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Speaker 1: Hello, I'm Scott and I'm Michael bar and this is

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Speaker 1: the Bloomberg Business of Sports podcast, where we explore the

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Speaker 1: big money issues in the world of sports today. We

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Speaker 1: begin with the sweet sixteen for the n c Double

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Speaker 1: A men's basketball tournament. And I guess I can describe

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Speaker 1: it like this. You remember the witch that was in

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Speaker 1: the Wizard of Oz and then Dorothy threw water on

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Speaker 1: the Wizard I think it was. There was the good Witch, Glenda,

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Speaker 1: and there was the that was the one, the one

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Speaker 1: where she threw the water on the bad witch. And

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Speaker 1: then and then and then she melted, no, no, saying

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Speaker 1: in the voice of the of the witch, what the world?

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Speaker 1: What the world? What a bracket? What a bracket? That's

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Speaker 1: my bracket. Yes, my bracket melted all the way Virginia

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Speaker 1: out by a sixteen seed. You want to know the

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Speaker 1: last time that happened. Here's the short answer. Never, Well,

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Speaker 1: in the women's game, had happened Harvard? Well, yes, but yes,

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Speaker 1: I agree, I'm talking about hold on, you know, there's

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Speaker 1: so many upsets that have happened. I mean, my goodness,

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Speaker 1: you know what, Bar, this is the deal. And I

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Speaker 1: don't want to slam college basketball anymore. But this is

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Speaker 1: what happens when the best players leave early all the time.

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Speaker 1: You have finally reached a place where I think of

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Speaker 1: the teams, I'll tell you the what I grew up watching.

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Speaker 1: You don't have the four seniors lead. If you ever

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Speaker 1: had Duke with the four seniors, the Hurly, the Late

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Speaker 1: nor the Hill, the that team is not capable of

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Speaker 1: losing to a sixteen. But you've gotten to a point

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Speaker 1: where the best of the best, who used to dominate

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Speaker 1: those four or five six seven schools, whatever they were,

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Speaker 1: you only needed four for four top seeds, they weren't

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Speaker 1: going to lose to a sixteen. But you've gotten to

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Speaker 1: the point now where the talent distribution is not great

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Speaker 1: enough the one the sixteen, they're not that far part,

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Speaker 1: particularly when you have still you still have people leaving

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Speaker 1: early from those top brand name schools and at the sixteens,

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Speaker 1: mid major, lower whatever, and we'll get into UNBC, they

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Speaker 1: have guys who stick around for four years, right that

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Speaker 1: that really is closing the gap on the talent between

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Speaker 1: what the two are used to be. Well, like you said,

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Speaker 1: I mean, I grew up with the Fab five watching

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Speaker 1: Michigan always bring in Detroit. We might call it time

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Speaker 1: out when we shouldn't have, but referee didn't call it.

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Speaker 1: But I just wonder about TV ratings because I've never

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Speaker 1: seen an n C double a tournament like this. TV

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Speaker 1: executives love the upsets in the first and second round. However,

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Speaker 1: they do not love sixteen and fifteens winning where the

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Speaker 1: brand name schools like u V a number one all year,

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Speaker 1: where they're gone. They're praying North Carolina out, They're praying Duke,

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Speaker 1: please don't go anywhere. You know that, Kentucky, please don't

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Speaker 1: go anywhere. Well, who do they have next? Rank the

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Speaker 1: good luck Charms? Bloomberg Business of Sports. John Wildack, the

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Speaker 1: a D at Syracuse, comes on the show. His team,

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Speaker 1: last team in the very last team in a couple

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Speaker 1: of wins in sweet sixteen. Again, I'm trying to think,

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Speaker 1: when is the last time a quote unquote playing team

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Speaker 1: got this far? Let me answer that I don't know.

