1 00:00:07,960 --> 00:00:12,639 Speaker 1: Welcome to Strictly Business Varieties, weekly podcasts featuring conversations with 2 00:00:12,720 --> 00:00:17,000 Speaker 1: industry leaders about the business of media and entertainment. I'm 3 00:00:17,040 --> 00:00:20,919 Speaker 1: Cynthia Littleton, co editor in chief of Variety Today. My 4 00:00:21,000 --> 00:00:23,759 Speaker 1: guest in New York is Joe iyan Ello, chairman and 5 00:00:23,800 --> 00:00:28,240 Speaker 1: CEO of Argus Capital Ayannello was a top executive at 6 00:00:28,240 --> 00:00:31,440 Speaker 1: CBS for more than twenty years when he found himself 7 00:00:31,440 --> 00:00:34,040 Speaker 1: out of a job in early twenty twenty after via 8 00:00:34,120 --> 00:00:37,920 Speaker 1: common CBS tied the knot again. Ianello gathered a number 9 00:00:37,920 --> 00:00:40,760 Speaker 1: of colleagues who were in the same position. They set 10 00:00:40,760 --> 00:00:43,360 Speaker 1: off on a mission to create a better spack deal 11 00:00:43,680 --> 00:00:48,120 Speaker 1: for buying and operating media and entertainment assets. As he 12 00:00:48,159 --> 00:00:51,879 Speaker 1: explains in our conversation, Argus aims to capitalize on the 13 00:00:51,920 --> 00:00:56,319 Speaker 1: disruption all around the industry. The largest media companies are 14 00:00:56,320 --> 00:01:00,760 Speaker 1: shifting priorities and funneling resources to build new streaming platforms. 15 00:01:01,400 --> 00:01:06,760 Speaker 1: Ianello sees quote fantastic businesses and quote being neglected. He 16 00:01:06,920 --> 00:01:09,480 Speaker 1: thinks he has an irresistible offer for those in the 17 00:01:09,520 --> 00:01:12,920 Speaker 1: seats that he used to occupy, sell or spin off 18 00:01:12,959 --> 00:01:16,160 Speaker 1: a big piece of a solid business to the argustine 19 00:01:16,440 --> 00:01:20,319 Speaker 1: and let them run it with relentless focus. Given that 20 00:01:20,360 --> 00:01:24,320 Speaker 1: Ianello is surrounded by CBS alumni in this venture, it's 21 00:01:24,360 --> 00:01:27,880 Speaker 1: no surprise that he still uses US an hour when 22 00:01:27,880 --> 00:01:33,280 Speaker 1: referring to anything involving CBS. Ianello sees Argus as becoming 23 00:01:33,360 --> 00:01:37,960 Speaker 1: a Bolton management team or key advisors for young public companies. 24 00:01:38,800 --> 00:01:41,640 Speaker 1: It's an intriguing vision of the near future for media 25 00:01:42,040 --> 00:01:45,160 Speaker 1: if he can pull it off. That's all coming up 26 00:01:45,200 --> 00:01:58,520 Speaker 1: on today's episode of Strictly Business. Joe Ianello, chairman and 27 00:01:58,600 --> 00:02:02,120 Speaker 1: CEO of Artists Capital Corp. Thank you so much for 28 00:02:02,200 --> 00:02:05,080 Speaker 1: coming to Brian Park and doing this in person. What 29 00:02:05,240 --> 00:02:08,080 Speaker 1: a treat. It's great to be here with you, Joe. 30 00:02:08,320 --> 00:02:13,960 Speaker 1: You have recently you have joined the wave of spack 31 00:02:14,040 --> 00:02:16,320 Speaker 1: deals that have been out there in the marketplace. That's 32 00:02:16,320 --> 00:02:18,560 Speaker 1: been a really interesting development. We're going to talk about 33 00:02:18,560 --> 00:02:20,400 Speaker 1: the back of it all in a little bit, but 34 00:02:20,480 --> 00:02:23,720 Speaker 1: just to start, tell us about Argus Capital Corp. You 35 00:02:23,840 --> 00:02:27,720 Speaker 1: recently raised about two five million and you have brought 36 00:02:27,760 --> 00:02:30,000 Speaker 1: together a number of former colleagues that you worked with 37 00:02:30,040 --> 00:02:33,600 Speaker 1: at CBS. You've got the band back together, You've got 38 00:02:33,960 --> 00:02:37,320 Speaker 1: you've got some money in your coffers. What is what 39 00:02:37,520 --> 00:02:42,079 Speaker 1: is the goal and why did Argus Capital come together? Now, yeah, 40 00:02:42,080 --> 00:02:44,520 Speaker 1: I think the timing was there's such change going on 41 00:02:45,280 --> 00:02:49,480 Speaker 1: in the broader t MT sector really again driven by 42 00:02:49,560 --> 00:02:53,440 Speaker 1: technological advancements. So we see lots of opportunities you know, 43 00:02:53,480 --> 00:02:56,520 Speaker 1: of ahead of us, and you know, I'm fortunate enough 44 00:02:56,560 --> 00:02:59,960 Speaker 1: to put together really again a unique group. Again, these 45 00:03:00,000 --> 00:03:03,560 Speaker 1: are these are kind of fortune one hundred c suite 46 00:03:03,600 --> 00:03:08,280 Speaker 1: executives that happened to be all available at the same time, 47 00:03:08,320 --> 00:03:11,360 Speaker 1: which is really again unique certainly in the spack world, 48 00:03:11,400 --> 00:03:14,600 Speaker 1: but even in corporate America to have that breadth and 49 00:03:14,680 --> 00:03:20,520 Speaker 1: depth of talent around me, and so so what exactly 50 00:03:20,639 --> 00:03:25,200 Speaker 1: exactly so so so we we studied the vehicle, the 51 00:03:25,240 --> 00:03:29,000 Speaker 1: spack vehicle deeply before we we entered you know, the 52 00:03:29,480 --> 00:03:32,440 Speaker 1: marketplace and what it does. It really gives us the 53 00:03:32,520 --> 00:03:36,080 Speaker 1: ability to choose to deal we want to do where 54 00:03:36,120 --> 00:03:39,040 Speaker 1: we can add the most amount of value. So that's 55 00:03:39,040 --> 00:03:42,480 Speaker 1: why again, it's why why is back and why you 56 00:03:42,520 --> 00:03:47,320 Speaker 1: know now, was the team was available again in in 57 00:03:47,040 --> 00:03:50,320 Speaker 1: a in a space that we know something about and 58 00:03:50,520 --> 00:03:53,840 Speaker 1: a bit and leslie all of the change that's going 59 00:03:53,920 --> 00:03:58,880 Speaker 1: on that creating a lot of these opportunities. For sure, 60 00:03:59,000 --> 00:04:02,600 Speaker 1: there is, there is so much movement right now, but 61 00:04:02,640 --> 00:04:07,200 Speaker 1: among media entertainment, it really is an industry in transition. 