:41,160 --> 00:13:45,760 Speaker 4: So I have a good understanding, and I think knowing players, 247 00:13:45,800 --> 00:13:48,240 Speaker 4: having empathy for players, understanding how difficult it is to 248 00:13:48,280 --> 00:13:51,440 Speaker 4: be an athlete in twenty twenty five, far greater, far 249 00:13:51,520 --> 00:13:54,080 Speaker 4: harder than when I started in nineteen ninety four with 250 00:13:54,160 --> 00:13:56,439 Speaker 4: all the social media. My god, I got enough trouble 251 00:13:56,480 --> 00:14:00,160 Speaker 4: without social media. 252 00:14:01,160 --> 00:14:04,520 Speaker 3: And so for you Willow, you know this is yes, 253 00:14:04,559 --> 00:14:06,840 Speaker 3: it's a community asset. There are deals to be made, 254 00:14:07,080 --> 00:14:10,320 Speaker 3: you know, there are players that you have to negotiate with, 255 00:14:10,360 --> 00:14:11,920 Speaker 3: there are sponsors that you have to take care of. 256 00:14:11,960 --> 00:14:15,000 Speaker 3: There's a community. So when you think about the most 257 00:14:15,040 --> 00:14:17,880 Speaker 3: important deals that you've done so far, the ones that 258 00:14:17,920 --> 00:14:20,240 Speaker 3: really stick out in your mind, what jumps to mind? 259 00:14:20,400 --> 00:14:24,080 Speaker 1: I think, Look, obviously, you know, being in the privileged 260 00:14:24,080 --> 00:14:27,760 Speaker 1: position to acquire angel City first and foremost and taking 261 00:14:27,800 --> 00:14:31,520 Speaker 1: on that extraordinary opportunity and extraordinary responsibility. But then I 262 00:14:31,520 --> 00:14:35,000 Speaker 1: think about what we did when we first arrived, which 263 00:14:35,040 --> 00:14:39,000 Speaker 1: is it was very clear that we had not invested 264 00:14:39,160 --> 00:14:42,440 Speaker 1: enough in our people and our products, specifically our athletes, 265 00:14:42,920 --> 00:14:47,200 Speaker 1: so we opened a brand new, state of the art 266 00:14:47,800 --> 00:14:52,000 Speaker 1: training facility, which when we did it was kind of 267 00:14:52,040 --> 00:14:55,200 Speaker 1: the biggest invest there was. I'm really hoping that's changing 268 00:14:55,280 --> 00:14:58,960 Speaker 1: because with every one of these step ups, others follow, 269 00:14:59,280 --> 00:15:01,680 Speaker 1: which is what we desperately need, right we need we 270 00:15:01,720 --> 00:15:06,360 Speaker 1: need a significant level of investment in women athletes and 271 00:15:06,440 --> 00:15:10,440 Speaker 1: in their ability to perform. So we did that, and 272 00:15:10,440 --> 00:15:12,440 Speaker 1: then we got to work on the sporting side, right 273 00:15:12,560 --> 00:15:17,920 Speaker 1: hired a new GM and a new coach because Alex, 274 00:15:18,000 --> 00:15:21,800 Speaker 1: we would love to make La chipper the way a 275 00:15:21,880 --> 00:15:24,280 Speaker 1: Yankees win makes New York chipper, and by bringing a 276 00:15:24,360 --> 00:15:27,080 Speaker 1: championship to the city, So that is one of the 277 00:15:27,080 --> 00:15:31,440 Speaker 1: primary goals. But also thinking about our athletes, as I 278 00:15:31,480 --> 00:15:34,160 Speaker 1: know you do with with the links you know we have. 279 00:15:34,520 --> 00:15:38,920 Speaker 1: We have underinvested in women athletes for far too long, 280 00:15:39,000 --> 00:15:41,120 Speaker 1: and this is the opportunity, this is the moment to 281 00:15:41,200 --> 00:15:44,440 Speaker 1: change that by making sure we are supporting them the 282 00:15:44,480 --> 00:15:47,280 Speaker 1: way we support all of our world class athletes and 283 00:15:47,320 --> 00:15:49,920 Speaker 1: allow them to compete at the at the highest level. 