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Speaker 1: I don't know. But so from the business perspective, they're

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Speaker 1: the big winner right now. UNBC Maryland Baltimore County because

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Speaker 1: how many people have flooded their website, their social media

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Speaker 1: guy by the way or woman, No, it's a guy

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Speaker 1: Zach Seital has done a text book job on how

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Speaker 1: to capitalize on a short window of attention. His tweets

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Speaker 1: are getting people's attentions. He's including things like, hey, by

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Speaker 1: the way, we've had an eight five million dollar events

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Speaker 1: center opening next year and still don't have a name sponsor.

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Speaker 1: And for you high school kids who now know where

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Speaker 1: memory Maryland Baltimore County, here's the admissions link. So they

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Speaker 1: had like five thousand followers on their Twitter feed going

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Speaker 1: into the tournament. They're topping a hundred and ten thousand. Now,

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Speaker 1: this is how you capitalize. They've trademarked retrievers and sixteen

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Speaker 1: to one already. They've already trademarked it. This is how

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Speaker 1: you do it. I have to admit and no offense

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Speaker 1: to Maryland Baltimore County. I had to look up. Okay,

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Speaker 1: what did it stand for? Really didn't know. I didn't know.

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Speaker 1: You know what? You know what made you NBC famous

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Speaker 1: before this, which is have you watched the wire where

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Speaker 1: it's Stringer Bell take his night courses. That's you know what.

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Speaker 1: I didn't even put that together. Man, That's why I'm here.

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Speaker 1: Stringer Bell made you NBC famous. And now the Retriever's

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Speaker 1: basketball team has catapulted it to a whole new level.

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Speaker 1: Thanks Book, I appreciate you, but good luck to all this.

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Speaker 1: You know, here's another party, what sports business. You know,

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Speaker 1: they're an under Armur school. Kevin Planks, the Baltimore guy

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Speaker 1: he likes to However, you know what they get for

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Speaker 1: being an arm under armour school almost nothing, Like they

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Speaker 1: get no money from their deal. They got a little

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Speaker 1: like a better rate on some of the other still

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Speaker 1: pay for the sneakers and the gear. Like this is

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Speaker 1: in Kentucky where everything is free and they pay millions

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Speaker 1: to the coaches. Let's see if that changes now. Well

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Speaker 1: they got yeah, I mean this is a chance for

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Speaker 1: them to build on their program. There's no no question

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Speaker 1: that they got a lot of press out of this. Yeah.

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Speaker 1: And this is the power of this tournament for all

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Speaker 1: those people who say like, oh, the one and done,

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Speaker 1: This is why they do the one. This is the

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Speaker 1: promotion one game. Did this for this team one. Now

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Speaker 1: it's up to them to capitalize and see if they

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Speaker 1: can keep the momentum going. There is some sad news

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Speaker 1: we have to talk about, and that is the depth

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Speaker 1: of Tom Benson. Now, what does this mean for the

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Speaker 1: Saints and Pelicans. Now, from what we think, we know

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Speaker 1: nothing that his estate planning was in place. Ownership transferred

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Speaker 1: to his third wife, Gail. But what we also know

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Speaker 1: about the Benson is there's there have been some strife

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Speaker 1: in the relationship between Benson's daughter and her children and

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Speaker 1: GAYL Benson. So they had a settlement a few years ago,

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Speaker 1: the terms of which were never released. At that time,

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Speaker 1: as near as we could tell, the Airs had the

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Speaker 1: NFL team and of the NBA team. We don't know

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Speaker 1: what they have now. But should they contest this will

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Speaker 1: this could get pretty ugly. Not saying they are, but

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Speaker 1: we know there was strife before and should they look

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Speaker 1: in now and this gets ugly? Could you imagine New

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Speaker 1: Orleans not a huge market, but an enticing city and

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Speaker 1: opportunity for somebody who may look to grab two professional

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Speaker 1: sports teams, synergies, sponsorships, ticket sales, they work end in

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Speaker 1: hind Well. This is why, among many reasons, like you said,

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Speaker 1: why I can get nasty, Benson got the New Orleans

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Speaker 1: Pelicans and he bought it from the league. Interestingly enough,

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Speaker 1: at seventy million dollars now the team is worth close

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Speaker 1: to two billion dollars. But is it seventy millions? That right?

