1 00:00:00,720 --> 00:00:04,800 Speaker 1: This is Bloomberg Business of Sports, where in a situation 2 00:00:04,880 --> 00:00:07,440 Speaker 1: that we haven't dealt with in modern times, the pandemic 3 00:00:07,440 --> 00:00:11,280 Speaker 1: here has really accelerated the investments that we've been advocating 4 00:00:11,360 --> 00:00:13,640 Speaker 1: for for a year. From a macro standpoint, I think 5 00:00:13,680 --> 00:00:16,880 Speaker 1: our sport industry is really forced to look at the 6 00:00:17,000 --> 00:00:20,079 Speaker 1: business a little bit differently. In depth conversations with the 7 00:00:20,239 --> 00:00:22,639 Speaker 1: leaders in the sports industry and sport, there is a 8 00:00:22,640 --> 00:00:25,560 Speaker 1: good admiration we're still moving forward part of something much 9 00:00:25,560 --> 00:00:27,720 Speaker 1: bigger than the sport right now, the health and trandustry 10 00:00:27,760 --> 00:00:30,400 Speaker 1: of our stakeholders are real smart important every moment. I 11 00:00:30,440 --> 00:00:32,839 Speaker 1: think we're all from a business respective thinking about the 12 00:00:32,880 --> 00:00:35,360 Speaker 1: impact that the virus is having across the country. In 13 00:00:35,400 --> 00:00:40,159 Speaker 1: Bloomberg Business of Sports from Bloomberg Radio, Hi everyone, I'm 14 00:00:40,240 --> 00:00:43,320 Speaker 1: Jason Kelly, and I'm Mike Lynch and I'm Michael Barr. 15 00:00:43,360 --> 00:00:45,440 Speaker 1: Over the next hour, we will explore the big money 16 00:00:45,440 --> 00:00:47,720 Speaker 1: issues in the world of sports and to talk to 17 00:00:47,880 --> 00:00:50,199 Speaker 1: some of the biggest players in the industry. And in 18 00:00:50,280 --> 00:00:52,320 Speaker 1: just a bit we're gonna catch up with Stephanie McMahon. 19 00:00:52,360 --> 00:00:57,160 Speaker 1: She's the chief brand officer of w w E. She's 20 00:00:57,200 --> 00:01:00,160 Speaker 1: got some streaming news to talk about. But I want 21 00:01:00,160 --> 00:01:02,880 Speaker 1: to tell you no bigger news in the streaming world, 22 00:01:02,960 --> 00:01:07,200 Speaker 1: in the media world than this massive hundred and five 23 00:01:07,440 --> 00:01:11,400 Speaker 1: billion dollars give or take deal that the NFL has 24 00:01:11,440 --> 00:01:15,880 Speaker 1: announced with lots of different people, but most notably Amazon 25 00:01:16,080 --> 00:01:19,720 Speaker 1: dot Com. Who can make sense of this for us? Oh? 26 00:01:19,840 --> 00:01:22,800 Speaker 1: I know the smartest guy I know on media. We're 27 00:01:22,800 --> 00:01:25,120 Speaker 1: talking about Paul Sweeney. He is a co host of 28 00:01:25,160 --> 00:01:29,800 Speaker 1: Bloomberg Markets and Bloomberg Surveillance, longtime analyst and watcher of 29 00:01:29,840 --> 00:01:32,959 Speaker 1: all things media. All right, Mr Sweeney, you're the guy 30 00:01:33,000 --> 00:01:35,800 Speaker 1: I want to hear from on this. What was your 31 00:01:35,800 --> 00:01:38,840 Speaker 1: initial reaction? We knew this deal was coming, but there 32 00:01:38,880 --> 00:01:41,440 Speaker 1: were some surprises here, right, Yeah, they really work. The 33 00:01:41,440 --> 00:01:43,720 Speaker 1: first thing is just the numbers just keep going up 34 00:01:43,760 --> 00:01:46,199 Speaker 1: and up and up. I'm you're talking about ten billion 35 00:01:46,200 --> 00:01:49,760 Speaker 1: dollars a year for ten years, so you know, the 36 00:01:49,880 --> 00:01:52,760 Speaker 1: rich just get richer, that being the NFL. So the 37 00:01:52,840 --> 00:01:55,680 Speaker 1: numbers are just staggering, and it just shows you how 38 00:01:55,680 --> 00:01:59,840 Speaker 1: important live sports is to broadcast networks and cable networks. 39 00:02:00,040 --> 00:02:03,040 Speaker 1: And of course, the real unique aspect of this deal 40 00:02:03,600 --> 00:02:06,440 Speaker 1: is that a major package, in this case, the Thursday 41 00:02:06,520 --> 00:02:09,400 Speaker 1: Night package of games goes to a streaming service in 42 00:02:09,480 --> 00:02:13,200 Speaker 1: Amazon dot Com. So they're spending a billion dollars per 43 00:02:13,280 --> 00:02:15,560 Speaker 1: year to get that Thursday night game. So if you're 44 00:02:15,600 --> 00:02:19,680 Speaker 1: the NFL, you've got the broadcast networks bidding for your game, 45 00:02:19,720 --> 00:02:22,040 Speaker 1: You've got the cable networks bidding for your game, and 46 00:02:22,080 --> 00:02:24,200 Speaker 1: now you've got Silicon Valley bidding for your game. That's 47 00:02:24,200 --> 00:02:27,240 Speaker 1: a good place to be, Paul, this is a hundred 48 00:02:27,280 --> 00:02:33,480 Speaker 1: five billion dollar deal over the streaming and the TV rights. 