1
00:00:00,200 --> 00:00:03,640
Speaker 1: The Atlanta Braves are the hottest team in baseball.

2
00:00:03,760 --> 00:00:08,120
Speaker 2: Ride now the Braves win again, tell it it performance

3
00:00:08,200 --> 00:00:12,680
Speaker 2: six hovers season high sixteen runs and let the fireworks

4
00:00:12,720 --> 00:00:14,160
Speaker 2: go off at cop County.

5
00:00:14,360 --> 00:00:16,680
Speaker 3: And now the club has the distinction of being the

6
00:00:16,720 --> 00:00:19,560
Speaker 3: first MLB team to be publicly traded as well.

7
00:00:19,640 --> 00:00:22,600
Speaker 4: The Atlanta Braves just completed a spinoff from Liberty Media

8
00:00:22,640 --> 00:00:26,439
Speaker 4: and are valued somewhere around three billion dollars after the deal.

9
00:00:26,640 --> 00:00:30,480
Speaker 1: You Lord. Braves president and CEO Derek Chiller and Liberty

10
00:00:30,520 --> 00:00:33,960
Speaker 1: Media President and CEO Greg Mafe were in New York

11
00:00:34,080 --> 00:00:36,800
Speaker 1: to ring the opening bell on the Nasdaq floor in

12
00:00:36,840 --> 00:00:39,199
Speaker 1: celebration of the deal, and we got a chance to

13
00:00:39,320 --> 00:00:41,680
Speaker 1: chat with both of them. Let's take a listen to

14
00:00:41,760 --> 00:00:46,000
Speaker 1: our our conversation before we continue on. And I got

15
00:00:46,000 --> 00:00:50,680
Speaker 1: to talk about it. It was just recently, all of

16
00:00:50,720 --> 00:00:54,280
Speaker 1: a sudden, I'm looking at the highlights and the Braves.

17
00:00:54,520 --> 00:00:57,680
Speaker 1: If you want to sell the team, just play the

18
00:00:57,760 --> 00:00:59,760
Speaker 1: eight three five triple play.

19
00:01:00,840 --> 00:01:04,800
Speaker 2: Shallow right center, long run, but Michael gets there throwing

20
00:01:04,880 --> 00:01:07,480
Speaker 2: back to first may have a play tunble them off.

21
00:01:07,480 --> 00:01:12,560
Speaker 2: If they be a triple play. It is unfelievable, just

22
00:01:12,640 --> 00:01:13,600
Speaker 2: how they draw it up.

23
00:01:13,680 --> 00:01:15,840
Speaker 1: That hasn't happened, folks, to show you how rare this

24
00:01:16,040 --> 00:01:21,120
Speaker 1: is since eighteen eighty four when the Boston bean Eaters

25
00:01:22,959 --> 00:01:25,600
Speaker 1: turned it and turned it in And you guys are

26
00:01:25,640 --> 00:01:29,680
Speaker 1: playing the Red Sox when this happened. If you want

27
00:01:29,680 --> 00:01:32,199
Speaker 1: to sell a team, just put that in the PR five.

28
00:01:32,480 --> 00:01:35,880
Speaker 5: Yeah. Unfortunately we didn't win that game, so I'm not

29
00:01:35,920 --> 00:01:39,559
Speaker 5: sure that we'll we'll put that highlight out there quite

30
00:01:39,600 --> 00:01:40,120
Speaker 5: as much.

31
00:01:41,280 --> 00:01:43,279
Speaker 6: The good news is we won a few other games

32
00:01:43,319 --> 00:01:43,840
Speaker 6: this season.

33
00:01:44,160 --> 00:01:47,040
Speaker 1: Yeah, you guys are very good. That has got to

34
00:01:47,080 --> 00:01:49,920
Speaker 1: be helping trying to get the message out, Hey, buy

35
00:01:49,960 --> 00:01:50,840
Speaker 1: a piece of the Braves.

36
00:01:52,440 --> 00:01:55,480
Speaker 6: Well, I think the story sells itself because the Braves

37
00:01:55,520 --> 00:01:58,880
Speaker 6: have been the longest continually operated sports franchise in the

38
00:01:58,960 --> 00:02:05,160
Speaker 6: United States. We were won five National League East titles

39
00:02:05,200 --> 00:02:08,800
Speaker 6: in a row. We're leading baseball now not just the

40
00:02:08,880 --> 00:02:11,400
Speaker 6: National League East, but all the National League and Major

41
00:02:11,480 --> 00:02:15,320
Speaker 6: League Baseball. So the on field performance is great. But

42
00:02:15,400 --> 00:02:20,000
Speaker 6: in addition, the performance of the business, both at the

43
00:02:20,040 --> 00:02:23,720
Speaker 6: stadium and at the battery, our real estate deva around

44
00:02:23,720 --> 00:02:25,200
Speaker 6: the stadium has been excellent too.

45
00:02:26,280 --> 00:02:28,160
Speaker 3: So I want to follow up on that because obviously

46
00:02:28,200 --> 00:02:31,600
Speaker 3: the on field play helps tremendously with getting the word out.