284 00:15:50,240 --> 00:15:53,000 Speaker 4: So well, take this room into the governor's room, the 285 00:15:53,000 --> 00:15:56,080 Speaker 4: boardroom with with with your league. Are you a newer 286 00:15:56,160 --> 00:15:58,480 Speaker 4: owner that kind of pounds a table and screams or 287 00:15:58,520 --> 00:16:02,080 Speaker 4: are you kind of an owner that listens, ask more 288 00:16:02,160 --> 00:16:04,960 Speaker 4: questions or yeahs all us about your style as a 289 00:16:04,960 --> 00:16:05,520 Speaker 4: board member. 290 00:16:06,080 --> 00:16:08,760 Speaker 1: What's really fascinating is the NWSL has a lot of 291 00:16:08,800 --> 00:16:11,640 Speaker 1: new owners, so there are a lot of new voices 292 00:16:11,920 --> 00:16:15,680 Speaker 1: and wildly impressive voices in the room. And what's interesting 293 00:16:15,720 --> 00:16:19,880 Speaker 1: is there's a breadth of perspectives, and I think it 294 00:16:19,960 --> 00:16:23,640 Speaker 1: is clear that some of us have lanes and mine 295 00:16:23,920 --> 00:16:28,160 Speaker 1: is at least initially media and how we think about 296 00:16:28,160 --> 00:16:31,720 Speaker 1: our media partners, how we think about our new deals, 297 00:16:31,960 --> 00:16:34,440 Speaker 1: how we think about really working with the players, the 298 00:16:34,480 --> 00:16:37,800 Speaker 1: teams and the leagues to be in alignment on our 299 00:16:38,160 --> 00:16:41,800 Speaker 1: marketing and storytelling strategies, because there's a lot of dis 300 00:16:41,880 --> 00:16:46,000 Speaker 1: alignment is easy. Alignments alignment's pretty hard, even today in 301 00:16:46,280 --> 00:16:49,520 Speaker 1: kind of an always on twenty four to seven media environment. 302 00:16:49,840 --> 00:16:52,359 Speaker 1: So I think there's a lot of very spirited discussion 303 00:16:52,640 --> 00:16:56,520 Speaker 1: around the table, but a fascinating number of perspectives and 304 00:16:56,760 --> 00:16:59,960 Speaker 1: areas of expertise come to bear, a lot of them 305 00:17:00,120 --> 00:17:01,680 Speaker 1: from outside the world of sports. 306 00:17:02,280 --> 00:17:04,840 Speaker 3: And so what are the deals that you think the 307 00:17:05,119 --> 00:17:08,080 Speaker 3: league and the sport need to make. I mean, this 308 00:17:08,160 --> 00:17:09,680 Speaker 3: has been a league that's been on the move for 309 00:17:10,000 --> 00:17:13,639 Speaker 3: the past few years. You have investment in Europe coming, 310 00:17:13,800 --> 00:17:17,240 Speaker 3: you have a rising tide, But how do you maintain 311 00:17:17,359 --> 00:17:20,439 Speaker 3: what has been true that this is the best women's 312 00:17:20,480 --> 00:17:22,600 Speaker 3: soccer league in the world. What do you need to do? 313 00:17:22,800 --> 00:17:25,040 Speaker 1: I mean, first of all, we need to make sure 314 00:17:25,080 --> 00:17:27,879 Speaker 1: that we maintain our stature as the best women's soccer 315 00:17:27,920 --> 00:17:29,280 Speaker 1: league in the world. And the reason that it's the 316 00:17:29,280 --> 00:17:31,159 Speaker 1: best women's soccer league in the world is because of 317 00:17:31,160 --> 00:17:34,399 Speaker 