49 00:02:33,639 --> 00:02:37,600 Speaker 1: How in the h G double goal post, the NFL 50 00:02:38,200 --> 00:02:42,560 Speaker 1: in a pandemic year pull this off. It's amazing, is 51 00:02:42,600 --> 00:02:46,120 Speaker 1: and it just shows you how just absolutely dominant in 52 00:02:46,240 --> 00:02:51,399 Speaker 1: terms of viewership. Um, the NFL is in the United States. Um, 53 00:02:51,520 --> 00:02:56,000 Speaker 1: you know, the highest rated shows every single year are 54 00:02:56,040 --> 00:02:59,720 Speaker 1: basically football shows, you know, the NFL games, and of 55 00:02:59,760 --> 00:03:02,360 Speaker 1: course the Super Bowl is is the granddaddy of them 56 00:03:02,400 --> 00:03:06,120 Speaker 1: all there. So you know, it continues to be a 57 00:03:06,440 --> 00:03:09,480 Speaker 1: great business in the sense for the networks that they 58 00:03:09,520 --> 00:03:11,120 Speaker 1: may not make any money and in fact, I think 59 00:03:11,120 --> 00:03:14,480 Speaker 1: they lose money on their NFL programming, but they get 60 00:03:14,520 --> 00:03:18,760 Speaker 1: other areas of value, most notably promotion value. Um, they 61 00:03:18,840 --> 00:03:22,200 Speaker 1: promote other shows on the network like crazy. So when 62 00:03:22,200 --> 00:03:24,280 Speaker 1: you're watching a game on CBS, you'll have Jim Nance 63 00:03:24,320 --> 00:03:27,480 Speaker 1: telling me to tune into to sixty minutes, or you know, 64 00:03:27,520 --> 00:03:29,240 Speaker 1: the hype a new show that they're going to launch 65 00:03:29,240 --> 00:03:32,600 Speaker 1: on Tuesday Night, and there's a lot of value that 66 00:03:32,680 --> 00:03:36,080 Speaker 1: they ascribe to that type of promotional value. So, uh, 67 00:03:36,120 --> 00:03:39,920 Speaker 1: it's an extraordinary product in terms of viewership despite all 68 00:03:39,960 --> 00:03:43,560 Speaker 1: the fragmentation we've seen, uh with all the streaming services. 69 00:03:43,560 --> 00:03:46,840 Speaker 1: But boy, it's still the big game in town. Hey Paul, 70 00:03:46,840 --> 00:03:49,840 Speaker 1: it's Mike up in Boston. What's the risk level for 71 00:03:49,880 --> 00:03:52,880 Speaker 1: this Thursday Night deal with Amazon? They had one game 72 00:03:52,880 --> 00:03:55,600 Speaker 1: exclusively last year where they drew a little of a 73 00:03:55,600 --> 00:04:00,000 Speaker 1: four million viewers San Francisco and Arizona. It was Yeah. 74 00:04:00,240 --> 00:04:02,480 Speaker 1: You know, the Thursday NY package, out of all the 75 00:04:02,560 --> 00:04:06,520 Speaker 1: NFL packages available, is the weakest of them all because, uh, 76 00:04:06,760 --> 00:04:10,120 Speaker 1: they typically don't get the best games and there's a 77 00:04:10,120 --> 00:04:13,240 Speaker 1: little bit of overload fatigue. Its Thursday Night hasn't really 78 00:04:13,400 --> 00:04:17,280 Speaker 1: established itself like Monday Night or even Sunday Night has. Uh, 79 00:04:17,360 --> 00:04:21,599 Speaker 1: so the networks are were less uh I think active 80 00:04:21,600 --> 00:04:23,719 Speaker 1: in terms of pursuing that package. So it really opened 81 00:04:23,760 --> 00:04:26,120 Speaker 1: it up for the NFL to be creative and go 82 00:04:26,200 --> 00:04:29,400 Speaker 1: out to some of the digital platforms and say, hey, 83 00:04:29,600 --> 00:04:31,240 Speaker 1: why don't you guys take a look at this, tell 84 00:04:31,320 --> 00:04:33,440 Speaker 1: us what you think and ascribe some value to it. 85 00:04:33,480 --> 00:04:35,760 Speaker 1: And Amazon said, it's worth a billion dollars to us, 86 00:04:35,760 --> 00:04:38,599 Speaker 1: and we're gonna put that on our Amazon Dot Prime 87 00:04:38,960 --> 00:04:41,760 Speaker 1: as you know, a value enhancement to our Amazon Dot 88 00:04:41,839 --> 00:04:45,440 Speaker 1: Prime shareholders, I mean to our users. And so the 89 00:04:45,520 --> 00:04:48,839 Speaker 1: question for the NFL is, ken Amazon grow the audience 90 00:04:48,960 --> 00:04:51,880 Speaker 1: on that platform. It's gonna be a fascinating experiment over 91 00:04:51,920 --> 00:04:54,360 Speaker 1: the next ten years. Well, everybody in the media world 92 00:04:54,400 --> 00:04:56,320 Speaker 1: clearly is taking a look at this. And uh, you 93 00:04:56,520 --> 00:04:59,960 Speaker 1: and Matt Miller earlier on your show, Bloomberg Markets got 94 00:05:00,000 --> 00:05:03,039 Speaker 1: catch up with the former president of CBS Sports, Neil 95 00:05:03,160 --> 00:05:06,040 Speaker 1: Pilson has now got his own shop. Let's hear what 96 00:05:06,040 --> 00:05:09,080 Speaker 1: he had to say. Everybody was predicting, you know, the 97 00:05:09,160 --> 00:05:13,080 Speaker 1: demise of the networks, the end of living your television. Uh, 98 00:05:13,440 --> 00:05:17,000 Speaker 1: the networks are going to go away. Uh no, Uh, 99 00:05:17,120 --> 00:05:20,920 Speaker 1: the networks are here too, here for the next eleven years. Uh. 100 00:05:21,839 --> 00:05:26,240 Speaker 1: That's the important story. That's a really interesting You know, 101 00:05:26,279 --> 00:05:30,120 Speaker 1: we've talked so much about streaming, but this is still 102 00:05:30,520 --> 00:05:35,400 Speaker 1: this is the lifeline, maybe, Paul Sweeney for the linear 103 00:05:35,400 --> 00:05:38,240 Speaker 1: television networks, right for the broadcasters, Yeah, it really is. 104 00:05:38,320 --> 00:05:41,160 Speaker 1: It's really proven to be a strong the really the 105 00:05:41,200 --> 00:05:44,040 Speaker 1: strongest part of the broadcasting cable television package from the 106 00:05:44,160 --> 00:05:47,240 Speaker 1: value perspective is live sports, and of course the most 107 00:05:47,279 --> 00:05:50,120 Speaker 1: valuable life sports we have in this country is the NFL. 108 00:05:50,160 --> 00:05:52,520 Speaker 1: But it's also interesting to note that all of the 109 00:05:52,600 --> 00:05:56,280 Speaker 1: broadcasting cable networks in their press