47
00:02:32,760 --> 00:02:34,840
Speaker 3: But I think about the Braves, and yes, it's a

48
00:02:34,919 --> 00:02:37,720
Speaker 3: huge deal in Atlanta and in the South. Is it

49
00:02:37,760 --> 00:02:41,800
Speaker 3: a national brand in the way that the first team

50
00:02:41,840 --> 00:02:44,000
Speaker 3: that is going to be publicly traded that is publicly

51
00:02:44,000 --> 00:02:47,640
Speaker 3: traded on the Stock exchange? It should be. I know

52
00:02:47,680 --> 00:02:49,120
Speaker 3: the Braves are in a position to compete for a

53
00:02:49,200 --> 00:02:51,480
Speaker 3: championship for years to come. You recently won it all,

54
00:02:51,520 --> 00:02:54,440
Speaker 3: But I don't know. Do you feel the franchise gets

55
00:02:54,480 --> 00:02:56,400
Speaker 3: the respect, the national respect it deserves.

56
00:02:57,200 --> 00:02:59,800
Speaker 5: Well, I don't think just because we're doing this is

57
00:03:00,240 --> 00:03:02,800
Speaker 5: the reason why it should get followed nationally. I'll go

58
00:03:02,880 --> 00:03:05,600
Speaker 5: back to a little bit what Greg said. You know,

59
00:03:05,639 --> 00:03:07,560
Speaker 5: we've been around for one hundred and fifty one years.

60
00:03:07,600 --> 00:03:10,079
Speaker 5: First and foremost, we've had a lot of success over

61
00:03:10,080 --> 00:03:13,239
Speaker 5: those one hundred and fifty one years. That's especially true

62
00:03:13,280 --> 00:03:17,280
Speaker 5: over the past thirty forty fifty years, and a little

63
00:03:17,320 --> 00:03:21,360
Speaker 5: bit around that period of time when Ted Turner bought

64
00:03:21,400 --> 00:03:24,239
Speaker 5: the team and then actually put the team on a

65
00:03:24,280 --> 00:03:27,680
Speaker 5: superstation and beam those up to anybody that could have

66
00:03:27,800 --> 00:03:31,240
Speaker 5: that superstation all across America, even Canada and Puerto Rico.

67
00:03:31,800 --> 00:03:34,960
Speaker 5: All of a sudden, we became the most favorite team

68
00:03:35,360 --> 00:03:38,400
Speaker 5: of all those places. So even today when you're going

69
00:03:38,400 --> 00:03:42,160
Speaker 5: around in the United States, Puerto Rico, Canada, you're hearing

70
00:03:42,160 --> 00:03:45,240
Speaker 5: people talk about how, oh I remember watching the Braves

71
00:03:45,280 --> 00:03:48,680
Speaker 5: from when way back in the seventies or eighties, and

72
00:03:48,680 --> 00:03:52,560
Speaker 5: that carried forward a great deal of development of our

73
00:03:52,680 --> 00:03:56,320
Speaker 5: national audience. But part and partial of that is that

74
00:03:56,360 --> 00:03:58,240
Speaker 5: you also have to get good at some point in time.

75
00:03:58,560 --> 00:04:00,760
Speaker 5: And so if you look at the past twenty plus

76
00:04:00,840 --> 00:04:04,240
Speaker 5: even thirty years of the team, really beginning in nineteen

77
00:04:04,320 --> 00:04:06,960
Speaker 5: ninety one when we went from worse to first, we've

78
00:04:07,000 --> 00:04:09,360
Speaker 5: had a very good team with only a few exceptions

79
00:04:09,400 --> 00:04:12,000
Speaker 5: during that period of time. And we're right now in

80
00:04:12,080 --> 00:04:17,039
Speaker 5: another renaissance where we've got an unbelievable team with a

81
00:04:17,120 --> 00:04:20,440
Speaker 5: number of their contracts that are signed for multi year deals.

82
00:04:20,680 --> 00:04:23,000
Speaker 5: So the anticipation is this is going to be a

83
00:04:23,040 --> 00:04:25,200
Speaker 5: team that's going to be here with us for a

84
00:04:25,320 --> 00:04:28,960
Speaker 5: long time and be very successful with the ultimate goal

85
00:04:29,240 --> 00:04:32,920
Speaker 5: for us, and this hasn't changed, wasn't changed before or

86
00:04:32,960 --> 00:04:35,520
Speaker 5: after we're a public company, is to win the World Series.

87
00:04:36,200 --> 00:04:39,720
Speaker 6: I'd just add one or two thoughts to what Derek said.

88
00:04:40,480 --> 00:04:43,359
Speaker 6: We are a national franchise and even in some cases

89
00:04:43,400 --> 00:04:47,880
Speaker 6: have international strength, But we are the team of the Southeast.

90
00:04:48,200 --> 00:04:52,680
Speaker 6: Atlanta is the capitalist Southeast. We have the largest footprint

91
00:04:53,320 --> 00:04:59,240
Speaker 6: among teams, over fourteen million broadband cable homes, and you

92
00:04:59,320 --> 00:05:02,839
Speaker 6: see that in our strength. Baseball is a South Eastern

93
00:05:02,920 --> 00:05:06,039
Speaker 6: kind of experience and we are the paragon of that.

94
00:05:06,560 --> 00:05:09,080
Speaker 6: And so while we're national, we know where our home is.

95
00:05:10,560 --> 00:05:12,800
Speaker 4: Greg, I can totally appreciate what you're saying about the South.

96
00:05:12,880 --> 00:05:15,000
Speaker 4: I mean, Derek, when you arrived at the dorms in

97
00:05:15,040 --> 00:05:18,440
Speaker 4: Branscombe at Vanderbilt University back in the early nineties, could

98
00:05:18,440 --> 00:05:20,880
Speaker 4: you have ever dreamed that you would be the CEO

99
00:05:20,960 --> 00:05:23,680
Speaker 4: for the first publicly listed Major League baseball team in history.