1: the level of our talent, which remains superior. So we 318 00:17:34,560 --> 00:17:38,679 Speaker 1: have to continue to ensure that we are the best 319 00:17:38,680 --> 00:17:42,560 Speaker 1: place for players to come and that's certainly salary, but 320 00:17:42,840 --> 00:17:45,560 Speaker 1: it's also all the other things we do, like the 321 00:17:45,560 --> 00:17:47,760 Speaker 1: requirements that we've put in place to have the kind 322 00:17:47,760 --> 00:17:50,200 Speaker 1: of training facilities, to have the kind of technical teams 323 00:17:50,520 --> 00:17:54,280 Speaker 1: and support staff in place that we're creating opportunities for 324 00:17:54,359 --> 00:17:57,800 Speaker 1: them off the pitch, something that we really do at scale, 325 00:17:57,800 --> 00:18:00,360 Speaker 1: and obviously something is somebody who really cares about the 326 00:18:00,400 --> 00:18:04,040 Speaker 1: talent pipeline. I'm also doing at a team level and 327 00:18:04,400 --> 00:18:08,560 Speaker 1: an individual level. So first and foremost thinking about our 328 00:18:09,240 --> 00:18:12,320 Speaker 1: our athletes and making sure that they have the resources 329 00:18:12,359 --> 00:18:14,800 Speaker 1: they need to compete, but also making sure that we're 330 00:18:14,840 --> 00:18:17,800 Speaker 1: the most attractive place in the world for those for 331 00:18:17,880 --> 00:18:21,760 Speaker 1: those players to come. And the other is the I mean, 332 00:18:21,800 --> 00:18:24,040 Speaker 1: I think other on the agenda, very high on the 333 00:18:24,080 --> 00:18:27,760 Speaker 1: agenda is you know, our media rights deals, making sure 334 00:18:27,800 --> 00:18:29,880 Speaker 1: we're driving the kind of tune in that we need 335 00:18:29,920 --> 00:18:33,080 Speaker 1: to be driving that people understand where to find us 336 00:18:33,160 --> 00:18:35,359 Speaker 1: on the array of networks, which I know is a 337 00:18:35,400 --> 00:18:38,480 Speaker 1: theme that that that I'm gratified by the fact that 338 00:18:38,800 --> 00:18:42,840 Speaker 1: the relatively small and WSL and the massive NBA are 339 00:18:42,880 --> 00:18:46,280 Speaker 1: also having those conversations around what's the right number of 340 00:18:46,880 --> 00:18:48,840 Speaker 1: platforms to put our games on. 341 00:18:49,440 --> 00:18:51,119 Speaker 4: So I know we've run out of time, but I 342 00:18:51,160 --> 00:18:53,679 Speaker 4: have one selfish question I want to ask you because 343 00:18:53,720 --> 00:18:57,920 Speaker 4: as a father, you recently had a panel with yourself 344 00:18:59,119 --> 00:19:02,720 Speaker 4: with Charlotte Jell from the Cowboys, Jeanie Buss from the Lakers, 345 00:19:02,920 --> 00:19:05,600 Speaker 4: and some of my favorite people, Kandas Parker and Us. 346 00:19:05,600 --> 00:19:08,880 Speaker 1: Parker moderated, so it's already like a Luminaries. 347 00:19:09,000 --> 00:19:11,520 Speaker 4: We also need more representation of women and people of 348 00:19:11,560 --> 00:19:15,640 Speaker 4: color in the owner's room executive level. What advice would 349 00:19:15,680 --> 00:19:17,760 Speaker 4: you give some young ladies that want to be like 350 00:19:17,840 --> 00:19:21,480 Speaker 4: you or like Jeanie or Charlotte to have more representation 351 00:19:21,560 --> 00:19:22,000 Speaker 4: in this room. 352 00:19:22,040 --> 00:19:24,399 Speaker 1: The doors are wide open, please come on