releases announcing these deals, 110 00:05:56,360 --> 00:05:59,760 Speaker 1: they each of those networks they all said we garnered 111 00:06:00,040 --> 00:06:04,359 Speaker 1: additional digital rights around our deal with the NFL, which 112 00:06:04,560 --> 00:06:06,440 Speaker 1: to me just says, hey, we're going to make this 113 00:06:06,520 --> 00:06:09,720 Speaker 1: programming available not just on our broadcast and cable networks, 114 00:06:09,760 --> 00:06:13,200 Speaker 1: but increasingly, I think over their streaming services and all 115 00:06:13,200 --> 00:06:15,560 Speaker 1: of the broadcasting cable networks out there. They're all in 116 00:06:15,680 --> 00:06:18,160 Speaker 1: various stages of rolling out their streaming services, and they 117 00:06:18,160 --> 00:06:20,320 Speaker 1: want to make sure that they have the possibility of 118 00:06:20,440 --> 00:06:23,279 Speaker 1: using some of that NFL content as well. Paul, one 119 00:06:23,360 --> 00:06:28,000 Speaker 1: quick last question for you, um of the broadcasters, is 120 00:06:28,040 --> 00:06:30,719 Speaker 1: there is there a big winner here? You know, I 121 00:06:30,760 --> 00:06:34,400 Speaker 1: would argue that ESPN and ABC are you know, really 122 00:06:34,760 --> 00:06:37,640 Speaker 1: did well here? Most notably because their rate of increase 123 00:06:37,760 --> 00:06:39,680 Speaker 1: was was less than some of the others because they're 124 00:06:39,680 --> 00:06:42,640 Speaker 1: already paying more for their programming. But the important thing 125 00:06:42,720 --> 00:06:46,120 Speaker 1: is um they're gonna put some programming on ABC. And 126 00:06:46,160 --> 00:06:48,520 Speaker 1: the reason that's important is they're gonna put some of 127 00:06:48,560 --> 00:06:51,120 Speaker 1: this NFL games on ABC. That allows them now to 128 00:06:51,200 --> 00:06:53,320 Speaker 1: get the Super Bowl. So over the next ten years 129 00:06:53,520 --> 00:06:56,160 Speaker 1: they will have two Super Bowls. And prior to this 130 00:06:56,520 --> 00:06:59,039 Speaker 1: contract they did not get they were not in that 131 00:06:59,120 --> 00:07:01,320 Speaker 1: super Bowl rotation because the NFL did not want to 132 00:07:01,360 --> 00:07:03,800 Speaker 1: put the Super Bowl on a cable network, even if 133 00:07:03,800 --> 00:07:07,520 Speaker 1: it's as powerful as ESPN. They wanted it for broadcast television. 134 00:07:07,600 --> 00:07:09,720 Speaker 1: Now the Walt Disney Company will have the Super Bowl. 135 00:07:10,240 --> 00:07:12,600 Speaker 1: Paul Sweeney, you always make a smarter about this stuff. 136 00:07:12,640 --> 00:07:14,840 Speaker 1: Thank you so much, co host of Bloomberg Markets and 137 00:07:14,880 --> 00:07:19,920 Speaker 1: Bloomberg Surveillance, A long time watcher and analyst of the 138 00:07:19,960 --> 00:07:22,720 Speaker 1: media business. Check him out on his show every day 139 00:07:22,840 --> 00:07:26,560 Speaker 1: on Bloomberg Radio. Today, we are thrilled we are chatting 140 00:07:26,600 --> 00:07:29,760 Speaker 1: with Stephanie McMahon. She is the w w E Chief 141 00:07:29,960 --> 00:07:33,160 Speaker 1: brand officer. Really nice to have you with us. How 142 00:07:33,160 --> 00:07:36,200 Speaker 1: are you doing. I'm doing excellent. Thank you for having me. 143 00:07:36,280 --> 00:07:39,200 Speaker 1: How are you guys. We're doing well. We're doing really well, 144 00:07:39,200 --> 00:07:40,720 Speaker 1: you know, like a little bit of light at the 145 00:07:40,760 --> 00:07:43,000 Speaker 1: end of the tunnel, and I mean, I guess that's 146 00:07:43,080 --> 00:07:44,920 Speaker 1: where I'd like to start. Give us the state of 147 00:07:44,960 --> 00:07:49,320 Speaker 1: the business right now, you know, having come through hopefully 148 00:07:49,400 --> 00:07:52,840 Speaker 1: most of this pandemic, obviously some huge pivots that you 149 00:07:52,880 --> 00:07:56,080 Speaker 1: guys had to make as you look back on it, 150 00:07:56,720 --> 00:07:59,520 Speaker 1: what are the sort of catalytic moments as a business 151 00:07:59,560 --> 00:08:04,760 Speaker 1: for you? Oh? My goodness, Um, the catalytic moments. I 152 00:08:04,800 --> 00:08:08,080 Speaker 1: think the hits keep rolling. But that being said, you know, 153 00:08:08,280 --> 00:08:11,000 Speaker 1: WW never went off the air when the pandemic hit, 154 00:08:11,160 --> 00:08:14,880 Speaker 1: so we continued to produce our programming for our partners 155 00:08:14,920 --> 00:08:18,600 Speaker 1: and just for perspective, we produced a minimum of seven 156 00:08:18,600 --> 00:08:22,960 Speaker 1: hours of content every week. We have no off seasons. Um, 157 00:08:23,040 --> 00:08:26,480 Speaker 1: we don't have reruns, and our partners are of course 158 00:08:26,680 --> 00:08:30,720 Speaker 1: NBCU and Fox Broadcast. So you know, we we never 159 00:08:30,760 --> 00:08:33,559 Speaker 1: went off the air. But that being said, we had 160 00:08:33,600 --> 00:08:37,600 Speaker 1: to take WrestleMania, you know, almost a year ago and 161 00:08:37,840 --> 00:08:40,719 Speaker 1: take it from Raymond James Stadium and nearly eighty thou 162 00:08:41,040 --> 00:08:44,240 Speaker 1: people and bring that in house to our performance center, 163 00:08:44,440 --> 00:08:48,640 Speaker 1: which is in essence, a warehouse with no