100
00:05:23,720 --> 00:05:26,360
Speaker 4: I mean, as our sophisticated audience knows all too well,

101
00:05:26,400 --> 00:05:29,680
Speaker 4: investors aren't just investing in the Atlanta Braves brand, but

102
00:05:29,680 --> 00:05:32,080
Speaker 4: they're investing in management's ability to execute. And you know

103
00:05:32,120 --> 00:05:34,679
Speaker 4: it's going to be your job as CEO right unlock

104
00:05:34,720 --> 00:05:38,240
Speaker 4: shareholder value over time. Talk to us about your experience

105
00:05:38,360 --> 00:05:41,479
Speaker 4: at Bandy Go do us, by the way, well, working

106
00:05:41,520 --> 00:05:43,279
Speaker 4: for the late great Georg Steinbranner, what it was like

107
00:05:43,320 --> 00:05:45,280
Speaker 4: to grow up in the Harvey Shower household. Let our

108
00:05:45,279 --> 00:05:45,919
Speaker 4: audience hear it.

109
00:05:46,279 --> 00:05:49,279
Speaker 5: Yeah, first of all, I'm glad we're doing this now

110
00:05:49,520 --> 00:05:53,040
Speaker 5: and my accomplishments now. If you're asking to evaluate how

111
00:05:53,080 --> 00:05:56,360
Speaker 5: I would have done back then, that's a little dangerous.

112
00:05:56,440 --> 00:05:58,279
Speaker 5: I was trying to get an engineering degree, and I

113
00:05:58,320 --> 00:06:00,719
Speaker 5: was also trying to drink beer about five days out.

114
00:06:00,560 --> 00:06:00,920
Speaker 1: Of the week.

115
00:06:01,000 --> 00:06:03,760
Speaker 5: So you put those two things together. I wasn't always

116
00:06:03,760 --> 00:06:07,280
Speaker 5: as successful as one or the other. Probably more beer

117
00:06:07,360 --> 00:06:10,040
Speaker 5: drinking was. I was better acted. I was my engineering.

118
00:06:10,360 --> 00:06:12,000
Speaker 5: I did graduate with an AGES.

119
00:06:12,240 --> 00:06:16,320
Speaker 4: She's still there, still there.

120
00:06:15,600 --> 00:06:15,880
Speaker 1: I did.

121
00:06:16,560 --> 00:06:18,240
Speaker 5: I had a lot of fun of Andy. Vandy was

122
00:06:18,279 --> 00:06:20,560
Speaker 5: great for me, and it taught me. You know, despite

123
00:06:20,560 --> 00:06:22,200
Speaker 5: the fact that I ended up in the sports business.

124
00:06:22,240 --> 00:06:23,599
Speaker 5: The way that I look at it is it taught

125
00:06:23,600 --> 00:06:26,440
Speaker 5: me how to solve problems and how to think. And

126
00:06:26,440 --> 00:06:28,320
Speaker 5: that's the thing that I think you can apply to

127
00:06:28,480 --> 00:06:30,720
Speaker 5: my job each and every day, regardless of the fact

128
00:06:30,720 --> 00:06:32,839
Speaker 5: that we're now in the sports business. I've been in

129
00:06:32,880 --> 00:06:37,440
Speaker 5: the sports business for thirty years or so twenty at

130
00:06:37,440 --> 00:06:40,200
Speaker 5: the Braves, Mike plant and I joined on the same

131
00:06:40,279 --> 00:06:43,640
Speaker 5: day twenty years ago, and then before that, I was

132
00:06:43,720 --> 00:06:47,599
Speaker 5: running an NHL team. And prior to that you mentioned it,

133
00:06:47,680 --> 00:06:50,160
Speaker 5: I worked for the Yankees and worked for George Steinbrenner

134
00:06:50,200 --> 00:06:52,159
Speaker 5: for a couple of years, a little bit of stint

135
00:06:52,200 --> 00:06:54,560
Speaker 5: with the nineteen ninety six Olympic Games and some of

136
00:06:54,560 --> 00:06:57,040
Speaker 5: the things going on around there. So I've been around

137
00:06:57,040 --> 00:07:00,159
Speaker 5: sports for a long time. I've been around Atlanta for

138
00:07:00,200 --> 00:07:05,560
Speaker 5: a long time. I understand corporate ownership. One of the

139
00:07:05,600 --> 00:07:07,760
Speaker 5: things that I think also needs to be said in

140
00:07:07,800 --> 00:07:12,080
Speaker 5: these kinds of settings is how powerful corporate ownership can

141
00:07:12,160 --> 00:07:14,960
Speaker 5: be to the success of the team. You know, one

142
00:07:14,960 --> 00:07:17,200
Speaker 5: of the great things that we have in our situation

143
00:07:17,400 --> 00:07:20,640
Speaker 5: is Greg basically allows us to say, how do you

144
00:07:20,640 --> 00:07:23,360
Speaker 5: guys want to manage your team, and then go off

145
00:07:23,400 --> 00:07:27,160
Speaker 5: and do it. You know, he's not inserting himself into

146
00:07:27,160 --> 00:07:30,760
Speaker 5: figuring out every little thing. He gives us great perspective

147
00:07:30,760 --> 00:07:32,800
Speaker 5: from time to time when we need it, but otherwise

148
00:07:33,040 --> 00:07:34,880
Speaker 5: we're off on our own trying to do the best

149
00:07:34,920 --> 00:07:36,920
Speaker 5: that we can do, and I'd like to believe that

150
00:07:36,960 --> 00:07:38,880
Speaker 5: we've done pretty good over that period of time. You

151
00:07:39,000 --> 00:07:42,200
Speaker 5: have is the easy softball that I gave you.