through. And 353 00:19:24,440 --> 00:19:26,040 Speaker 1: then it's up to us on the other side of 354 00:19:26,080 --> 00:19:30,960 Speaker 1: those doors to make these environments welcoming, productive places to 355 00:19:31,040 --> 00:19:33,920 Speaker 1: learn and grow and develop. Because Alex, You're absolutely right, 356 00:19:33,960 --> 00:19:36,000 Speaker 1: I think not only do we need to make sure 357 00:19:36,040 --> 00:19:40,040 Speaker 1: the opportunity is there for women, but we have massive 358 00:19:40,080 --> 00:19:44,240 Speaker 1: growth potential ahead of us, and the trajectories are really steep, 359 00:19:44,280 --> 00:19:48,000 Speaker 1: and we need a very robust talent pipeline entering all 360 00:19:48,040 --> 00:19:51,359 Speaker 1: of these teams and leagues to really help us propel 361 00:19:51,440 --> 00:19:51,919 Speaker 1: that growth. 362 00:19:52,440 --> 00:19:55,200 Speaker 3: Before we get away from the owner's box, the owners, 363 00:19:55,680 --> 00:20:00,359 Speaker 3: you know, the governor's table, as it were what you 364 00:20:00,440 --> 00:20:03,399 Speaker 3: expected it would be being an owner. 365 00:20:03,560 --> 00:20:05,560 Speaker 1: Because I never dreamt of being an owner. I'm not 366 00:20:05,640 --> 00:20:09,760 Speaker 1: sure I had enormous expectations. And look, I've had the 367 00:20:09,760 --> 00:20:12,720 Speaker 1: privilege of knowing and working with a number of commissioners, 368 00:20:13,119 --> 00:20:15,560 Speaker 1: so I sort of have seen the world through their lens, 369 00:20:15,600 --> 00:20:19,320 Speaker 1: and I've seen the world through the media partner lens. 370 00:20:19,800 --> 00:20:22,280 Speaker 1: But I've you know, never been in the room before, 371 00:20:22,359 --> 00:20:25,520 Speaker 1: and it is it is fascinating. The challenges come at 372 00:20:25,560 --> 00:20:29,320 Speaker 1: you fast and furious as you're seeing and it's a 373 00:20:29,440 --> 00:20:32,360 Speaker 1: It is a learning experience each and each and every day. 374 00:20:32,440 --> 00:20:34,840 Speaker 1: And you know, I think I'm grateful at this age 375 00:20:34,840 --> 00:20:35,880 Speaker 1: I can still be learning. 376 00:20:35,680 --> 00:20:48,879 Speaker 3: On the job. All right, So we're going to do 377 00:20:49,520 --> 00:20:50,840 Speaker 3: our rapid fire. 378 00:20:52,480 --> 00:20:55,280 Speaker 1: I would lose on Jeopardy, So don't make them too rapid, because. 379 00:20:55,240 --> 00:20:57,240 Speaker 3: All right, we're going to bounce it back and forth. 380 00:20:57,240 --> 00:20:59,639 Speaker 3: I'll start and then Alex will pick up. What is 381 00:20:59,760 --> 00:21:02,359 Speaker 3: one word to describe your deal making style? 382 00:21:03,400 --> 00:21:03,920 Speaker 1: Deliberate? 383 00:21:04,720 --> 00:21:07,200 Speaker 4: What's more important to you? Gut or data? 384 00:21:07,760 --> 00:21:08,040 Speaker 1: Gut? 385 00:21:09,200 --> 00:21:10,959 Speaker 3: Who's your dream deal making partner? 386 00:21:11,640 --> 00:21:12,280 Speaker 1: Bob By her. 387 00:21:14,680 --> 00:21:15,120 Speaker 3: Mine too. 388 00:21:17,880 --> 00:21:18,840 Speaker 4: He paid me very well well. 389 00:21:19,000 --> 00:21:20,960 Speaker 1: We had our thirty year anniversary. We had the Yankees 390 00:21:21,000 --> 00:21:23,119 Speaker 1: game at the table on our wedding night. We had 391 00:21:23,160 --> 00:21:24,680 Speaker 1: the Yankees game on the television. 