fans. Um. 164 00:08:48,679 --> 00:08:52,600 Speaker 1: It was a completely stripped environment, you know, something very 165 00:08:52,679 --> 00:08:56,520 Speaker 1: different than the spectacle of WrestleMania. And you know, we 166 00:08:56,640 --> 00:08:59,559 Speaker 1: learned a lot. So for about three months, we were 167 00:08:59,559 --> 00:09:03,000 Speaker 1: produced sing our content, you know, our our talent were 168 00:09:03,040 --> 00:09:06,200 Speaker 1: performing and it's you know, for those who aren't familiar 169 00:09:06,240 --> 00:09:10,000 Speaker 1: with WW, it's like athletic performance, right, It's it's storytelling 170 00:09:10,000 --> 00:09:13,000 Speaker 1: in the ring. And you know, they had to do 171 00:09:13,080 --> 00:09:16,680 Speaker 1: that without the crowd feedback, without the crowd reaction, and 172 00:09:17,040 --> 00:09:19,120 Speaker 1: our fans are so much a part of our show. 173 00:09:19,800 --> 00:09:23,520 Speaker 1: UM and our ratings of course started to suffer, and 174 00:09:23,600 --> 00:09:26,920 Speaker 1: so in late August we were hoping that we would 175 00:09:26,960 --> 00:09:30,080 Speaker 1: be back in in live events and arenas and the fall, 176 00:09:30,120 --> 00:09:33,720 Speaker 1: and of course that didn't happen. So we invested in 177 00:09:33,840 --> 00:09:37,400 Speaker 1: what we call the WWW Thunderdome and we took up 178 00:09:37,400 --> 00:09:41,400 Speaker 1: residency first at the Amway Center UM in Orlando and 179 00:09:41,400 --> 00:09:44,760 Speaker 1: then at Tropicana Field UM and we now partner with 180 00:09:44,800 --> 00:09:47,640 Speaker 1: a group called the Famous Group. We bring in nearly 181 00:09:47,720 --> 00:09:51,440 Speaker 1: a thousand fans every single night, and it is set 182 00:09:51,520 --> 00:09:55,200 Speaker 1: up like an arena setting, and it really feels as 183 00:09:55,240 --> 00:09:57,560 Speaker 1: if you are live in the arena. And we have 184 00:09:57,840 --> 00:10:00,960 Speaker 1: live fans reacting. It's about a second half delay, which 185 00:10:01,040 --> 00:10:05,040 Speaker 1: is very hard to discern to the casual viewer. UM, 186 00:10:05,240 --> 00:10:09,320 Speaker 1: and we've learned a lot experimenting with techniques like drone cameras, 187 00:10:09,440 --> 00:10:13,840 Speaker 1: laser pyro, augmented reality, all different kinds of things that 188 00:10:13,920 --> 00:10:17,080 Speaker 1: we wouldn't have typically been able to do otherwise. So 189 00:10:17,640 --> 00:10:20,520 Speaker 1: now we're gearing up tickets around sales this past week 190 00:10:20,640 --> 00:10:24,320 Speaker 1: for WrestleMania, and we are back at Raymond James Stadium. 191 00:10:24,400 --> 00:10:27,920 Speaker 1: It'll be our first big ticketed live event. We are 192 00:10:28,360 --> 00:10:33,360 Speaker 1: so excited. We are so thrilled. Finally WrestleMania is back 193 00:10:33,400 --> 00:10:36,800 Speaker 1: in business. Trust me stuff. After I've had a couple 194 00:10:36,800 --> 00:10:38,960 Speaker 1: of beers and I'm watching you guys, that second and 195 00:10:38,960 --> 00:10:41,720 Speaker 1: a half delay didn't mean a thing. Everything sync up, 196 00:10:44,240 --> 00:10:48,520 Speaker 1: Thank you, Thank you hood caring a lot. How did 197 00:10:48,520 --> 00:10:51,080 Speaker 1: the wrestlers feel going through all of that? I had 198 00:10:51,120 --> 00:10:53,560 Speaker 1: to be a tough adjustment. You touched off a been 199 00:10:53,600 --> 00:10:56,560 Speaker 1: on MA. I can't speak from personal experience. I can 200 00:10:56,600 --> 00:10:59,640 Speaker 1: as a performer, but I didn't have to actually wrestle 201 00:11:00,160 --> 00:11:02,680 Speaker 1: you know the way that our talent did. Um. All 202 00:11:02,720 --> 00:11:05,800 Speaker 1: I can say is how much respect I have for them, 203 00:11:05,800 --> 00:11:07,880 Speaker 1: you know, to be able to do that and not 204 00:11:08,040 --> 00:11:11,600 Speaker 1: miss a beat, you know, not break character. Um, it 205 00:11:11,720 --> 00:11:14,520 Speaker 1: was it was just unbelievable to watch. I know what 206 00:11:14,640 --> 00:11:17,080 Speaker 1: it takes, you know, to put on that kind of 207 00:11:17,080 --> 00:11:20,120 Speaker 1: a performance, and I just can't imagine it without the 208 00:11:20,200 --> 00:11:23,480 Speaker 1: live audience. And and I just have so much respect 209 00:11:23,559 --> 00:11:26,640 Speaker 1: all the time for our performers, but especially you know, 210 00:11:26,760 --> 00:11:30,560 Speaker 1: for their performance during this really difficult time and for 211 00:11:30,559 --> 00:11:33,040 Speaker 1: for sticking it out. You know, our talent continued to 212 00:11:33,120 --> 00:11:36,440 Speaker 1: travel every week, they continued to come to to our 213 00:11:36,480 --> 00:11:39,319 Speaker 1: performances and ad here you know, of course, to all 214 00:11:39,360 --> 00:11:42,679 Speaker 1: of our guidelines and testing and protocols, etcetera. And our 215 00:11:42,760 --> 00:11:46,120 Speaker 1: percentage rate is actually, you know, just around one percent 216 00:11:46,400 --> 00:11:50,560 Speaker 1: of positive cases. So our protocols and our talent really 217 00:11:50,600 --> 00:11:53,720 Speaker 1: did you know, it really has been working. Um. But 218 00:11:53,760 --> 00:11:56,280 Speaker 