62 00:04:07,320 --> 00:04:10,240 Speaker 1: I sometimes I feel like the winds around me sometimes 63 00:04:10,240 --> 00:04:13,560 Speaker 1: it is literally in transition. Um And I know one 64 00:04:13,600 --> 00:04:15,200 Speaker 1: of the things that you've talked about is that you 65 00:04:15,240 --> 00:04:17,040 Speaker 1: feel like there's going to be a lot of moving 66 00:04:17,040 --> 00:04:19,520 Speaker 1: and shaking, a lot of divesting, a lot of things 67 00:04:20,200 --> 00:04:24,720 Speaker 1: coming off of larger entities that may be reevaluating. Can 68 00:04:24,760 --> 00:04:27,680 Speaker 1: you talk about that and why that's happening now in 69 00:04:27,720 --> 00:04:29,760 Speaker 1: this market? Yeah? I think. I think. Look, I think 70 00:04:29,800 --> 00:04:33,240 Speaker 1: when all of these conglomerates you know, getting together, right, 71 00:04:33,279 --> 00:04:36,240 Speaker 1: you're putting a lot of asset groups together, you know, 72 00:04:36,800 --> 00:04:41,159 Speaker 1: cable nets, with broadcasting, with streaming, with film companies. And 73 00:04:41,200 --> 00:04:44,080 Speaker 1: I think what investors really want is they want focus. 74 00:04:44,720 --> 00:04:46,640 Speaker 1: You know, when they're investing in a company, they want 75 00:04:46,680 --> 00:04:50,800 Speaker 1: to know how the management team is prioritizing, how they 76 00:04:50,839 --> 00:04:54,600 Speaker 1: allocate capital. And now, because a lot of companies are 77 00:04:54,600 --> 00:04:57,120 Speaker 1: over the top, you know, direct the consumer whatever you know, 78 00:04:57,279 --> 00:05:00,480 Speaker 1: you know, call it the Netflix model, if you will, Right, 79 00:05:00,839 --> 00:05:03,760 Speaker 1: it's all of that content, all of that content, you know, 80 00:05:03,880 --> 00:05:06,800 Speaker 1: is being distributed directly to the consumer, and that takes 81 00:05:07,160 --> 00:05:09,320 Speaker 1: you know, capital to do that. So then I think 82 00:05:09,360 --> 00:05:11,479 Speaker 1: investors are gonna push so then why are you in 83 00:05:11,560 --> 00:05:14,839 Speaker 1: this business or this business or that business? Again, I 84 00:05:14,880 --> 00:05:17,360 Speaker 1: just always use the example of you know, I look 85 00:05:17,360 --> 00:05:20,320 Speaker 1: at Hulu and Hulu is owned by Disney and Comcast. 86 00:05:21,040 --> 00:05:25,679 Speaker 1: Yet Disney and Comcast also have streaming services, right Disney 87 00:05:25,680 --> 00:05:29,359 Speaker 1: Plus and Peacock. So when they're making a piece of 88 00:05:29,360 --> 00:05:34,160 Speaker 1: premium content, where does it go? Does it go on Peacock, 89 00:05:34,800 --> 00:05:36,880 Speaker 1: does it go on Hulu? What does it go on 90 00:05:36,920 --> 00:05:39,960 Speaker 1: Disney Plus? And I think as an investor, I think 91 00:05:40,000 --> 00:05:43,040 Speaker 1: part of this process, you know, uh, when we left 92 00:05:43,080 --> 00:05:45,760 Speaker 1: the after the merger, we really started you know, thinking about, 93 00:05:46,040 --> 00:05:48,600 Speaker 1: you know, what we're doing more as an investor and 94 00:05:48,640 --> 00:05:51,279 Speaker 1: really prioritizing how you do that, I think is what's 95 00:05:51,279 --> 00:05:55,240 Speaker 1: gonna These investors are going to force companies again to 96 00:05:55,320 --> 00:05:57,680 Speaker 1: kind of choose where you want to be. And so 97 00:05:57,839 --> 00:06:01,080 Speaker 1: therefore that leads to a lot of what I we're calling, 98 00:06:01,120 --> 00:06:04,480 Speaker 1: you know, corporate divestitures or carve outs, where there are 99 00:06:04,480 --> 00:06:10,000 Speaker 1: fantastic businesses buried inside conglomerates where their capital, you know, 100 00:06:10,080 --> 00:06:13,520 Speaker 1: priority isn't top of the list, so they would be 101 00:06:13,520 --> 00:06:18,520 Speaker 1: better served as a separate entity where folks are dedicated 102 00:06:18,760 --> 00:06:22,000 Speaker 1: to setting up the capital structure appropriate, you know, meaning 103 00:06:22,080 --> 00:06:23,880 Speaker 1: how much death does the company has, does it pay 104 00:06:23,880 --> 00:06:27,080 Speaker 1: a dividend, how does it prioritize its shoes? And letting 105 00:06:27,160 --> 00:06:31,760 Speaker 1: investors invest in that company specifically. And again I think 106 00:06:31,760 --> 00:06:33,719 Speaker 1: it's a win win for both. I think it's fantastic 107 00:06:33,720 --> 00:06:36,720 Speaker 1: for the companies because again they get to unlock value right, 108 00:06:36,800 --> 00:06:41,080 Speaker 1: these corporate carve outs and the the the asset class 109 00:06:41,080 --> 00:06:44,240 Speaker 1: get investors get closer to it, right. And so I 110 00:06:44,320 --> 00:06:47,080 Speaker 1: go back to our gust capital A lot of time 111 00:06:47,160 --> 00:06:49,440 Speaker 1: sitting in that chair, you know, we we came to 112 00:06:49,480 --> 00:06:55,960 Speaker 1: this with our radio division or outdoor division. Yes, yes, 113 00:06:56,360 --> 00:06:59,760 Speaker 1: and so um, what we didn't have the we didn't 114 00:06:59,760 --> 00:07:02,000 Speaker 1: have the right public company management in place. We had 115 00:07:02,040 --> 00:07:04,960 Speaker 1: fantastic divisional management that we could help, but we had 116 00:07:04,960 --> 00:07:08,359 Speaker 1: to augment that with public company management. As you know, 117 00:07:08,480 --> 00:07:11,280 Speaker 1: that's very different than running a business when you're dealing 118 00:07:11,280 --> 00:07:14,520 Speaker 1: with public company investors quarter at a quarter. So again 119 00:07:14,560 --> 00:07:16,440 Speaker 1: I come back to, is the team that we have 120 00:07:16,600 --> 00:07:19,600 Speaker 1: together can actually help in that role. And that's where 121 00:07:19,600 --> 00:07:23,200 Speaker 1: you're not seeing where we saw avoid in spacts because 122 00:07:23,200 --> 00:07:27,200 Speaker 1: spacts were you know, um, really, I say, one man band, 123 00:07:27,280 --> 00:07:30,320 Speaker 1: really a smaller shop. But because of the breadth and 124 00:07:30,360 --> 00:07:32,680 Speaker 1: depth of the team we put together, we think a 125 00:07:32,920 --> 00:07:36,520 Speaker 1: corporate carve out is really an interesting solution for some 126 00:07:36,600 --> 00:07:40,000 Speaker 1: of these conglomerates that they can effectually kind of have 127 00:07:40,280 --> 00:07:44,320 Speaker 1: us as the as an overlay. Two again, a solid 128 00:07:44,360 --> 00:07:48,920 Speaker 1: management team right to help tell that story and execute uh. 129 00:07:48,920 --> 00:07:51,600 Speaker 1: In the public markets, do you see a scenario where 130 00:07:51,640 --> 00:07:54,800 Speaker 1: maybe you would buy like eight percent of something from 131 00:07:54,800 --> 00:07:56,600 Speaker 1: a company and they might have a small piece of 132 00:07:56,600 --> 00:07:58,200 Speaker 1: it and you run it. Yeah, I think I think 133 00:07:58,200 --> 00:08:00,200 Speaker 1: it's I think it's actually different. I think we would 134 00:08:00,240 --> 00:08:03,200 Speaker 1: only own a very small piece. So earlier you said 135 00:08:03,200 --> 00:08:05,480 Speaker 1: to sixty five. So just so you know, we raised 136 00:08:05,480 --> 00:08:08,320 Speaker 1: three or five. That includes the green shoe, so the 137 00:08:08,480 --> 00:08:12,000 Speaker 1: underwriters get to exercise a green shoe and over allotment, 138 00:08:12,360 --> 00:08:14,680 Speaker 1: and so we've raised a little over three hundreds. So 139 00:08:15,040 --> 00:08:17,200 Speaker 1: when we look at the size of the companies were 140 00:08:17,240 --> 00:08:22,240 Speaker 1: kind of targeting, and we we're talking multibillion dollar companies, mathematically, 141 00:08:22,280 --> 00:08:24,720 Speaker 1: we're going to only own a small piece of that 142 00:08:24,760 --> 00:08:28,520 Speaker 1: and that's okay, But but we're aligned with that conglomerate. 