152
00:07:44,360 --> 00:07:47,640
Speaker 1: Well see, when you're CEOs and I have to I

153
00:07:47,640 --> 00:07:51,840
Speaker 1: would use the mister Schiller and mister mafe title because

154
00:07:52,520 --> 00:07:55,680
Speaker 1: and here comes simple and bar because you know Scarlett

155
00:07:55,880 --> 00:07:57,920
Speaker 1: and Damien they know how to do this. But me,

156
00:07:58,480 --> 00:08:01,360
Speaker 1: you know, here I come. I've got my twenty dollars

157
00:08:01,640 --> 00:08:05,560
Speaker 1: and I got my baseball card of Hank Aaron, and

158
00:08:05,680 --> 00:08:08,760
Speaker 1: I want to buy a share of the Atlanta Braves.

159
00:08:09,400 --> 00:08:11,960
Speaker 1: How does a person go about doing that?

160
00:08:12,760 --> 00:08:15,560
Speaker 6: Well, it's unfortunately going to take a little more than

161
00:08:15,600 --> 00:08:19,400
Speaker 6: twenty dollars. We're happy that the stock has traded up.

162
00:08:19,440 --> 00:08:22,480
Speaker 6: It has been below twenty in the last five years,

163
00:08:22,520 --> 00:08:25,280
Speaker 6: but we've had great strength and they're now trading in

164
00:08:25,320 --> 00:08:27,800
Speaker 6: the forties. So you're going to need to make a

165
00:08:27,800 --> 00:08:30,160
Speaker 6: couple more twenties to get a share. But we're listed

166
00:08:30,160 --> 00:08:33,680
Speaker 6: on the NASDAC and you and anyone else who's interested

167
00:08:33,760 --> 00:08:35,160
Speaker 6: can fump, can go buy a share.

168
00:08:35,480 --> 00:08:38,320
Speaker 1: And the team is worth I'll you what two point

169
00:08:38,360 --> 00:08:40,000
Speaker 1: seven billion right now?

170
00:08:40,679 --> 00:08:43,560
Speaker 5: Well, the team is worth whatever the market cap is

171
00:08:43,559 --> 00:08:46,640
Speaker 5: that the market is saying. I think both Greg and

172
00:08:46,679 --> 00:08:49,880
Speaker 5: I would agree that the value is really much higher

173
00:08:49,920 --> 00:08:52,800
Speaker 5: than that. You know, there's a number of factors that

174
00:08:52,880 --> 00:08:57,200
Speaker 5: go into that. In baseball and really all of professional sports,

175
00:08:57,600 --> 00:09:00,080
Speaker 5: most teams are evaluated as a multiple of a revenue,

176
00:09:00,280 --> 00:09:02,960
Speaker 5: and so you look at those and try to figure

177
00:09:03,000 --> 00:09:05,840
Speaker 5: out the modeling across that. But in our situation, we

178
00:09:05,880 --> 00:09:08,360
Speaker 5: also have a unique additive that many others don't have,

179
00:09:08,520 --> 00:09:11,600
Speaker 5: and that's our real estate development, and there's a whole

180
00:09:11,880 --> 00:09:14,720
Speaker 5: a lot of additional modeling that should be done in

181
00:09:14,840 --> 00:09:17,880
Speaker 5: order to truly understand what the value of that is.

182
00:09:19,160 --> 00:09:22,440
Speaker 6: One of the great things about the Braves is that

183
00:09:22,520 --> 00:09:25,640
Speaker 6: they have both that great on field and off field

184
00:09:25,640 --> 00:09:29,680
Speaker 6: business performance. And if you look at bleacher report says

185
00:09:30,080 --> 00:09:34,160
Speaker 6: that the Braves has the best combination of both Alexanthopolis

186
00:09:34,240 --> 00:09:39,240
Speaker 6: leading on the field, Mike Plant and Derek leading in

187
00:09:39,280 --> 00:09:45,240
Speaker 6: the business, all helmed by Terry McGirk. And we put

188
00:09:45,280 --> 00:09:48,959
Speaker 6: that combination together, both on field and off field performance

189
00:09:49,040 --> 00:09:51,280
Speaker 6: have been tremendous and we think have more to go.

190
00:09:51,920 --> 00:09:52,079
Speaker 2: Well.

191
00:09:52,120 --> 00:09:54,240
Speaker 3: One thing, as you mentioned people doing the modeling. There's

192
00:09:54,240 --> 00:09:57,320
Speaker 3: plenty of people doing modeling right now, and this formal

193
00:09:57,360 --> 00:10:01,000
Speaker 3: split from Liberty Media is expected to to unlock value

194
00:10:01,000 --> 00:10:05,240
Speaker 3: for investors. There's one analyst, Seaport analyst David Joyce, who

195
00:10:05,240 --> 00:10:07,600
Speaker 3: says the Braves are worth three point one to three

196
00:10:07,600 --> 00:10:10,720
Speaker 3: point seven billion dollars and because of the spinoff, it

197
00:10:10,760 --> 00:10:13,360
Speaker 3: opens the door for a seamless sale of the team.

198
00:10:13,440 --> 00:10:15,559
Speaker 3: Do you think that valuation three point one to three

199
00:10:15,559 --> 00:10:18,760
Speaker 3: point seven is fair? And I wonder if you've gotten

200
00:10:18,800 --> 00:10:22,400
Speaker 3: any kind of unsolicited interest from investor groups or pe.