1: you know, again, my hats just off to them. They 219 00:11:56,280 --> 00:12:00,640 Speaker 1: are incredible human beings, they are incredible athletes, and they're 220 00:12:00,679 --> 00:12:03,640 Speaker 1: also committed so much to giving back in all of 221 00:12:03,679 --> 00:12:06,480 Speaker 1: our community efforts, which they do out of the goodness 222 00:12:06,480 --> 00:12:10,280 Speaker 1: of their hearts. It's not a contractual obbligation for them. Hey, Step, 223 00:12:10,360 --> 00:12:13,840 Speaker 1: it's Mike up in Boston. U. I remember WrestleMania one 224 00:12:13,960 --> 00:12:20,840 Speaker 1: back in March of and uh, yes, that was the 225 00:12:20,880 --> 00:12:24,160 Speaker 1: marriage of empty MTV and and and and wrestling with 226 00:12:24,240 --> 00:12:28,040 Speaker 1: Cindy Lee Rock and wrestling connections. Yeah, it was big. 227 00:12:28,080 --> 00:12:31,160 Speaker 1: And my wife was more than nine months pregnant and 228 00:12:31,360 --> 00:12:34,000 Speaker 1: we watched it at the Boston Garden and uh she 229 00:12:34,120 --> 00:12:37,160 Speaker 1: was interviewed by a television campra what station I work at? 230 00:12:37,400 --> 00:12:39,800 Speaker 1: And she said, a big John stud can bring on labor. 231 00:12:39,880 --> 00:12:45,400 Speaker 1: Nobody can and uh and he he did. Yeah, Molly 232 00:12:45,480 --> 00:12:52,840 Speaker 1: Lynch was born shortly after that. So going so here, 233 00:12:52,880 --> 00:12:55,320 Speaker 1: So who would imagine how big this would be thirty 234 00:12:55,320 --> 00:12:57,680 Speaker 1: seven years later? So now you're in the home of 235 00:12:58,000 --> 00:13:00,199 Speaker 1: Raymond James Stadium where the Super Bowl was played, where 236 00:13:00,240 --> 00:13:05,360 Speaker 1: the Buccaneers one? What have what lessons did you have 237 00:13:05,440 --> 00:13:07,480 Speaker 1: to learn from the Super Bowl to put on the 238 00:13:07,520 --> 00:13:09,520 Speaker 1: show that the that you want to put on into 239 00:13:09,520 --> 00:13:13,000 Speaker 1: WrestleMania thirties seven? Absolutely so just to uh, to address 240 00:13:13,400 --> 00:13:17,320 Speaker 1: the WrestleMania one aspect. And while you're the first, you know, 241 00:13:17,400 --> 00:13:21,440 Speaker 1: I've heard of actually inducing labor. Um, my parents actually 242 00:13:21,440 --> 00:13:24,920 Speaker 1: mortgaged everything that they owned to make WrestleMania one happen. 243 00:13:25,640 --> 00:13:29,200 Speaker 1: And it was my dad's vision really, you know, Vince 244 00:13:29,280 --> 00:13:32,040 Speaker 1: mcmannar chairman and CEO, putting w W on the map. 245 00:13:32,360 --> 00:13:34,360 Speaker 1: What was our what was our super Bowl? You know, 246 00:13:34,360 --> 00:13:37,200 Speaker 1: how are we going to make our impact? And you 247 00:13:37,240 --> 00:13:40,959 Speaker 1: know we brought in Liberaci and the Roquette opened the show. 248 00:13:41,080 --> 00:13:44,880 Speaker 1: Muhammad Ali was a special guest referee. H Billy Martin 249 00:13:45,000 --> 00:13:47,960 Speaker 1: was the guest timekeeper. Cindy Laper, to your point, was 250 00:13:48,440 --> 00:13:50,520 Speaker 1: a company Wendy Rictor to the ring as a as 251 00:13:50,520 --> 00:13:53,240 Speaker 1: a part of the rock and wrestling connection. Um And 252 00:13:53,280 --> 00:13:55,600 Speaker 1: really because at the time there was no such thing 253 00:13:55,640 --> 00:13:58,400 Speaker 1: as social media, didn't exist at all, So how are 254 00:13:58,440 --> 00:14:00,960 Speaker 1: you going to get you know, differ print sectors of 255 00:14:01,000 --> 00:14:05,160 Speaker 1: the population talking about w w E and very grateful 256 00:14:05,160 --> 00:14:09,040 Speaker 1: that it worked. But WrestleMania then, um. Actually some have 257 00:14:09,160 --> 00:14:12,520 Speaker 1: credited you know, events with pioneering the pay per view 258 00:14:12,520 --> 00:14:14,880 Speaker 1: industry because you mentioned you watched in Boston because it 259 00:14:14,920 --> 00:14:17,880 Speaker 1: was available on closed circuit television. And our goal was 260 00:14:17,920 --> 00:14:20,800 Speaker 1: always to bring our product directly to our fans in 261 00:14:20,880 --> 00:14:24,800 Speaker 1: their homes. Um. So WrestleMania did just that in the 262 00:14:24,920 --> 00:14:29,040 Speaker 1: very beginning. Then about seven years ago, we launched ww 263 00:14:29,080 --> 00:14:32,640 Speaker 1: E Network, which was our O T T directed consumer 264 00:14:32,680 --> 00:14:35,320 Speaker 1: experience so we were you know, a little bit ahead 265 00:14:35,360 --> 00:14:37,800 Speaker 1: of the game, and again with the goal of really 266 00:14:37,840 --> 00:14:41,080 Speaker 1: providing the most value to our fans and to allow 267 00:14:41,120 --> 00:14:44,240 Speaker 1: them to watch our our content when they want how 268 00:14:44,240 --> 00:14:47,280 Speaker 1: they wanted to, you know, et cetera, so much lower 269 00:14:47,320 --> 00:14:50,920 Speaker 1: price point. Um. And now we've evolved even further with 270 00:14:51,000 --> 00:14:53,800 Speaker 1: all of these tech giants getting into the streaming space. 