143 00:08:28,640 --> 00:08:30,840 Speaker 1: So for in an instance, if somebody takes a ten 144 00:08:30,880 --> 00:08:34,640 Speaker 1: billion dollar asset and wants to separate it. Right, they're 145 00:08:34,640 --> 00:08:38,840 Speaker 1: going to actually own the vast majority of that asset 146 00:08:39,040 --> 00:08:41,240 Speaker 1: because if this is worth again ten billion, and we 147 00:08:41,320 --> 00:08:44,000 Speaker 1: have three hundred you know million, we're going to own 148 00:08:44,040 --> 00:08:47,079 Speaker 1: a small piece of that. But the company then it 149 00:08:47,120 --> 00:08:50,079 Speaker 1: would it provides for the company, is right, strategic flexibility, 150 00:08:50,200 --> 00:08:54,640 Speaker 1: separate capital structure, investors at, separate management, and then they 151 00:08:54,640 --> 00:08:57,120 Speaker 1: could do whatever they want thereafter, they can then sell 152 00:08:57,200 --> 00:09:00,959 Speaker 1: the remaining shares um they to the public, do an 153 00:09:00,960 --> 00:09:04,280 Speaker 1: exchange offer, which we've done before because of some tax basis. 154 00:09:04,720 --> 00:09:09,119 Speaker 1: So the spack vehicle allows a lot of that flix exactly. 155 00:09:09,160 --> 00:09:13,480 Speaker 1: I'm learning as thank you, Joe and so so Yeah, look, 156 00:09:13,520 --> 00:09:15,880 Speaker 1: I think I think part of this is I don't 157 00:09:15,920 --> 00:09:19,840 Speaker 1: think it's well understood. I think spats are more institutionalized today, 158 00:09:19,880 --> 00:09:21,520 Speaker 1: but I still think there's a way to go to 159 00:09:21,600 --> 00:09:25,760 Speaker 1: really understand the advantages of a spack. And you know 160 00:09:25,800 --> 00:09:27,880 Speaker 1: what I see it is like again, when we look 161 00:09:27,880 --> 00:09:29,760 Speaker 1: at it to ourselves, here's what we ask ourselves, and 162 00:09:29,760 --> 00:09:33,200 Speaker 1: we always have the target in mind, is happens he said, 163 00:09:33,640 --> 00:09:36,960 Speaker 1: Should this target be a public company? That's the first 164 00:09:37,040 --> 00:09:38,600 Speaker 1: question you should ask, and there's got to be a 165 00:09:38,640 --> 00:09:41,280 Speaker 1: hard question and question. And we've seen a lot of 166 00:09:41,280 --> 00:09:45,400 Speaker 1: things that had no business being a company to oh 167 00:09:45,480 --> 00:09:47,679 Speaker 1: they're not ready yet, or they didn't have the right 168 00:09:47,760 --> 00:09:50,480 Speaker 1: you know, counsel and you know in coaching available to it. 169 00:09:50,520 --> 00:09:52,480 Speaker 1: And so so you've got to ask yourselves. And again 170 00:09:52,600 --> 00:09:54,520 Speaker 1: back to the depth of the team. I think we'll 171 00:09:54,559 --> 00:09:56,559 Speaker 1: get to the right answer when we ask ourselves that, 172 00:09:56,679 --> 00:10:00,240 Speaker 1: but again putting the targets hat on. And so if 173 00:10:00,280 --> 00:10:02,319 Speaker 1: the answer to that is yes, then we have a 174 00:10:02,400 --> 00:10:04,600 Speaker 1: couple of more questions we want to ask. It's like, well, 175 00:10:04,640 --> 00:10:08,280 Speaker 1: does timing matter? You know, if you're if you're in 176 00:10:08,320 --> 00:10:10,200 Speaker 1: a business that has growth, and you you have good 177 00:10:10,280 --> 00:10:12,880 Speaker 1: organic growth, but there's also m and a growth, you 178 00:10:12,960 --> 00:10:15,280 Speaker 1: might want to have a currency out there to start 179 00:10:15,440 --> 00:10:20,640 Speaker 1: rolling these things up. So timing could be important. Uh B. 180 00:10:21,280 --> 00:10:25,240 Speaker 1: You know is does does projections matter to you? Meaning 181 00:10:25,880 --> 00:10:29,000 Speaker 1: is it you tell your story better by future numbers 182 00:10:29,120 --> 00:10:31,640 Speaker 1: or historical numbers? Again, a lot of times, you know 183 00:10:31,679 --> 00:10:34,319 Speaker 1: when I p O is you don't use projections right 184 00:10:34,440 --> 00:10:37,280 Speaker 1: in a spac you can use those projections if that 185 00:10:37,360 --> 00:10:41,440 Speaker 1: tells a better story to reflect the current value of 186 00:10:41,520 --> 00:10:44,040 Speaker 1: the enterprise. Right. A lot of times when you see, 187 00:10:44,120 --> 00:10:45,760 Speaker 1: you know, how did its facts kind of come come 188 00:10:45,760 --> 00:10:48,720 Speaker 1: to be? When I POS doubled, you know, in the 189 00:10:48,720 --> 00:10:52,840 Speaker 1: first day of trading, that's very good for investors. That's 190 00:10:52,840 --> 00:10:55,800 Speaker 1: not so good for the target company because the company 191 00:10:55,800 --> 00:10:59,000 Speaker 1: didn't double in value from yesterday to today. The bar 192 00:10:59,120 --> 00:11:02,280 Speaker 1: just got raised the whole incredible lot. So what happened there, 193 00:11:02,320 --> 00:11:06,240 Speaker 1: well because it wasn't priced appropriately, And again a lot 194 00:11:06,240 --> 00:11:08,720 Speaker 1: of times it wasn't price appropriate because what numbers were 195 00:11:08,720 --> 00:11:11,120 Speaker 1: you looking at? And so again as fact what we 196 00:11:11,200 --> 00:11:14,160 Speaker 1: call it price discovery, you get to kind of find 197 00:11:14,200 --> 00:11:17,319 Speaker 1: where market the market is with us fact because again 198 00:11:17,360 --> 00:11:19,200 Speaker 1: you tell your story, you still have to go to 199 00:11:19,280 --> 00:11:21,400 Speaker 1: the investors and they still have to buy into the 200 00:11:21,440 --> 00:11:26,240 Speaker 1: deal at that value. Right, and we'll talk about you know, 201 00:11:26,320 --> 00:11:29,440 Speaker 1: this thing as a blank check, which is is really 202 00:11:29,480 --> 00:11:32,800 Speaker 1: a misnomer. But the investors and you have a negotiation. 