392 00:21:24,960 --> 00:21:26,399 Speaker 4: I love it, I love it, I love it. 393 00:21:26,280 --> 00:21:26,879 Speaker 3: It's working. 394 00:21:27,240 --> 00:21:29,119 Speaker 4: What's the best piece of advice you ever received on 395 00:21:29,160 --> 00:21:30,520 Speaker 4: deal making or business? 396 00:21:31,840 --> 00:21:39,399 Speaker 1: So on deal making, don't squeeze your partner dry, leave something. 397 00:21:39,480 --> 00:21:41,920 Speaker 1: Let everybody walk away from the table with their heads 398 00:21:42,000 --> 00:21:47,800 Speaker 1: held high. And then related to that is, therefore, don't 399 00:21:47,840 --> 00:21:50,960 Speaker 1: start at the extremes. Start a little bit closer in 400 00:21:51,160 --> 00:21:53,720 Speaker 1: and at a more realistic place, so you save wear 401 00:21:53,760 --> 00:21:57,040 Speaker 1: and tear on everybody. 402 00:21:57,840 --> 00:21:59,720 Speaker 3: What's the worst advice you've been given? 403 00:22:00,520 --> 00:22:02,560 Speaker 1: That I needed to change my name if I was 404 00:22:02,600 --> 00:22:07,080 Speaker 1: going to be taken seriously in business by somebody that 405 00:22:07,119 --> 00:22:11,040 Speaker 1: I adore? Who was just giving me some constructive That. 406 00:22:11,080 --> 00:22:14,920 Speaker 4: Must have been in the seventies. What's what's a deal 407 00:22:15,440 --> 00:22:17,440 Speaker 4: you wish you had done? 408 00:22:17,680 --> 00:22:21,240 Speaker 1: Oh? The deal I wish I had done? Well, Look, 409 00:22:21,440 --> 00:22:24,000 Speaker 1: my kids would tell you any NBA team that comes 410 00:22:24,040 --> 00:22:26,280 Speaker 1: on the market that we didn't actually buy, not that 411 00:22:26,280 --> 00:22:28,520 Speaker 1: we could afford it, we should have gone for and didn't. 412 00:22:28,560 --> 00:22:31,280 Speaker 1: So you know, I'm failing them left and right. 413 00:22:32,800 --> 00:22:35,320 Speaker 3: I think it. You know I'd like the idea of 414 00:22:35,320 --> 00:22:37,560 Speaker 3: Angel City as your family business. Yeah, I do, two 415 00:22:37,680 --> 00:22:38,080 Speaker 3: sons of it. 416 00:22:38,320 --> 00:22:38,800 Speaker 4: I do too. 417 00:22:39,560 --> 00:22:42,479 Speaker 3: Who was your favorite interview from NVA Inside Stuff? 418 00:22:42,720 --> 00:22:45,360 Speaker 1: Never given that one up, And they were all my favorites. 419 00:22:45,400 --> 00:22:46,960 Speaker 1: I loved each and everyone the same. 420 00:22:47,080 --> 00:22:47,520 Speaker 3: Wow. 421 00:22:47,640 --> 00:22:50,800 Speaker 4: Okay, all right? What's your hype song before a big 422 00:22:50,840 --> 00:22:52,000 Speaker 4: meeting or negotiation? 423 00:22:53,480 --> 00:22:59,520 Speaker 1: Beyonce? If I were a boy number? But close second 424 00:22:59,840 --> 00:23:03,600 Speaker 1: is is the Leslie Powell Angel City walk on song? 425 00:23:03,680 --> 00:23:05,400 Speaker 1: Here They Come. It's one of the best. I think 426 00:23:05,400 --> 00:23:06,760 Speaker 1: it's the best in sports. 427 00:23:07,040 --> 00:23:07,760 Speaker 4: We gotta go see that. 428 00:23:08,040 --> 00:23:11,040 Speaker 3: Yeah, they gotta do it. I know somebody. You can 429 00:23:11,040 --> 00:23:12,880 Speaker 3: only watch one sport for the rest of your life, 430 00:23:12,920 --> 00:23:15,560 Speaker 3: what is it. 431 00:23:15,560 --> 00:23:20,920 Speaker 1: It's kind of a tie soccer, women's soccer, but basketball 432 00:23:22,000 --> 00:23:23,920 Speaker 1: basketball edges out just a little bit more. 433 00:23:24,800 --> 00:23:27,480 Speaker 4: All right. So we usually ask if there's one team 434 00:23:27,520 --> 00:23:29,239 Speaker 4: that can want a title, which one would it be? 435 00:23:29,280 --> 00:23:31,640 Speaker 1: We will We know what that would be. We're gonna win, angel. 