271 00:14:53,880 --> 00:14:57,640 Speaker 1: You know, we're not a technology company. Were a content company. UM. 272 00:14:57,680 --> 00:15:00,480 Speaker 1: So we're really really proud that WrestleMania is going to 273 00:15:00,560 --> 00:15:04,160 Speaker 1: be available now on Peacock and our whole partnership with 274 00:15:04,320 --> 00:15:08,160 Speaker 1: NBCU and Peacocks which NBCU, our partnership goes back over 275 00:15:08,200 --> 00:15:10,320 Speaker 1: thirty years. And I promise I'll get to your question 276 00:15:10,360 --> 00:15:13,240 Speaker 1: about the NFL and the Super Bowl. Um, but you know, 277 00:15:13,320 --> 00:15:16,440 Speaker 1: here we are launching all of our most premium content, 278 00:15:16,640 --> 00:15:19,200 Speaker 1: all of the w W network library content. You know, 279 00:15:19,200 --> 00:15:22,120 Speaker 1: it's over twelve thousand hours of content is ultimately going 280 00:15:22,200 --> 00:15:25,160 Speaker 1: to be rolling over onto Peacock and uh, and we 281 00:15:25,160 --> 00:15:28,160 Speaker 1: couldn't be more excited about that. In terms of the 282 00:15:28,200 --> 00:15:32,720 Speaker 1: actual location itself, we we are grateful to actually be 283 00:15:32,800 --> 00:15:37,920 Speaker 1: following in the Super Bowl's footsteps. You know, cities typically 284 00:15:37,920 --> 00:15:41,400 Speaker 1: bid on wrestlemaniaan RFP process very similar to the Super 285 00:15:41,440 --> 00:15:44,800 Speaker 1: Bowl because of the economic impact that we can traditionally drive, 286 00:15:45,240 --> 00:15:47,920 Speaker 1: you know, outside of of a pandemic era, you know, 287 00:15:48,000 --> 00:15:50,440 Speaker 1: north of a hundred million dollars of economic impact for 288 00:15:50,520 --> 00:15:53,560 Speaker 1: that local region. UM. But in terms of the stadium 289 00:15:53,600 --> 00:15:56,120 Speaker 1: itself with Raymond James Stadiums, we worked with all of 290 00:15:56,120 --> 00:15:59,880 Speaker 1: the local organizing UH commissions that the different sports at 291 00:15:59,920 --> 00:16:03,600 Speaker 1: the parties, the Mayor's office, Jane castor um to really 292 00:16:03,640 --> 00:16:06,840 Speaker 1: develop you know, the best plan we possibly could and 293 00:16:07,440 --> 00:16:09,800 Speaker 1: UM in terms of what we learned from the NFL, 294 00:16:09,880 --> 00:16:12,600 Speaker 1: we're going to be providing masks, you know, the n 295 00:16:12,720 --> 00:16:15,760 Speaker 1: ninety masks, the same as the NFL did all of 296 00:16:15,800 --> 00:16:18,520 Speaker 1: the help and temperature screenings that we did. We're going 297 00:16:18,560 --> 00:16:22,200 Speaker 1: to have a similar capacity around twenty five thousand fans 298 00:16:22,200 --> 00:16:24,800 Speaker 1: each night because this year WrestleMania is actually two nights 299 00:16:24,840 --> 00:16:28,520 Speaker 1: April tenth and April eleven. But the NFL scaling is 300 00:16:28,520 --> 00:16:30,960 Speaker 1: different because of course w W we can have people 301 00:16:30,960 --> 00:16:34,600 Speaker 1: on the floor, and in an NFL game you can't 302 00:16:34,640 --> 00:16:38,080 Speaker 1: clearly because that's the field. UM. So it's uh, it's 303 00:16:38,120 --> 00:16:40,920 Speaker 1: really exciting. I can't believe it's here, you know, about 304 00:16:40,920 --> 00:16:44,480 Speaker 1: three weeks away. Um, and of course, uh fast Lane 305 00:16:44,520 --> 00:16:46,360 Speaker 1: is actually our pay per view, our last pay per 306 00:16:46,440 --> 00:16:49,800 Speaker 1: view before WrestleMania. That will be the first live pay 307 00:16:49,840 --> 00:16:53,080 Speaker 1: per view experience available on Peacock. Let's get back to 308 00:16:53,120 --> 00:16:56,440 Speaker 1: our conversation with Stephanie McMahon, the chief brand officer over 309 00:16:56,560 --> 00:16:58,760 Speaker 1: at w w E. So, steph, I want to go 310 00:16:58,760 --> 00:17:02,600 Speaker 1: a little bit deeper on on streaming because Peacock obviously 311 00:17:03,160 --> 00:17:06,439 Speaker 1: is a huge deal for you guys and is also, 312 00:17:07,000 --> 00:17:09,719 Speaker 1: i would say from a sporting perspective and from an 313 00:17:09,800 --> 00:17:13,679 Speaker 1: entertainment perspective a very strong endorsement of that streaming service. 314 00:17:14,200 --> 00:17:17,320 Speaker 1: Tell us how you guys sort of assessed the landscape, 315 00:17:17,400 --> 00:17:19,600 Speaker 1: because you know, you did a really nice job of 316 00:17:19,680 --> 00:17:22,639 Speaker 1: laying out kind of where we were, um, you know, 317 00:17:22,680 --> 00:17:25,800 Speaker 1: back in the WrestleMania one days to where we are 318 00:17:25,840 --> 00:17:30,280 Speaker 1: now and our habits have changed, distribution has changed, but 319 00:17:30,560 --> 00:17:32,840 Speaker 1: you were, you know, one of the biggest deciders as 320 00:17:32,840 --> 00:17:35,879 Speaker 1: it were, in terms of directing your content. Walk us 321 00:17:35,920 --> 00:17:38,600 Speaker 1: through that process for the brand. Sure well, you know, 322 00:17:38,640 --> 00:17:43,360 Speaker 1: and and Vincea's perspective has always been to be slightly 323 00:17:43,400 --> 00:17:45,560 Speaker 1: ahead of the curve. You never want to be so 324 00:17:45,640 --> 00:17:47,879 Speaker 1: far ahead of the curve that people don't understand what 325 00:17:47,920 --> 00:17:50,160 Speaker 1: you're doing, and you certainly never want to be behind. 