203 00:11:32,840 --> 00:11:37,520 Speaker 1: The target gets to negotiate that right, you know, different 204 00:11:37,520 --> 00:11:40,240 Speaker 1: than the I P O. So if that matters, you know, 205 00:11:40,679 --> 00:11:43,199 Speaker 1: um to you, you use the forward projections, you hit 206 00:11:43,240 --> 00:11:46,920 Speaker 1: the market uh quicker and then what I think most 207 00:11:46,920 --> 00:11:50,480 Speaker 1: important for argus, right, then you get the benefit of 208 00:11:50,720 --> 00:11:54,199 Speaker 1: hundreds of years of experience of the Argus team right, 209 00:11:54,240 --> 00:11:57,840 Speaker 1: again very different than others, but again not available in 210 00:11:57,880 --> 00:12:00,080 Speaker 1: an I P O. Do you have to make in 211 00:12:00,120 --> 00:12:02,760 Speaker 1: those conversations? Do you I would imagine it? Who view 212 00:12:02,800 --> 00:12:04,880 Speaker 1: to make the case? Here's how we're going to run 213 00:12:04,880 --> 00:12:06,360 Speaker 1: in and here's how we're going to do it better 214 00:12:06,480 --> 00:12:10,920 Speaker 1: or more efficiently or with more yeah, strategy. We listened 215 00:12:10,960 --> 00:12:13,160 Speaker 1: to the targets company, you know, the management team of 216 00:12:13,200 --> 00:12:15,920 Speaker 1: the current ownership and what their vision is. And if 217 00:12:15,960 --> 00:12:18,520 Speaker 1: we could take a good idea and make it a 218 00:12:18,559 --> 00:12:21,240 Speaker 1: great idea, then we're adding some value and then we 219 00:12:21,280 --> 00:12:23,839 Speaker 1: have to help them execute it along the way. So 220 00:12:23,960 --> 00:12:25,800 Speaker 1: a lot of times, again there's a lot of great 221 00:12:25,800 --> 00:12:28,720 Speaker 1: companies that you know, probably have a great CEO and 222 00:12:28,840 --> 00:12:31,480 Speaker 1: great manager, which is totally fine, and we're going to 223 00:12:31,559 --> 00:12:35,480 Speaker 1: help them with the public investor story. But if there's gaps, 224 00:12:35,600 --> 00:12:39,520 Speaker 1: we could help and drop some executives into operating roles 225 00:12:39,720 --> 00:12:42,360 Speaker 1: as necessary. Um. But a lot of times, a lot 226 00:12:42,400 --> 00:12:45,079 Speaker 1: of times, these companies they have a good framework, they 227 00:12:45,160 --> 00:12:47,120 Speaker 1: just need a little bit of more direction of you know, 228 00:12:47,160 --> 00:12:49,560 Speaker 1: how to get there. And I think our collective experience 229 00:12:50,080 --> 00:12:54,079 Speaker 1: can really help them again achieve you know, their objectives 230 00:12:54,160 --> 00:12:56,000 Speaker 1: really at the end of the day. But look, like 231 00:12:56,040 --> 00:12:58,400 Speaker 1: I said, is they have to see the value we 232 00:12:58,480 --> 00:13:00,760 Speaker 1: bring to that. And again I go back to the 233 00:13:00,840 --> 00:13:04,719 Speaker 1: experience that you have when you have decades of experience 234 00:13:04,720 --> 00:13:07,640 Speaker 1: with public investors. You know what I always say with 235 00:13:07,640 --> 00:13:09,559 Speaker 1: public investors, you have to you have to tell them 236 00:13:09,559 --> 00:13:11,160 Speaker 1: what you're gonna do, and then you have to do 237 00:13:11,200 --> 00:13:14,079 Speaker 1: what you say, right, and then then the value. You 238 00:13:14,360 --> 00:13:16,440 Speaker 1: don't decide what the value is. They decide what the 239 00:13:16,520 --> 00:13:20,080 Speaker 1: value is. But if you execute that plan again, you 240 00:13:20,120 --> 00:13:23,600 Speaker 1: know you should be increasing value if you're hitting all 241 00:13:23,640 --> 00:13:26,920 Speaker 1: of your metrics. I know you can't talk super specifics, 242 00:13:26,960 --> 00:13:30,199 Speaker 1: but the types of assets you're looking at and guessing 243 00:13:30,280 --> 00:13:33,280 Speaker 1: networks content. Yeah, and I would say, look, it's obviously 244 00:13:33,280 --> 00:13:35,560 Speaker 1: in the broader t MT space, but you know, think 245 00:13:35,760 --> 00:13:39,079 Speaker 1: think O, t T think direct to consumer any any. 246 00:13:39,160 --> 00:13:41,040 Speaker 1: The way we like to describe it is called tech 247 00:13:41,200 --> 00:13:46,959 Speaker 1: driven media, where technology is enriching the consumer experience. Right, 248 00:13:47,000 --> 00:13:49,160 Speaker 1: so we know something about you know, how to do that. 249 00:13:49,240 --> 00:13:52,680 Speaker 1: It obviously can be new sports entertainment, right, so anything 250 00:13:52,720 --> 00:13:55,599 Speaker 1: that has a you know, any live events, you know sports, 251 00:13:56,080 --> 00:13:59,960 Speaker 1: you know, Um, I think again, we have some credibility 252 00:14:00,080 --> 00:14:02,680 Speaker 1: in in our experience of running those types of companies. 253 00:14:02,679 --> 00:14:05,000 Speaker 1: So so when we're what we're looking for is good, 254 00:14:05,080 --> 00:14:08,400 Speaker 1: solid businesses. Again, they could be kind of late stage VC. 255 00:14:08,720 --> 00:14:12,840 Speaker 1: They could be owned by private equity portfolio companies or 256 00:14:12,960 --> 00:14:15,680 Speaker 1: these kind of corporate carve outs that we call them, 257 00:14:15,679 --> 00:14:21,120 Speaker 1: but good you know, solid businesses, category leaders, strong fundamentals. 258 00:14:21,520 --> 00:14:24,720 Speaker 1: They may be at a strategic inflection point, you know, 259 00:14:25,040 --> 00:14:29,040 Speaker 1: they may be going from lineator, digital, all of those things. Again, 260 00:14:29,240 --> 00:14:31,840 Speaker 1: where we can say is we have experience doing that. 261 00:14:32,160 --> 00:14:34,840 Speaker 1: So I love the streaming, you know aspect of it 262 00:14:34,880 --> 00:14:38,280 Speaker 1: because you know, we were one of the first companies, 263 00:14:38,480 --> 00:14:42,320 Speaker 1: you know, traditional media companies to launch a streaming service 264 00:14:42,320 --> 00:14:46,440 Speaker 1: called CBS All Access back in Access. I signed up 265 00:14:46,480 --> 00:14:48,440 Speaker 1: I think the first week and I still use it. 266 00:14:49,280 --> 00:14:52,280 Speaker 1: I used it this morning. Right, It's not Paramount plus 267 00:14:52,320 --> 00:14:54,800 Speaker 1: e grot Bound Amount plus. But but if you just 268 00:14:54,840 --> 00:14:58,400 Speaker 1: think about that for a second, ten that's five years 269 00:14:58,400 --> 00:15:02,360 Speaker 1: before Disney plus Peacock on the our