201
00:10:23,400 --> 00:10:27,559
Speaker 6: Well, we're in this process just completing the spin and

202
00:10:27,600 --> 00:10:31,320
Speaker 6: so certainly not something we would have allowed a one

203
00:10:31,400 --> 00:10:36,000
Speaker 6: if they did approach us to engage in discussions. And

204
00:10:36,040 --> 00:10:39,280
Speaker 6: obviously anything that happens has to be confidential. But there

205
00:10:39,360 --> 00:10:42,520
Speaker 6: is interest in teams. And if you look, as Derek

206
00:10:42,600 --> 00:10:46,760
Speaker 6: noted baseball teams, most sports teams trade as a multiple

207
00:10:46,800 --> 00:10:50,199
Speaker 6: of revenue. That Seaport analysis I think has looked out

208
00:10:50,240 --> 00:10:52,040
Speaker 6: at some of the other numbers that have been out there,

209
00:10:52,559 --> 00:10:57,160
Speaker 6: and the multiples have been tending to go up for

210
00:10:57,200 --> 00:11:01,120
Speaker 6: sports teams. There's a scarcity value. See, we have no

211
00:11:01,240 --> 00:11:05,079
Speaker 6: planner intent, but you know, you never know what is

212
00:11:05,120 --> 00:11:07,240
Speaker 6: beauty in the eyes of the beholder. And but we're

213
00:11:07,280 --> 00:11:11,840
Speaker 6: a pretty pretty good thing to behold as a sports team.

214
00:11:12,160 --> 00:11:13,800
Speaker 4: Well, you know, gentlemen, I mean you mentioned it earlier.

215
00:11:13,800 --> 00:11:15,360
Speaker 4: You know, it's not just the Braves, but it's also

216
00:11:15,520 --> 00:11:18,240
Speaker 4: truest park in the Battery Atlanta. You know, star Wood

217
00:11:18,280 --> 00:11:20,440
Speaker 4: just defaulted on it two hundred twelve million dollar mortgage

218
00:11:20,480 --> 00:11:23,880
Speaker 4: on Tower Place in Buckhead. I'm wondering, you know, real estate.

219
00:11:23,880 --> 00:11:26,079
Speaker 4: I mean, the Fed's raising rates here. You know, we've

220
00:11:26,120 --> 00:11:27,880
Speaker 4: got the faults picking up, you know. Talk to us

221
00:11:27,880 --> 00:11:30,200
Speaker 4: about the company's real estate assets. Talk to us about

222
00:11:30,240 --> 00:11:32,880
Speaker 4: the city of Atlanta, and how you plan to you know,

223
00:11:32,960 --> 00:11:35,400
Speaker 4: grow those assets, grow the value of those assets, and

224
00:11:35,679 --> 00:11:38,839
Speaker 4: or protect them amid what may be a bit of

225
00:11:39,040 --> 00:11:39,760
Speaker 4: a storm cloud.

226
00:11:40,120 --> 00:11:42,960
Speaker 5: Yeah. So I think any of those examples that you

227
00:11:43,040 --> 00:11:47,440
Speaker 5: gave only strengthen the way in which we're positioned. First

228
00:11:47,440 --> 00:11:50,200
Speaker 5: of all, we're almost fully leased, I mean when in fact,

229
00:11:50,240 --> 00:11:54,800
Speaker 5: got very very little square footage left to lease. We're

230
00:11:54,800 --> 00:11:58,200
Speaker 5: in a position that is advantageous, especially with respect to

231
00:11:58,200 --> 00:12:01,040
Speaker 5: the rest of the market, whether you use Atlanta or

232
00:12:01,080 --> 00:12:05,040
Speaker 5: any other any other markets. The other thing that we

233
00:12:05,120 --> 00:12:08,160
Speaker 5: have that's a very distinguishable difference is the amenities that

234
00:12:08,200 --> 00:12:11,480
Speaker 5: we can provide to all these which is really important,

235
00:12:11,559 --> 00:12:16,360
Speaker 5: especially as companies are trying to return their employees back

236
00:12:16,400 --> 00:12:18,640
Speaker 5: to work. You know, we have a lot of things

237
00:12:18,679 --> 00:12:22,480
Speaker 5: for people to do right outside their buildings, a lot

238
00:12:22,480 --> 00:12:26,280
Speaker 5: of shops and restaurants and entertainment offerings and things like that.

239
00:12:26,840 --> 00:12:29,000
Speaker 5: So as we've talked to companies, that becomes one of

240
00:12:29,040 --> 00:12:33,240
Speaker 5: the more important factors as they look at new leases

241
00:12:33,360 --> 00:12:39,120
Speaker 5: or renewing leases. So while some places in Atlanta they're

242
00:12:39,120 --> 00:12:43,120
Speaker 5: going through a strong sublease issues or they're losing leases

243
00:12:43,160 --> 00:12:46,560
Speaker 5: as they come to expiration, in our situation, we actually

244
00:12:46,559 --> 00:12:49,400
Speaker 5: have quite the opposite. We're seeing a tremendous amount of

245
00:12:49,440 --> 00:12:52,080
Speaker 5: desire coming onto our campus and I'd say the only

246
00:12:52,120 --> 00:12:54,280
Speaker 5: issue that we have right now is we're running out

247
00:12:54,280 --> 00:12:54,920
Speaker 5: of real estate.