326 00:17:50,640 --> 00:17:52,879 Speaker 1: So it's one of the reasons why we were you know, 327 00:17:52,960 --> 00:17:55,760 Speaker 1: first to launch seven years ago, one of the first 328 00:17:55,760 --> 00:18:00,399 Speaker 1: to launch um ww network, our directed consumer and um 329 00:18:00,400 --> 00:18:02,920 Speaker 1: O c T service, because we had done a ton 330 00:18:02,960 --> 00:18:05,399 Speaker 1: of research and our fans had been very vocal that 331 00:18:05,480 --> 00:18:08,840 Speaker 1: they wanted their own destination, their own channel, if you will, 332 00:18:09,440 --> 00:18:13,080 Speaker 1: and for ww E content in our historic library, etcetera. 333 00:18:13,080 --> 00:18:16,240 Speaker 1: Because w TW is also very different than sport in 334 00:18:16,280 --> 00:18:20,399 Speaker 1: that because we are storytellers and because um it is 335 00:18:20,440 --> 00:18:24,760 Speaker 1: about a much deeper connection to content and characters. Um 336 00:18:24,800 --> 00:18:27,679 Speaker 1: there's a big nostalgia play. So our fans are you know, 337 00:18:27,760 --> 00:18:31,639 Speaker 1: really excited to go back and rewatch matches because it 338 00:18:31,680 --> 00:18:33,919 Speaker 1: takes them back to a moment in time and that 339 00:18:34,000 --> 00:18:36,480 Speaker 1: emotional connection that they had that they might want to 340 00:18:36,520 --> 00:18:40,040 Speaker 1: then share with their families, etcetera. Different than going back 341 00:18:40,080 --> 00:18:42,879 Speaker 1: and watching a game, which you know, not not a 342 00:18:42,880 --> 00:18:46,800 Speaker 1: lot of fans do. So we we have that advantage, 343 00:18:47,320 --> 00:18:50,280 Speaker 1: UM and you know, we we did learn a lot, 344 00:18:50,520 --> 00:18:52,480 Speaker 1: you know, from that time, so we were we were 345 00:18:52,520 --> 00:18:56,560 Speaker 1: actually pretty far down the Pike negotiating a linear deal. Um. 346 00:18:56,600 --> 00:19:00,160 Speaker 1: But then our you know, almost partners wanted to lock 347 00:19:00,240 --> 00:19:03,080 Speaker 1: up our rights for about ten years and it just 348 00:19:03,200 --> 00:19:06,120 Speaker 1: was a really long time, and we, you know, decided 349 00:19:06,160 --> 00:19:09,240 Speaker 1: to take a step back. We did deeper research. We 350 00:19:09,320 --> 00:19:13,119 Speaker 1: learned that our fans were consuming five times more online 351 00:19:13,200 --> 00:19:17,040 Speaker 1: video than average. So we thought, you know what, let's 352 00:19:17,080 --> 00:19:20,040 Speaker 1: control our own destiny here, and we doubled down in 353 00:19:20,119 --> 00:19:24,840 Speaker 1: an eight months, which was a huge herculean effort, if 354 00:19:24,840 --> 00:19:28,480 Speaker 1: you will, um to launch ww E Network at that time, 355 00:19:28,920 --> 00:19:30,639 Speaker 1: and there were a lot of key learnings. You know. 356 00:19:30,680 --> 00:19:33,640 Speaker 1: At first we required I think it was a minimum 357 00:19:33,640 --> 00:19:37,200 Speaker 1: of six months subscription. Um. You know, we we had 358 00:19:37,280 --> 00:19:41,480 Speaker 1: different features sets, etcetera. And we're constantly listening to our fans, 359 00:19:41,520 --> 00:19:44,880 Speaker 1: you know, and especially then with with ww E Networks Badvent, 360 00:19:44,960 --> 00:19:47,320 Speaker 1: we had the ability to really learn a lot more, 361 00:19:47,720 --> 00:19:50,320 Speaker 1: collect a lot more data how our fans watch, when 362 00:19:50,320 --> 00:19:55,040 Speaker 1: they watch, what they watched, etcetera. UM, So we learned 363 00:19:55,040 --> 00:19:57,480 Speaker 1: a lot, and we pivoted a lot, and we tried 364 00:19:57,520 --> 00:20:00,399 Speaker 1: to make the best service that we possibly could. Again, 365 00:20:01,320 --> 00:20:03,960 Speaker 1: we're always looking at the media landscape and it's constantly 366 00:20:03,960 --> 00:20:08,800 Speaker 1: evolving and shifting. The pandemic clearly sped up digital consumption. 367 00:20:09,200 --> 00:20:13,160 Speaker 1: Everyone has seen that, UM, But even prior to the pandemic, 368 00:20:13,320 --> 00:20:17,080 Speaker 1: we were already starting to have conversations with different partners 369 00:20:17,080 --> 00:20:20,040 Speaker 1: and players in the space because you know, like I 370 00:20:20,040 --> 00:20:23,320 Speaker 1: said before, we're not a technology company. You know, I 371 00:20:23,320 --> 00:20:25,760 Speaker 1: think we did a remarkable job and we have a 372 00:20:25,840 --> 00:20:29,000 Speaker 1: remarkable technology team, but that's not who we are at 373 00:20:29,000 --> 00:20:31,560 Speaker 1: our core, and and that we're not going to change 374 00:20:31,560 --> 00:20:33,359 Speaker 1: who we are at our core. You know, we we 375 00:20:33,359 --> 00:20:35,840 Speaker 1: don't have the capital to to do that, and that's 376 00:20:35,840 --> 00:20:38,720 Speaker 1: not the direction, that's not our level of expertise. So 377 00:20:39,040 --> 00:20:42,280 Speaker 1: what we are is incredible content creators and we have, 378 00:20:42,520 --> 00:20:46,320 Speaker 1: you know, a generation's long history of that. So we 379 00:20:46,400 --> 00:20:49,440 Speaker 1: wanted to find the best partner that we possibly could 380 00:20:49,480 --> 00:20:53,639 Speaker 1: to provide our most premium content. And NBCU has