other piers launched 270 00:15:02,600 --> 00:15:07,080 Speaker 1: their services ago. So so so that's what so when 271 00:15:07,120 --> 00:15:10,040 Speaker 1: you have started, when you start at zero and then 272 00:15:10,040 --> 00:15:13,000 Speaker 1: you build it, you get a lot smarter on you know, 273 00:15:13,360 --> 00:15:15,800 Speaker 1: you know, why do subs come in why did they 274 00:15:15,880 --> 00:15:18,880 Speaker 1: churn out? You know, where are they spending time? You know, 275 00:15:18,920 --> 00:15:21,800 Speaker 1: I always used the example of he used to say, 276 00:15:22,360 --> 00:15:26,920 Speaker 1: Showtime has been in the subscription business for its entire existence, 277 00:15:27,280 --> 00:15:30,040 Speaker 1: but up until they launched we launched Showtime O T T, 278 00:15:30,480 --> 00:15:32,960 Speaker 1: they never had a subscriber. And people look at me, 279 00:15:33,040 --> 00:15:35,160 Speaker 1: they go, what do you mean by that? It was like, 280 00:15:35,240 --> 00:15:38,600 Speaker 1: because the distributors had all of this subscription data on 281 00:15:38,640 --> 00:15:42,440 Speaker 1: the on the the m v P dcast of the world, 282 00:15:42,480 --> 00:15:46,600 Speaker 1: the classic middlemen middle right, and Showtime we just get cash. 283 00:15:46,680 --> 00:15:48,840 Speaker 1: They get you know, a fee for that, but they 284 00:15:48,840 --> 00:15:52,400 Speaker 1: didn't know their their subscriber. And so once we launched 285 00:15:52,400 --> 00:15:55,280 Speaker 1: Showtime over the Top, we got so much smarter. We're 286 00:15:55,320 --> 00:15:58,560 Speaker 1: able to program more efficiently, and in terms of CBS 287 00:15:58,600 --> 00:16:02,360 Speaker 1: All Access, the advertising can be much more targeted, right, 288 00:16:02,440 --> 00:16:05,600 Speaker 1: and so so the efficiency you get by doing that. 289 00:16:05,680 --> 00:16:08,840 Speaker 1: And so look, we saw the trends early. Um, we 290 00:16:08,880 --> 00:16:11,680 Speaker 1: saw that's the way consumers were consuming content, and we 291 00:16:11,720 --> 00:16:13,840 Speaker 1: said we had to position the company, you know for that. 292 00:16:14,040 --> 00:16:19,000 Speaker 1: So imagine us telling that story to a target company 293 00:16:19,160 --> 00:16:22,680 Speaker 1: who has a subscription service, to say, look at the 294 00:16:22,720 --> 00:16:25,920 Speaker 1: breadth and depth of this team that can help you 295 00:16:25,920 --> 00:16:28,400 Speaker 1: you know, navigate those tricky waters. You know, there are 296 00:16:28,440 --> 00:16:31,440 Speaker 1: streaming wars as you know going on. You know, we 297 00:16:31,480 --> 00:16:34,160 Speaker 1: believe there's not just going to be you know, three 298 00:16:34,280 --> 00:16:37,640 Speaker 1: or four you know, streaming services. We think there's lanes 299 00:16:37,760 --> 00:16:41,800 Speaker 1: for for many they may have two hundred million subscribers, right, 300 00:16:41,840 --> 00:16:45,000 Speaker 1: but you could still make a fantastic business model at 301 00:16:45,080 --> 00:16:48,680 Speaker 1: you know, ten millions subscribers, right. So, so we think 302 00:16:48,720 --> 00:16:52,000 Speaker 1: there will be those pockets of that that that dedicated 303 00:16:52,080 --> 00:16:55,800 Speaker 1: kind of focus us streaming service. So we see there's 304 00:16:55,800 --> 00:16:57,880 Speaker 1: going to be lots of those you know, companies kind 305 00:16:57,880 --> 00:17:00,200 Speaker 1: of coming out of this. And so look that what 306 00:17:00,200 --> 00:17:02,720 Speaker 1: we're really kind of focusing on. We're using our our 307 00:17:02,760 --> 00:17:05,920 Speaker 1: collective networks to talk to the right people to make 308 00:17:05,960 --> 00:17:08,840 Speaker 1: sure again it goes through that criteria is like should 309 00:17:08,840 --> 00:17:11,440 Speaker 1: this entity be public and have access to the public 310 00:17:11,480 --> 00:17:16,119 Speaker 1: market's timing? Do we add value? Is? So is this 311 00:17:16,240 --> 00:17:20,000 Speaker 1: kind of actionable and so um so, look, we we've 312 00:17:20,040 --> 00:17:22,680 Speaker 1: we've been we've been excited. It's it's it's so much 313 00:17:22,720 --> 00:17:28,000 Speaker 1: fun really to work with people you you trust, respect, 314 00:17:28,560 --> 00:17:31,160 Speaker 1: enjoy you know, being around. So it's a different kind 315 00:17:31,200 --> 00:17:34,399 Speaker 1: of version for us. It's all a bit new, but again, 316 00:17:34,440 --> 00:17:39,880 Speaker 1: the principle of building a world class you know, organization 317 00:17:39,960 --> 00:17:43,800 Speaker 1: and company and helping another company grow is really kind 318 00:17:43,800 --> 00:17:49,440 Speaker 1: of why we get up every morning. Don't go anywhere. 319 00:17:50,000 --> 00:17:53,040 Speaker 1: We'll be back with more from Argus Capitals Joe ian 320 00:17:53,240 --> 00:18:03,000 Speaker 1: l O right after this message, and we're back with 321 00:18:03,160 --> 00:18:07,359 Speaker 1: more from Argus Capitals Joe I n L. Are you 322 00:18:07,480 --> 00:18:10,040 Speaker 1: to the point where you're calling people, you know, people 323 00:18:10,119 --> 00:18:12,320 Speaker 1: the business associates you know, and it's like, hey, what 324 00:18:12,440 --> 00:18:15,040 Speaker 1: about this? But we do something like is the is 325 00:18:15,080 --> 00:18:17,960 Speaker 1: the market that kind of like just active right now? 326 00:18:18,119 --> 00:18:21,280 Speaker 1: We're in the targeting phase, and so what we do 327 00:18:21,440 --> 00:18:24,800 Speaker 1: is we target companies where again we're putting we're putting 328 00:18:24,840 --> 00:18:27,760 Speaker 1: the conglomerate or the targets company had on and we're 329 00:18:27,800 --> 00:18:31,520 Speaker 1: thinking to ourselves, should this company be public or should 330 00:18:31,520 --> 00:18:34,440 Speaker 1: this asset, you know, a group of assets be public, 331 00:18:34,440 --> 00:18:37,040 Speaker 1: shouldn't be separated in some sort of way? What are 332 00:18:37,080 --> 00:18:40,040 Speaker 1: the pros and cons? And again, because we sat in 333 00:18:40,080 --> 00:18:41,879 Speaker 1: the chair, I would say that would be I would 334 00:18:41,880 --> 00:18:43,959 Speaker 1: never do that because X, Y and Z or that 335 00:18:44,000 --> 00:18:47,480 Speaker 1: makes perfect sense. So you're looking for stuff that unlocks 336 00:18:47,600 --> 00:18:51,840 Speaker 1: value right for the for the target right and gives 337 00:18:51,840 --> 00:18:54,800 Speaker 1: them capital. Third, party capital. We're going to bring money 338 00:18:55,320 --> 00:19:00,000 Speaker 1: into this about yeah, about equity, and you'll be equity, 339 00:19:00,160 --> 00:19:02,520 Speaker 1: it could be debt, right, we will bring fery party 340 00:19:02,560 --> 00:19:05,920 Speaker 1: capital north of the we have. So the way the 341 00:19:05,960 --> 00:19:11,840 Speaker 1: projects will be responsible for bringing capital even beyond. That's 342 00:19:11,880 --> 00:19:15,400 Speaker 1: called the pipe exactly exactly, So that's called that's called 343 00:19:15,400 --> 00:19:19,040 Speaker 1: a pipe. Basically, it's a private investment in the public entity. 