248
00:12:56,800 --> 00:13:02,199
Speaker 1: There's only one other publicly owned major pro sports franchise

249
00:13:02,280 --> 00:13:04,960
Speaker 1: in the US, and that's the Green Bay Packers in

250
00:13:05,000 --> 00:13:10,160
Speaker 1: the NFL. Forgive me if this comes off crazy, but

251
00:13:10,480 --> 00:13:14,720
Speaker 1: has there been any brain session from the Braves talking

252
00:13:14,760 --> 00:13:17,280
Speaker 1: to maybe people from the Packers on how to go

253
00:13:17,320 --> 00:13:18,559
Speaker 1: about this process.

254
00:13:19,480 --> 00:13:23,720
Speaker 6: I think the Packers an amazing franchise, but it's a

255
00:13:23,720 --> 00:13:27,880
Speaker 6: little different. It's really a community owned experience and football

256
00:13:27,920 --> 00:13:31,160
Speaker 6: and baseball. While they have some positive attributes to the same,

257
00:13:31,200 --> 00:13:35,160
Speaker 6: there are some quite differences in how they operate. So

258
00:13:35,280 --> 00:13:39,160
Speaker 6: while we admire the Green Bay franchise, I'm not sure

259
00:13:39,160 --> 00:13:42,120
Speaker 6: it's exactly the model for what happening as a corporate

260
00:13:42,160 --> 00:13:45,120
Speaker 6: owner in Atlanta in baseball.

261
00:13:45,679 --> 00:13:47,560
Speaker 5: Yeah, I would agree. I would agree. The only thing

262
00:13:47,600 --> 00:13:50,120
Speaker 5: I would add is they do do some things that

263
00:13:50,320 --> 00:13:56,319
Speaker 5: create novelties of your ownership tied to your fandom. And

264
00:13:56,400 --> 00:14:00,120
Speaker 5: so in this case, where we might find somebody that

265
00:14:00,160 --> 00:14:02,160
Speaker 5: wants to invest in the team that's also a big

266
00:14:02,200 --> 00:14:04,679
Speaker 5: fan of the team, you know, perhaps we can find

267
00:14:04,679 --> 00:14:11,320
Speaker 5: some ways to collaborate and get some commemorative activity for them.

268
00:14:12,040 --> 00:14:15,240
Speaker 3: I love that question, Michael Barr, connecting it to the Packers,

269
00:14:15,240 --> 00:14:19,240
Speaker 3: which people know you can invest in, but again different

270
00:14:19,360 --> 00:14:23,880
Speaker 3: entity completely. We have covered extensively the struggles of regional

271
00:14:23,880 --> 00:14:26,880
Speaker 3: sports networks and the Braves play on what bally Sports

272
00:14:26,920 --> 00:14:29,880
Speaker 3: South and Southeast, which and I know that you've seen

273
00:14:30,120 --> 00:14:33,200
Speaker 3: big gains and ratings. I'm curious to get your take

274
00:14:33,400 --> 00:14:36,360
Speaker 3: on whether you have any contingency plans to make sure

275
00:14:36,440 --> 00:14:40,520
Speaker 3: Braves fans can still see their team if this RSN

276
00:14:41,000 --> 00:14:46,360
Speaker 3: model continues to struggle because we haven't found a solution

277
00:14:46,440 --> 00:14:46,920
Speaker 3: for it yet.

278
00:14:47,440 --> 00:14:51,520
Speaker 6: Yeah, I would say that the RSN model is long

279
00:14:51,600 --> 00:14:56,360
Speaker 6: term challenged. But frankly, we have probably, as I mentioned,

280
00:14:56,440 --> 00:15:00,360
Speaker 6: the most attractive model or territory in which to great

281
00:15:00,640 --> 00:15:03,960
Speaker 6: popular team in a big territory and we believe that

282
00:15:04,200 --> 00:15:08,520
Speaker 6: the RSN it does quite well. The RSN does quite well,

283
00:15:08,520 --> 00:15:12,040
Speaker 6: and they're unlikely to reject our contract as they restructure.

284
00:15:12,400 --> 00:15:15,760
Speaker 6: So while we do have contingency plans, we think it's

285
00:15:15,840 --> 00:15:18,359
Speaker 6: unlikely we're going to have to access those plans.

286
00:15:18,680 --> 00:15:22,160
Speaker 1: We're talking to Atlanta Braves CEO Derek Schiller and Liberty

287
00:15:22,280 --> 00:15:26,360
Speaker 1: Media CEO Greg Mafey. And I know we're running out

288
00:15:26,360 --> 00:15:29,880
Speaker 1: of time here and I'm stepping all over Damien here,

289
00:15:29,880 --> 00:15:33,280
Speaker 1: but I would like to ask one question. Uh, you guys,

290
00:15:33,960 --> 00:15:36,840
Speaker 1: with the new with the time clock and everything, the

291
00:15:36,880 --> 00:15:41,000
Speaker 1: pitch clock and this going on, it has speeded up

292
00:15:41,040 --> 00:15:43,040
Speaker 1: the game. It's like the way it used to be

293
00:15:43,080 --> 00:15:43,640
Speaker 1: old school.

294
00:15:44,040 --> 00:15:49,360
Speaker 5: Yeah. Yeah, So obviously these things have been studied for

295
00:15:49,400 --> 00:15:51,480
Speaker 5: a number of years. That's the great thing is we

296
00:15:51,560 --> 00:15:53,920
Speaker 5: knew what they were going to ultimately do for the

297
00:15:53,960 --> 00:15:59,280
Speaker 5: game when they became ideas. They were put into minor

298
00:15:59,360 --> 00:16:02,560
Speaker 5: league baseball, they've studied, they were fine, and now that

299
00:16:02,600 --> 00:16:05,160
Speaker 5: they were ready for prime time, they got instituted into

300
00:16:05,200 --> 00:16:07,640
Speaker 5: Major League Baseball. And you're seeing the results of that.