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Speaker 1: Seventy million for the team? Okay? Apparently, according to the

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Speaker 1: NBA had taken control of the franchise, which they never

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Speaker 1: wanted to do and want and really the only person

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Speaker 1: that made sense for I remember reporting it way back when,

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Speaker 1: as soon as it came on the market, it was like,

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Speaker 1: you know, who else is gonna take it? It It makes

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Speaker 1: sense for him, you know what. I apologize. That's the

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Speaker 1: Saints that he bought. So I think it was two

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Speaker 1: hundred or close to three hundred million for the Pelicans,

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Speaker 1: But even so they're worth whatnot and it's worth two billions.

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Speaker 1: I mean, yeah, they've had some pretty that's the Saints.

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Speaker 1: There's no way the Pelicans are two billion dollars. The

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Speaker 1: Saints are two billion. The Pelicans probably in the billion range,

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Speaker 1: maybe a little bit under. But but so what it's

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Speaker 1: it's an umbrella for both pro sports franchises. This kind

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Speaker 1: of stuff doesn't come on the market very often. If

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Speaker 1: you had the opportunity to grab two teams, that would

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Speaker 1: be one heck of an interesting global auction to see

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Speaker 1: who would jump in and try and get them buying

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Speaker 1: an NBA team today. I just wonder now it's do

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Speaker 1: you get a bargain, it's does the team increase in value?

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Speaker 1: Have you we hit a point now where we've hit

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Speaker 1: the saturation point? Well, people, I mean that's what everybody's asking.

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Speaker 1: And we're gonna find out with the NFL and the

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Speaker 1: Carolina Panthers. Are they gonna go for to to to three,

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Speaker 1: which would be book value, or they're gonna go to

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Speaker 1: for to six to seven to eight because the three

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Speaker 1: or so bitters that are there, and we know Joe

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Speaker 1: Sigh is there, you know, it's you know, Michael Reuben

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Speaker 1: there there, Josiah is everywhere, and he bought the Nets

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Speaker 1: for three or two point three billion, an NBA record

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Speaker 1: two point three billion dollar valuation. With the media contracts,

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Speaker 1: the way their go up, up up, and with the

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Speaker 1: ability to scale digital content, whether it's highlights, whether it's

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Speaker 1: in game cut ins, whether it's last thirty seconds minute

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Speaker 1: of a game, the NBA has some great global prospects

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Speaker 1: and the thought of the interest waning in that sport

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Speaker 1: not very high right now. So if you're if you're

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Speaker 1: trying to get in, now might be a good time.

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Speaker 1: Even though of course it's like real estate in some places.

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Speaker 1: Yeah don't you don't you hate the stories when you

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Speaker 1: hear somebody tell you, oh, yeah, we bought that Tribeca

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Speaker 1: pent house in two dollars and yeah, yeah, you know,

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Speaker 1: or people in the meatpacking district before there was a

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Speaker 1: high line and all the high end shops. Some of

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Speaker 1: those folks. It's the same with the sports. You know

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Speaker 1: that that's it. You were lucky to buy the property

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Speaker 1: way back when you have no debt. It's all paid

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Speaker 1: off the and the appreciation has just gone buffo and

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Speaker 1: now you're in for cash day. Let's talk about narrative.

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Speaker 1: They are trying to sell several magazines from Time, Fortune, Money,

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Speaker 1: and the one that we really care about, Sports Illustrated.

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Speaker 1: Do you still have a soft spot in your heart

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Speaker 1: for s? I yes, I do too. I did too,

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Speaker 1: even though I don't want to make too judgmental. I'm

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Speaker 1: not really sure. I saw that the long form is

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Speaker 1: what people want these days, and pretty much we know

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Speaker 1: the most profitable issue is the swimsuit issue. Um but

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Speaker 1: it is and it always has been, and is and

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Speaker 1: will continue to be a dominant brand. People know what's

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Speaker 1: Sports Illustrated is it's a great brand. So who wants

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Speaker 1: it and what would you do? What would you do