344 00:19:19,119 --> 00:19:21,120 Speaker 1: And so we will once we know what it is. 345 00:19:21,480 --> 00:19:23,560 Speaker 1: It's hard to go raise money when I don't know 346 00:19:23,600 --> 00:19:25,240 Speaker 1: what the deal is. But once we know what the 347 00:19:25,280 --> 00:19:28,000 Speaker 1: deal is, we would then go and raise more capital. 348 00:19:28,000 --> 00:19:30,240 Speaker 1: That's why I think we can do a very large deal, 349 00:19:30,760 --> 00:19:37,359 Speaker 1: bring infuse significant capital, let that business grow while the parent, 350 00:19:37,480 --> 00:19:42,000 Speaker 1: the target whatever still controls right the entity, and it 351 00:19:42,040 --> 00:19:46,640 Speaker 1: gets again the added value benefit of our collective operating experience. 352 00:19:46,640 --> 00:19:50,440 Speaker 1: So it would be like they would A scenario would 353 00:19:50,440 --> 00:19:55,000 Speaker 1: be that the larger company would keep and then be 354 00:19:55,040 --> 00:19:57,880 Speaker 1: able to consolidate, but it would not have that's try 355 00:19:57,960 --> 00:20:00,680 Speaker 1: and so so so again it gives them strategy flexibility. 356 00:20:00,720 --> 00:20:02,280 Speaker 1: That's why again, if I was sitting in the chair, 357 00:20:02,280 --> 00:20:06,359 Speaker 1: if I was running one of these large media conglomerates today, right, 358 00:20:06,600 --> 00:20:09,480 Speaker 1: I would be thinking about that because that's very interesting 359 00:20:09,520 --> 00:20:13,080 Speaker 1: again because again I know you cannot just say, hey, 360 00:20:13,240 --> 00:20:15,120 Speaker 1: you know, I know the NFL just re re up 361 00:20:15,160 --> 00:20:19,000 Speaker 1: their rights, right, So you saw everybody's rights fees, you know, 362 00:20:19,400 --> 00:20:23,639 Speaker 1: increased significantly. So where is that happen? Where is that 363 00:20:23,680 --> 00:20:26,440 Speaker 1: capital come from? Well, that capital has got to come 364 00:20:26,520 --> 00:20:29,760 Speaker 1: from you know, that balance sheet of that media company. 365 00:20:29,800 --> 00:20:32,480 Speaker 1: Well then where else? I mean, what what's giving you know, 366 00:20:32,560 --> 00:20:34,919 Speaker 1: are you you can you increase revenue at that rate? 367 00:20:35,000 --> 00:20:37,520 Speaker 1: That isn't I don't think so, right, And so so 368 00:20:37,600 --> 00:20:39,760 Speaker 1: that's why you have to make those choices. And that's 369 00:20:39,760 --> 00:20:42,120 Speaker 1: why you see you see companies selling assets, you see 370 00:20:42,160 --> 00:20:45,040 Speaker 1: them you know, divest them. And this is such an elegant, 371 00:20:45,200 --> 00:20:48,359 Speaker 1: a tax free way to do something to bring in 372 00:20:48,720 --> 00:20:52,160 Speaker 1: you know, third party capital, smart money with an experience 373 00:20:52,240 --> 00:20:56,320 Speaker 1: operator led group. Again me, it's it's win win win 374 00:20:56,640 --> 00:20:58,440 Speaker 1: for everybody. Now, the key is that you have to 375 00:20:58,480 --> 00:21:01,400 Speaker 1: price it right, right, you know, if you push the valuation, 376 00:21:01,440 --> 00:21:03,800 Speaker 1: that doesn't work so well. And what I just keep 377 00:21:03,840 --> 00:21:07,000 Speaker 1: saying is, look, let us build it. You know, the 378 00:21:07,000 --> 00:21:10,240 Speaker 1: the the initial merger is just the starting point of 379 00:21:10,240 --> 00:21:12,959 Speaker 1: where the value is. We build it from there. And 380 00:21:13,000 --> 00:21:15,760 Speaker 1: so so we as a as a manager, agree to 381 00:21:15,800 --> 00:21:18,560 Speaker 1: lock up our shares, we won't sell shares for multi years, 382 00:21:18,560 --> 00:21:21,240 Speaker 1: and you commit to be operators or the idea that 383 00:21:21,680 --> 00:21:24,280 Speaker 1: over time that just it depends. I think again, it's 384 00:21:24,320 --> 00:21:27,399 Speaker 1: whatever the target needs is really the gap we're gonna 385 00:21:27,560 --> 00:21:30,919 Speaker 1: fill if they need one or all as operators, if 386 00:21:30,920 --> 00:21:34,400 Speaker 1: they need maybe it's sitting on the board, or maybe 387 00:21:34,400 --> 00:21:36,760 Speaker 1: it's just as an investor. And so to me it's 388 00:21:36,800 --> 00:21:40,399 Speaker 1: like again we're here. We're here to help again the 389 00:21:40,440 --> 00:21:44,160 Speaker 1: company along again, manage the public markets and in certain 390 00:21:44,200 --> 00:21:47,560 Speaker 1: instances manage the company if necessary. But you wouldn't have 391 00:21:47,640 --> 00:21:51,840 Speaker 1: as much of a timeline for returns as a more 392 00:21:51,920 --> 00:21:54,879 Speaker 1: traditional quit. No no, no, no, no. Again, we're a 393 00:21:54,880 --> 00:21:56,680 Speaker 1: long time. We're used to get you know, we're used 394 00:21:56,680 --> 00:21:59,119 Speaker 1: to receiving you know, an employee stock options right there 395 00:21:59,119 --> 00:22:01,120 Speaker 1: were very low in their four year base and stuff 396 00:22:01,160 --> 00:22:03,080 Speaker 1: like that, with restrictions and stuff like that, and so 397 00:22:03,560 --> 00:22:05,640 Speaker 1: again we're doing this for the long haul. I mean, 398 00:22:05,640 --> 00:22:08,679 Speaker 1: our our objective here is to build a platform to 399 00:22:08,720 --> 00:22:11,920 Speaker 1: allow the company to succeed with our with our knowledge base, 400 00:22:12,000 --> 00:22:13,600 Speaker 1: and we're going to kind of put our money where 401 00:22:13,600 --> 00:22:15,640 Speaker 1: our mouth is and not to say, hey, we build 402 00:22:15,640 --> 00:22:17,000 Speaker 1: a thing, we sell it, and we go off to 403 00:22:17,040 --> 00:22:19,840 Speaker 1: the next one. We want to make sure again, UM 404 00:22:20,119 --> 00:22:23,080 Speaker 1: this this is successful. Um, so we're gonna have to 405 00:22:23,080 --> 