301
00:16:08,160 --> 00:16:11,200
Speaker 5: You know, buy and large, most teams are down, or

302
00:16:11,240 --> 00:16:13,560
Speaker 5: most games are down somewhere in the neighborhood of twenty

303
00:16:13,640 --> 00:16:17,720
Speaker 5: to thirty minutes. And they're also more balls in play.

304
00:16:18,120 --> 00:16:22,200
Speaker 5: There's more stealing activity, and so there's more offense. So

305
00:16:22,280 --> 00:16:24,400
Speaker 5: you've got a little bit wider bases, you've got the

306
00:16:24,440 --> 00:16:28,560
Speaker 5: elimination of the shift, and you've got these pitch clock

307
00:16:29,160 --> 00:16:32,120
Speaker 5: and so all these things help create a quicker game,

308
00:16:33,080 --> 00:16:35,840
Speaker 5: higher pace, that has a little bit more action in it.

309
00:16:36,040 --> 00:16:38,120
Speaker 5: And I think the results of that is that the

310
00:16:38,160 --> 00:16:41,200
Speaker 5: public loves it. They're coming to more baseball games, they're

311
00:16:41,200 --> 00:16:44,640
Speaker 5: watching more baseball games. Our ratings are up, everybody's ratings

312
00:16:44,720 --> 00:16:47,320
Speaker 5: are up for the most part, and so it's really

313
00:16:47,360 --> 00:16:49,920
Speaker 5: really working. And it's an example of how we can

314
00:16:49,920 --> 00:16:54,280
Speaker 5: come together with our players, with umpires and everybody else

315
00:16:54,320 --> 00:16:57,120
Speaker 5: involved and really try to continue to refine the game

316
00:16:57,400 --> 00:16:58,560
Speaker 5: to make it better each year.

317
00:16:59,000 --> 00:17:01,240
Speaker 1: I'm sorry, Damien, thank you, Verry, and I'm going to

318
00:17:01,320 --> 00:17:03,480
Speaker 1: shut up now because it is sports. I get excited.

319
00:17:03,520 --> 00:17:04,159
Speaker 1: I can't help it.

320
00:17:04,200 --> 00:17:06,399
Speaker 4: Hey, Hey, hey, Michael Bardon never needs to apologize to me.

321
00:17:06,480 --> 00:17:08,280
Speaker 4: Derek greg I just have one more question here. I mean,

322
00:17:08,320 --> 00:17:10,800
Speaker 4: we've been throwing you a lot of softballs here today,

323
00:17:11,359 --> 00:17:12,960
Speaker 4: but you know here's one for you. It talk to

324
00:17:13,040 --> 00:17:14,760
Speaker 4: us about the Braves chances of winning the World Series

325
00:17:14,800 --> 00:17:17,800
Speaker 4: at plus three hundred. I mean, is that enough compensation

326
00:17:17,920 --> 00:17:20,639
Speaker 4: for a team that sent their entire infield and a

327
00:17:20,680 --> 00:17:22,800
Speaker 4: record eight players to the All Star Game last month?

328
00:17:22,840 --> 00:17:24,719
Speaker 4: I mean, should we be leading into those I mean,

329
00:17:24,920 --> 00:17:27,040
Speaker 4: I'm just kidding, but you know, actually talk to us

330
00:17:27,040 --> 00:17:29,159
Speaker 4: a little bit about sports gambling. How is that changing

331
00:17:29,200 --> 00:17:31,240
Speaker 4: the game? I mean, you talked to us about audience

332
00:17:31,320 --> 00:17:33,680
Speaker 4: numbers going up, and obviously that has to do with performance,

333
00:17:33,720 --> 00:17:36,080
Speaker 4: But I'm just curious to hear thoughts on sports gambling

334
00:17:36,080 --> 00:17:37,879
Speaker 4: and what you're you know, how you think that's changing

335
00:17:37,880 --> 00:17:38,120
Speaker 4: the game.

336
00:17:38,160 --> 00:17:38,360
Speaker 1: Here.

337
00:17:38,600 --> 00:17:43,040
Speaker 5: Well, I've been trying to advocate for Georgia to legalize

338
00:17:43,040 --> 00:17:45,920
Speaker 5: some form of sports gambling for the better past four

339
00:17:46,000 --> 00:17:50,520
Speaker 5: or five years. Georgia is now, I think one of

340
00:17:50,560 --> 00:17:54,359
Speaker 5: the last states to not have legalized sports gambling in

341
00:17:54,400 --> 00:17:57,639
Speaker 5: some form, correct if there's thirty eight thirty nine states

342
00:17:57,640 --> 00:18:00,800
Speaker 5: something like that that have it. There's a variety of

343
00:18:00,800 --> 00:18:04,840
Speaker 5: reasons why that is in the state of Georgia. Part

344
00:18:04,840 --> 00:18:07,520
Speaker 5: of it is there's no casino gaming in Georgia, and

345
00:18:07,600 --> 00:18:10,879
Speaker 5: so there's also a desire to get casino gaming legalized

346
00:18:10,920 --> 00:18:14,840
Speaker 5: as well. I still believe there's a pathway for us

347
00:18:14,840 --> 00:18:19,880
Speaker 5: to get a neuro sports betting arrangement legalized in Georgia,

348
00:18:20,480 --> 00:18:23,920
Speaker 5: and we support that. We support it for a few

349
00:18:24,000 --> 00:18:28,680
Speaker 5: fundamental reasons. The first is, as you've seen from wherever

350
00:18:28,800 --> 00:18:33,000
Speaker 5: this is been instituted, it creates a further connection and

351
00:18:33,080 --> 00:18:36,760
Speaker 5: further engagement for fans when they're watching their team, and

352
00:18:36,800 --> 00:18:39,760
Speaker 5: in fact, they may not watch their team. It just

353
00:18:39,800 --> 00:18:42,800
Speaker 5: creates a connection between whatever they bet and whatever it

354
00:18:42,880 --> 00:18:46,800
Speaker 5: might be on TV. So that's great increases sports fandom.