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Speaker 1: with Sports Illustrated if you were the buyer? I think

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Speaker 1: the biggest thing is the spanned even more online, all right,

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Speaker 1: so it's got to be all digital. Yeah, that's that's

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Speaker 1: how people are reading these days. I mean I have to, yes,

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Speaker 1: I mean you read different papers. You read the Wall

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Speaker 1: Street Journal, you read the New York Times, and you

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Speaker 1: read all But I do it all online. I do

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Speaker 1: it digitally. It's and that's what I think Sports Illustrated

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Speaker 1: has to do. Yeah. And Meredith paid about two billion

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Speaker 1: dollars for Time Ink and like you mentioned some of

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Speaker 1: the other properties. Now it's time to see if they're

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Speaker 1: going to spin off. And Meredith is very heavy in

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Speaker 1: brands that are female focused. So I'm not sure if

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Speaker 1: s I fits in that very heavy female focused portfolio. Um,

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Speaker 1: they've hired a bank, they've hired some advisors. Um, you

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Speaker 1: look around and who might be interested? Someone I know,

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Speaker 1: J Pensky, who has recently acquired The Rab Report, who

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Speaker 1: has recently required acquired Rolling Stone. You US weekly Men's journal.

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Speaker 1: This would fit nicely in his portfolio. Question is does

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Speaker 1: he have the money after all these acquisitions. He just

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Speaker 1: had an investment from a foreign source. Maybe it's something

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Speaker 1: he looks at. Another thing, though, is if you're trying

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Speaker 1: to sell all of these magazines, are you do you

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Speaker 1: buy it all in a bundle or do you sell

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Speaker 1: it separately? Oh yeah, I mean I guess you take

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Speaker 1: what you can. You're not going to have the same

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Speaker 1: buyer for Sports Illustrated as Fortune. I mean, the others

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Speaker 1: are all sort of similar in the finance world. S

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Speaker 1: I is to me a special pull out, stand out

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Speaker 1: somebody who's looking to really drive some sort of sports

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Speaker 1: recognition in their portfolio. Again, it's a brand, people know it.

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Speaker 1: It's what can you do with it now? And I

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Speaker 1: am behind your idea. You have got to push digital offerings,

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Speaker 1: whether video, live, short form video from s I would

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Speaker 1: be great at a time when everybody, all the leagues,

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Speaker 1: all the teams are pumping us with with short clips

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Speaker 1: and athletes and behind the scenes, and man, who better

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Speaker 1: than s I to pull back a curtain on pro

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Speaker 1: sports and take you inside. It's always been about the pictures,

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Speaker 1: the view, the seeing. It's always been about that. Yes,

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Speaker 1: the words that I going the long form, but maybe

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Speaker 1: you do long form video too, but it's it's about that.

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Speaker 1: It's about that yesteryear love for s I speaking of

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Speaker 1: yes for you. Fela has re signed Beyond Board. Who

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Speaker 1: back in the day, way back in the seventies through

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Speaker 1: eighties six this handsome double man was just the long

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Speaker 1: hair Bandanna. Yeah, beyond board the sweatsuit. Did you have

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Speaker 1: a Fela Swatson? I had a fel We should want that.

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Speaker 1: We should come in together where if we can find

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Speaker 1: that and I think that has female. If I said

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Speaker 1: Fela has Fela sneakers, there we got so we should

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Speaker 1: all come. It should be Fela da. Mine has a

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Speaker 1: hole in the need though mine has a hole in

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Speaker 1: both knees. I'm sure it was. It was the light

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Speaker 1: blue set. It was nice. I fell one day and

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Speaker 1: I was trying to run and and I can't get up.

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Speaker 1: This is This is the Bloomberg Business of Sports podcast.

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Speaker 1: I'm Michael Barr along with Scott Sasnik. We're here each

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Speaker 1: and every Monday and Friday exploring the world of money

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Speaker 1: in sports. You're listening to Bloomberg Business of Sports on

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Speaker 1: Bloomberg Radio around the world and online as an Apple

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Speaker 1: podcast on iTunes.