00:22:27,920 Speaker 1: put in time. M Um. I know again, I won't, 406 00:22:28,080 --> 00:22:30,000 Speaker 1: I know, I won't pressure on specifics, But do you 407 00:22:30,240 --> 00:22:32,440 Speaker 1: have any are you in the hunt on anything now? 408 00:22:32,480 --> 00:22:33,960 Speaker 1: Do you have any sense of like a time when 409 00:22:33,960 --> 00:22:36,040 Speaker 1: you might have a deal? Yeah, and I I don't. 410 00:22:36,560 --> 00:22:38,840 Speaker 1: I think we're having lots of good, interesting conversations. I 411 00:22:38,880 --> 00:22:42,440 Speaker 1: obviously won't comment on anything specific at the moment, but 412 00:22:42,640 --> 00:22:46,240 Speaker 1: I think there are there are some real I would say, big, 413 00:22:46,280 --> 00:22:49,439 Speaker 1: you know opportunities that some of some of these companies have. 414 00:22:49,600 --> 00:22:53,200 Speaker 1: They have to decide, they're making the decision. Um, we're 415 00:22:53,320 --> 00:22:55,720 Speaker 1: just kind of pointing out what we think the upside 416 00:22:55,800 --> 00:22:57,680 Speaker 1: is to kind of for them to see it through 417 00:22:57,680 --> 00:23:00,960 Speaker 1: our eyes. And if if that, if we're kind of 418 00:23:01,000 --> 00:23:03,440 Speaker 1: like minded and we see we see the world similarly, 419 00:23:03,520 --> 00:23:06,560 Speaker 1: then I would say there's something there. So, UM, I'm 420 00:23:06,640 --> 00:23:10,400 Speaker 1: quite encouraged by the conversations we're having. Um, we want 421 00:23:10,400 --> 00:23:12,399 Speaker 1: to make sure we're disciplined not to kind of just 422 00:23:12,480 --> 00:23:14,359 Speaker 1: jump at the first you know idea. We again, we 423 00:23:14,400 --> 00:23:16,440 Speaker 1: want to put it through a thorough you know, due 424 00:23:16,480 --> 00:23:19,760 Speaker 1: diligence process to make sure we fully vet you know, 425 00:23:19,800 --> 00:23:22,720 Speaker 1: all the risk because again, we're investors right at the 426 00:23:22,800 --> 00:23:24,960 Speaker 1: end of the day in the game, we have we 427 00:23:25,000 --> 00:23:29,080 Speaker 1: have skin in the game, right and so um, we're aligned, 428 00:23:29,640 --> 00:23:31,679 Speaker 1: you know, with the investors, and so we want to 429 00:23:31,720 --> 00:23:35,160 Speaker 1: see we want to see it be successful and that 430 00:23:35,240 --> 00:23:38,240 Speaker 1: takes time. But again I go back to the team 431 00:23:38,440 --> 00:23:40,239 Speaker 1: is you know, the key is going to be due 432 00:23:40,280 --> 00:23:43,119 Speaker 1: diligence because it's as when when we would buy you know, 433 00:23:43,119 --> 00:23:46,040 Speaker 1: a company at CBS, we would make sure we understood 434 00:23:46,040 --> 00:23:48,840 Speaker 1: the business very well before we decided, you know, what 435 00:23:48,920 --> 00:23:51,760 Speaker 1: price we would pay. And it's a very similar type 436 00:23:51,760 --> 00:23:54,800 Speaker 1: of analysis that we're good, we're that we're doing so 437 00:23:54,800 --> 00:23:57,520 Speaker 1: so you know, we're we're we're going through employee costs 438 00:23:57,840 --> 00:23:59,720 Speaker 1: and stuff like that. You know, we know, we know that, 439 00:24:00,119 --> 00:24:02,240 Speaker 1: and so I think that part of it is going 440 00:24:02,280 --> 00:24:05,159 Speaker 1: to be very helpful. Uh, and we're gonna look for 441 00:24:05,240 --> 00:24:08,679 Speaker 1: you know, where there's value upside right where if somebody 442 00:24:08,720 --> 00:24:10,280 Speaker 1: may not if you're not in the business, if you 443 00:24:10,280 --> 00:24:12,240 Speaker 1: don't understand it's like, hey, you're looking at the contract, 444 00:24:12,280 --> 00:24:14,560 Speaker 1: He's like, hey, we can do this with this content. 445 00:24:15,119 --> 00:24:18,240 Speaker 1: Uh that it's not it's not being monetized unless you've 446 00:24:18,240 --> 00:24:20,440 Speaker 1: been there and it's kind of done that you won't 447 00:24:20,480 --> 00:24:22,880 Speaker 1: see it that way. And if we see it again 448 00:24:22,960 --> 00:24:25,159 Speaker 1: pointed out and we kind of, you know, get it 449 00:24:25,200 --> 00:24:28,720 Speaker 1: properly valued, I think that would demonstrate to the target 450 00:24:28,960 --> 00:24:31,840 Speaker 1: and two investors that'd say, Wow, those guys are really 451 00:24:31,880 --> 00:24:36,240 Speaker 1: adding value because I didn't. I didn't realize that that 452 00:24:36,359 --> 00:24:39,480 Speaker 1: that depth of experience. Let me ask you my last 453 00:24:39,520 --> 00:24:41,880 Speaker 1: question for you, Argus, where did the name come from? 454 00:24:42,320 --> 00:24:45,400 Speaker 1: Very interesting? So, so we were very democratic about the 455 00:24:45,640 --> 00:24:48,200 Speaker 1: argust name because we had to name it and every 456 00:24:48,240 --> 00:24:50,719 Speaker 1: every obvious name that you would think of as taken 457 00:24:50,840 --> 00:24:52,920 Speaker 1: and you know, and so we would do legal searches. 458 00:24:53,480 --> 00:24:57,159 Speaker 1: So we the entire team I wanted to you know, blind, 459 00:24:57,240 --> 00:25:02,280 Speaker 1: So everybody submitted um a list of names, and then 460 00:25:02,320 --> 00:25:06,879 Speaker 1: everybody kind of voted, you know on it, and Argus 461 00:25:07,320 --> 00:25:11,000 Speaker 1: got the most votes. And Argus in Greek mythology, Uh, 462 00:25:11,040 --> 00:25:13,359 Speaker 1: it means it's the eyes of Argus. And what we 463 00:25:13,400 --> 00:25:15,919 Speaker 1: thought the cost we're quote unquote on the hunt for 464 00:25:15,960 --> 00:25:20,360 Speaker 1: a deal, having the eyes of Argus out there scouring, 465 00:25:20,560 --> 00:25:22,840 Speaker 1: you know, looking for a deal. You know, it made 466 00:25:23,320 --> 00:25:27,280 Speaker 1: it made the most sense. Uh and so so yeah, 467 00:25:27,440 --> 00:25:28,840 Speaker 1: So I didn't know who named it. So one of 468 00:25:28,920 --> 00:25:30,679 Speaker 1: one of our one of our team members was the 469 00:25:31,160 --> 00:25:32,919 Speaker 1: was the one who came up with it. But I 470 00:25:32,920 --> 00:25:35,040 Speaker 1: didn't know when we when we did it at the time, 471 00:25:35,680 --> 00:25:37,800 Speaker 1: who did it to make it, you know, as democratic 472 00:25:37,880 --> 00:25:39,800 Speaker 1: as you could possibly make it, to just say, it's 473 00:25:39,840 --> 00:25:41,480 Speaker 1: like if I came up with the name, everyone's yeah, 474 00:25:41,480 --> 00:25:43,840 Speaker 1: I like that name. I like that name. So um, 475 00:25:43,920 --> 00:25:46,199 Speaker 1: I did not come up with the name. That's a 476 00:25:46,240 --> 00:25:49,520 Speaker 1: good collective approach there, well, and you could forgive a 477 00:25:49,520 --> 00:25:53,520 Speaker 1: bunch of CBS veterans wanting a name that indicated yeah 478 00:25:53,600 --> 00:25:55,960 Speaker 1: that that was not lost upon us as well. When 479 00:25:55,960 --> 00:25:58,120 Speaker 1: it said the eyes and I said maybe the logos 480 00:25:58,119 --> 00:25:59,840 Speaker 1: should know I said no, no, no, no, no, no, 481 00:26:00,320 --> 00:26:05,040 Speaker 1: too far you know something about I P yeah people yes, yeah, 482 00:26:05,119 --> 00:26:06,880 Speaker 1: and uh and uh. And then we had a little 483 00:26:06,880 --> 00:26:10,959 Speaker 1: design company designed the logo, which was fantastic. And so 484 00:26:10,960 --> 00:26:13,960 Speaker 1: so look, we're really jazzed about this this next chapter. 