355
00:18:47,320 --> 00:18:51,600
Speaker 5: The second is, and I'm getting a little bit biased here,

356
00:18:52,040 --> 00:18:54,679
Speaker 5: is that when it comes to Georgia, we want to

357
00:18:54,680 --> 00:18:56,480
Speaker 5: have a piece of that. Now we're not going to

358
00:18:56,520 --> 00:18:58,760
Speaker 5: be the person that places the bets or takes the

359
00:18:58,760 --> 00:19:02,240
Speaker 5: bets or anything, but we have to make sure that

360
00:19:02,280 --> 00:19:05,080
Speaker 5: it's done in the right way and inserting ourselves into

361
00:19:05,080 --> 00:19:08,159
Speaker 5: that process. We think there's some opportunities for us and

362
00:19:08,200 --> 00:19:11,119
Speaker 5: we want to take advantage of those. So that's something

363
00:19:11,119 --> 00:19:13,560
Speaker 5: that we're trying to get done as well. And you know,

364
00:19:13,600 --> 00:19:15,600
Speaker 5: we've got those thirty eight other states that we can

365
00:19:15,680 --> 00:19:17,680
Speaker 5: draw from and learn from where it worked well, where

366
00:19:17,720 --> 00:19:22,000
Speaker 5: it didn't. So I'm at it every day and hopeful

367
00:19:22,040 --> 00:19:24,479
Speaker 5: that we can get it done in this legislative session.

368
00:19:25,680 --> 00:19:29,480
Speaker 1: There's a lot of money in the online gambling then,

369
00:19:29,600 --> 00:19:32,040
Speaker 1: like you said, the thirty eight or so other states

370
00:19:32,119 --> 00:19:35,840
Speaker 1: that have it, they have raked it pretty much in

371
00:19:36,280 --> 00:19:41,400
Speaker 1: and which brings me to the next point. That's something

372
00:19:41,480 --> 00:19:45,480
Speaker 1: where maybe you could talk to like a fan duel

373
00:19:45,600 --> 00:19:48,240
Speaker 1: or something like that, whatever, because like you said, it's

374
00:19:48,240 --> 00:19:53,440
Speaker 1: going to take a campaign to get online gambling in Georgia.

375
00:19:53,680 --> 00:19:57,440
Speaker 5: Yeah, there are a lot of different interests in this situation.

376
00:19:58,640 --> 00:20:02,679
Speaker 5: Their interests that are differing amongst the sports betting operators,

377
00:20:03,160 --> 00:20:06,359
Speaker 5: their interests that are different amongst the politicians. I know,

378
00:20:06,640 --> 00:20:10,200
Speaker 5: I'm saying something really crazy right there, and then their

379
00:20:10,240 --> 00:20:13,800
Speaker 5: interests that are different amongst the public. And so what

380
00:20:13,800 --> 00:20:15,800
Speaker 5: we're trying to do is thread the needle across all

381
00:20:15,840 --> 00:20:18,520
Speaker 5: of those and hopefully find something that works as a solution.

382
00:20:18,920 --> 00:20:20,919
Speaker 5: The fact of the matter, though, is in states like

383
00:20:20,960 --> 00:20:24,600
Speaker 5: Georgia and maybe even especially Jordan, with the amount of

384
00:20:24,640 --> 00:20:27,359
Speaker 5: sports that are played in Georgia and then just the

385
00:20:27,359 --> 00:20:30,919
Speaker 5: fandom that exists there, betting. Sports betting is going on

386
00:20:31,320 --> 00:20:33,679
Speaker 5: in the state of Georgia in a massive way, and

387
00:20:33,720 --> 00:20:37,680
Speaker 5: so the thing that's happening here. It is being untaxed, unregulated,

388
00:20:38,080 --> 00:20:40,320
Speaker 5: and so there's problems that could come from that, and

389
00:20:40,359 --> 00:20:42,520
Speaker 5: the money that is resulting from that is not going

390
00:20:42,560 --> 00:20:45,119
Speaker 5: to enure to the benefit of the state or wherever

391
00:20:45,280 --> 00:20:48,879
Speaker 5: the state wants to put that. That seems like a miss.

392
00:20:49,680 --> 00:20:52,840
Speaker 1: Well for what it's worth. Yes, I was born and

393
00:20:52,920 --> 00:20:56,639
Speaker 1: raised in Detroit and a Tigers fan, but I'm interested

394
00:20:56,680 --> 00:21:00,600
Speaker 1: in this looking at the Atlanta Braves getting a piece

395
00:21:00,640 --> 00:21:03,119
Speaker 1: of it. As for the Packers, I'm a Lions fan. No, no, no,

396
00:21:03,240 --> 00:21:07,600
Speaker 1: I can't do that. Nobody they can't have it. Gentlemen,

397
00:21:07,640 --> 00:21:10,359
Speaker 1: thank you so much. Alana Brave CEO Derek Schiller and

398
00:21:10,440 --> 00:21:12,439
Speaker 1: Liberty Media CEO Greg Matthey.