436 00:23:33,280 --> 00:23:33,440 Speaker 2: Is. 437 00:23:34,359 --> 00:23:36,560 Speaker 4: What's the first thing you would do after you win 438 00:23:36,640 --> 00:23:37,080 Speaker 4: a title? 439 00:23:37,240 --> 00:23:38,480 Speaker 1: Oh, that's so bad. 440 00:23:38,560 --> 00:23:39,920 Speaker 3: That was gonna be invite football. 441 00:23:40,440 --> 00:23:41,679 Speaker 1: That was such a softball. 442 00:23:42,280 --> 00:23:42,800 Speaker 5: You know that. 443 00:23:43,240 --> 00:23:43,560 Speaker 3: I don't. 444 00:23:43,600 --> 00:23:48,600 Speaker 1: We're gonna go to Disneyland. I like that, And yes 445 00:23:49,040 --> 00:23:49,920 Speaker 1: you are invited. 446 00:23:50,160 --> 00:23:53,600 Speaker 3: Yeah, all right, will obey. You're a treasure. Thank you 447 00:23:53,680 --> 00:24:00,560 Speaker 3: so much, Thank you everyone. 448 00:24:03,080 --> 00:24:07,240 Speaker 5: The Deal is a production from Bloomberg Podcasts and Bloomberg Originals. 449 00:24:07,840 --> 00:24:11,080 Speaker 5: The Deal is hosted by Alex Rodriguez and Jason Kelly. 450 00:24:11,680 --> 00:24:16,680 Speaker 5: This show was produced by Annamazarakis, Stacy Wong, Lizzie Phillip, 451 00:24:17,119 --> 00:24:21,680 Speaker 5: Eden Martinez, and Tom Gibson. Original music and engineering by 452 00:24:21,680 --> 00:24:26,000 Speaker 5: Blake Maples. Jason Brandt was our sound operator. Our booker 453 00:24:26,119 --> 00:24:29,879 Speaker 5: is Paige Keffer. David E. Ravella is our managing Editor. 454 00:24:30,400 --> 00:24:35,280 Speaker 5: Our executive producers are Jason Kelly, Amy Keene, Jordan Oplinger, 455 00:24:35,480 --> 00:24:41,399 Speaker 5: Trey Shallowhorn, Regina Delia, Kelly Laferrier, and Ashley Hoenig. Sage 456 00:24:41,400 --> 00:24:45,960 Speaker 5: Bauman is our head of Podcasts Special thanks to Rachel Carnivale, 457 00:24:46,119 --> 00:24:52,520 Speaker 5: Elena Los Angeles, Nick Silva, Chelsea Hoon, Adrian Toscano, Jared Sinclair, 458 00:24:52,920 --> 00:24:57,480 Speaker 5: Stephen Fossberg, and mikeah Rondo. Joshua Devaux is our director 459 00:24:57,520 --> 00:25:02,120 Speaker 5: of photography. Rubob Shakir is our creative director. Art direction 460 00:25:02,359 --> 00:25:07,080 Speaker 5: is from Jacqueline Kessler. Technical direction by Matt Prophet. Justin 461 00:25:07,119 --> 00:25:11,480 Speaker 5: Gonzalez was our video engineer. Camera operation by Don Downie, 462 00:25:11,680 --> 00:25:18,600 Speaker 5: Emmanuel Moran, Matt Tomlin, Douglas Higginbotham Patrick Morrissey, Alan Thoroughgood, 463 00:25:18,920 --> 00:25:23,159 Speaker 5: and Cameron Wallace. Katia Vanoy is our video editor and 464 00:25:23,240 --> 00:25:26,560 Speaker 5: Will Connolly is our assistant editor. You can listen to 465 00:25:26,600 --> 00:25:30,520 Speaker 5: the Deal on Apple Podcasts, Spotify, or wherever you get 466 00:25:30,520 --> 00:25:34,200 Speaker 5: your podcasts. You can also tune into The Video Companion 467 00:25:34,320 --> 00:25:38,320 Speaker 5: on Bloomberg Originals and on Bloomberg TV. Thanks for listening.