485 00:26:14,080 --> 00:26:16,480 Speaker 1: I think, as I said before, it's um, it's fun. 486 00:26:17,119 --> 00:26:22,520 Speaker 1: We're we're really enjoying this positive. It's different, excitingly building 487 00:26:22,600 --> 00:26:25,879 Speaker 1: something you've been incorporations And because yeah, because look, I 488 00:26:25,880 --> 00:26:28,720 Speaker 1: think we're learning about businesses that I would say a 489 00:26:28,760 --> 00:26:31,239 Speaker 1: media adjacent where you know, some are coming to us 490 00:26:31,240 --> 00:26:34,320 Speaker 1: and say, hey, this is not exactly down your fairway, 491 00:26:34,400 --> 00:26:37,959 Speaker 1: but it's close and so would you consider doing something 492 00:26:38,080 --> 00:26:40,960 Speaker 1: like this on that and so so it's just to 493 00:26:41,040 --> 00:26:45,120 Speaker 1: have those conversations to understand those business models. Um, it's 494 00:26:45,119 --> 00:26:47,000 Speaker 1: really kind of interesting and just just saying, wow, is 495 00:26:47,000 --> 00:26:49,920 Speaker 1: that there's a lot of interesting businesses out there outside 496 00:26:49,920 --> 00:26:53,720 Speaker 1: of the media, you know world, And so I think again, 497 00:26:53,760 --> 00:26:58,080 Speaker 1: it's really just been Um, it's been invigorating to really 498 00:26:58,160 --> 00:27:01,640 Speaker 1: kind of you know, see this kind from nothing all 499 00:27:01,680 --> 00:27:04,000 Speaker 1: of a sudden start kind of forming literally going through 500 00:27:04,000 --> 00:27:06,240 Speaker 1: an I P O process doing a road show. I like, 501 00:27:06,280 --> 00:27:09,240 Speaker 1: wait a minute, Um, but you really right now, we're 502 00:27:09,440 --> 00:27:12,399 Speaker 1: we're just capital. We have we have capital, and the 503 00:27:12,440 --> 00:27:15,440 Speaker 1: operations are pretty limited. And so we're saying, wait a wait, 504 00:27:15,440 --> 00:27:17,280 Speaker 1: we're not used to doing that. We're used to kind 505 00:27:17,280 --> 00:27:20,200 Speaker 1: of you know, dealing with issues and tens of thousands 506 00:27:20,200 --> 00:27:23,040 Speaker 1: of employees and you know, it's just a you know, 507 00:27:23,240 --> 00:27:25,040 Speaker 1: a dozen of us on a zoom call, you know, 508 00:27:25,080 --> 00:27:28,639 Speaker 1: at the moment. But um, but we're using investment banks, 509 00:27:28,680 --> 00:27:32,919 Speaker 1: we're using all of our collective networks really again to 510 00:27:32,920 --> 00:27:37,560 Speaker 1: to find the right opportunity uh that again, uh and 511 00:27:37,600 --> 00:27:40,800 Speaker 1: make a deal that works. It works for everybody. It's 512 00:27:40,800 --> 00:27:43,240 Speaker 1: interesting because you know, I've been through, like we've been 513 00:27:43,240 --> 00:27:46,360 Speaker 1: through periods where everybody's talking to everybody murger. But in 514 00:27:46,359 --> 00:27:50,000 Speaker 1: this moment, it feels like things are being almost like legos, 515 00:27:50,040 --> 00:27:52,639 Speaker 1: you know, things are being snapped off and snapped together 516 00:27:52,680 --> 00:27:55,280 Speaker 1: in different ways. And so I can imagine with your 517 00:27:55,320 --> 00:27:58,680 Speaker 1: expertise and that and and money and and drive, which 518 00:27:58,840 --> 00:28:01,120 Speaker 1: which is definitely we could we can yeah, and look, 519 00:28:01,160 --> 00:28:03,159 Speaker 1: look I can think. Look, that's that's why we well, 520 00:28:03,280 --> 00:28:06,080 Speaker 1: that's why we did this because you know, uh, several 521 00:28:06,080 --> 00:28:08,119 Speaker 1: of us could have went with the private equity route, 522 00:28:08,160 --> 00:28:12,720 Speaker 1: did did a traditional route where another skills, another media 523 00:28:12,800 --> 00:28:16,440 Speaker 1: company and things in any but this, you know, kind 524 00:28:16,440 --> 00:28:18,719 Speaker 1: of felt because of all of this change going on 525 00:28:18,760 --> 00:28:20,760 Speaker 1: the opportunities that we were going to be able to 526 00:28:20,840 --> 00:28:23,760 Speaker 1: kind of pick the one we saw, you know, as 527 00:28:23,920 --> 00:28:27,359 Speaker 1: as the upside, but again also having a little bit 528 00:28:27,400 --> 00:28:29,760 Speaker 1: of fun and understanding where we can add some value. 529 00:28:30,280 --> 00:28:32,960 Speaker 1: And so look, it just it lined up. I always say, 530 00:28:33,040 --> 00:28:35,720 Speaker 1: you know, timing and life is everything, and I would 531 00:28:35,720 --> 00:28:37,639 Speaker 1: not be able to put this group together, you know, 532 00:28:37,680 --> 00:28:40,480 Speaker 1: twelve months from now, uh and do that. And so 533 00:28:40,600 --> 00:28:43,120 Speaker 1: that's why it can. We said, we saw the opportunity 534 00:28:43,840 --> 00:28:46,200 Speaker 1: and I think you know. The way we position it 535 00:28:46,240 --> 00:28:48,440 Speaker 1: is kind We call it the lack of a better 536 00:28:48,560 --> 00:28:51,640 Speaker 1: unique term spack two point oh, where this is what 537 00:28:51,760 --> 00:28:54,120 Speaker 1: a SPAC should be. It should be an operator led 538 00:28:54,120 --> 00:29:00,320 Speaker 1: team that can add value to the target post the deal. Yeah, 539 00:29:03,880 --> 00:29:06,560 Speaker 1: thanks for listening. Be sure to leave us a review 540 00:29:06,600 --> 00:29:10,040 Speaker 1: at Apple Podcasts. We love to hear from listeners, and 541 00:29:10,120 --> 00:29:12,920 Speaker 1: be sure to tune in next week for another episode 542 00:29:12,920 --> 00:29:13,800 Speaker 1: of Strictly Business.