been 381 00:20:53,680 --> 00:20:56,879 Speaker 1: a partner of ours for over thirty years, you know, 382 00:20:57,119 --> 00:20:59,040 Speaker 1: dating all the way back to the beginning of rob 383 00:20:59,040 --> 00:21:01,560 Speaker 1: but also Saturday Night's main event when we would be 384 00:21:01,640 --> 00:21:04,439 Speaker 1: on one Saturday Night Live wasn't on UM. You know, 385 00:21:04,640 --> 00:21:07,720 Speaker 1: just various years of partnership with NBC and they have 386 00:21:07,840 --> 00:21:11,359 Speaker 1: this incredible service peacocks, and uh, we're so proud that 387 00:21:11,400 --> 00:21:15,440 Speaker 1: we launched this week with your business acumen. How much 388 00:21:15,480 --> 00:21:20,440 Speaker 1: did you learn from your parents, Vince and Linda McMahon. Well, 389 00:21:20,480 --> 00:21:22,399 Speaker 1: that's a hard question to answer, but I try to 390 00:21:22,480 --> 00:21:24,840 Speaker 1: learn everything I can from them. You know, my mom 391 00:21:24,920 --> 00:21:27,480 Speaker 1: was the CEO of w W WE for quite a 392 00:21:27,480 --> 00:21:30,240 Speaker 1: long time, um, and growing up, you know, they were 393 00:21:30,240 --> 00:21:33,480 Speaker 1: really building the business. So it's not like I had 394 00:21:33,560 --> 00:21:35,960 Speaker 1: nanny's around all the time and I was off at 395 00:21:36,080 --> 00:21:39,600 Speaker 1: school like I was with my parents traveling. You know, 396 00:21:39,640 --> 00:21:41,640 Speaker 1: I was going to nap. I have this great pig. 397 00:21:41,640 --> 00:21:43,800 Speaker 1: Well it's a terrible picture actually, but I'm like ten 398 00:21:43,880 --> 00:21:46,359 Speaker 1: years old sitting in a ring from from the NAPI 399 00:21:46,480 --> 00:21:50,000 Speaker 1: convention days. And you know it was I'd always be 400 00:21:50,040 --> 00:21:53,040 Speaker 1: a part of business dinners and you know, sit and listen. 401 00:21:53,119 --> 00:21:56,320 Speaker 1: When when my dad was booking the creative for the 402 00:21:56,359 --> 00:21:58,119 Speaker 1: show that that's what we call it, when you're writing 403 00:21:58,240 --> 00:22:01,919 Speaker 1: the creative, and I would just sit and listen. You know, 404 00:22:01,960 --> 00:22:04,919 Speaker 1: he'd work all all weekends. And I try to be 405 00:22:04,960 --> 00:22:07,479 Speaker 1: as much of a sponge as I can, not just 406 00:22:07,640 --> 00:22:10,719 Speaker 1: with my parents, so with you know, all business leaders 407 00:22:10,960 --> 00:22:13,280 Speaker 1: and um. You know, I think you can learn something 408 00:22:13,359 --> 00:22:16,040 Speaker 1: from everyone, and you know, you have to learn every day, 409 00:22:16,160 --> 00:22:19,320 Speaker 1: keep growing, right if you stop growing, if you stop learning, 410 00:22:19,359 --> 00:22:22,160 Speaker 1: then you're not really living stuff. With the deal with Peacock, 411 00:22:22,200 --> 00:22:24,520 Speaker 1: does your schedule change so we're still going to see uh, 412 00:22:24,680 --> 00:22:27,879 Speaker 1: Monday Night Raw, Friday nights SmackDown. Yes, so thank you 413 00:22:27,920 --> 00:22:30,960 Speaker 1: for that question. Monday Night Raw is still on USA Network. 414 00:22:31,000 --> 00:22:34,520 Speaker 1: It's still live three hours every Monday night eight to eleven. 415 00:22:35,080 --> 00:22:38,800 Speaker 1: N x T is newer to USA Network, but that's 416 00:22:38,840 --> 00:22:41,680 Speaker 1: live every Wednesday eight to ten. That doesn't change. And 417 00:22:41,960 --> 00:22:45,280 Speaker 1: SmackDown is still live on Fox on Friday nights to 418 00:22:45,400 --> 00:22:49,680 Speaker 1: ten every Friday night. So our core flagship programming rather 419 00:22:49,840 --> 00:22:52,600 Speaker 1: is still with our partners, and then our pay per 420 00:22:52,680 --> 00:22:55,560 Speaker 1: views and all of our Shoulder content like the Undertaker 421 00:22:55,640 --> 00:22:59,439 Speaker 1: four part docuseries, that type of content is now living 422 00:22:59,480 --> 00:23:02,720 Speaker 1: on Peak US. And then for our subscribers, you know, 423 00:23:02,760 --> 00:23:08,680 Speaker 1: the price point was um so Peacock has a premium service, 424 00:23:08,840 --> 00:23:12,400 Speaker 1: so it's completely you know, complementary. Although now in addition 425 00:23:12,440 --> 00:23:15,520 Speaker 1: to that you get all of their library as well. 426 00:23:15,960 --> 00:23:19,600 Speaker 1: But Peacock additionally has a four nine nine tire which 427 00:23:19,680 --> 00:23:22,800 Speaker 1: is as supported and still has all of that content. 428 00:23:22,960 --> 00:23:26,160 Speaker 1: So it really is a great value proposition for our 429 00:23:26,200 --> 00:23:28,760 Speaker 1: fans and we always want to provide the best, best 430 00:23:28,840 --> 00:23:32,520 Speaker 1: value we possibly can for them. Well and on that point, 431 00:23:32,640 --> 00:23:35,920 Speaker 1: it's staff. I do want to understand the economics from 432 00:23:35,920 --> 00:23:40,000 Speaker 1: the w w E perspective as well. You know, consumers, 433 00:23:40,040 --> 00:23:41,959 Speaker 1: I think all of us if I can speak as 434 00:23:41,960 --> 00:23:45,760 Speaker 1: a consumer. Are you wallowing in all this content? But 435 00:23:46,200 --> 00:23:49,080 Speaker 1: I do wonder what the challenges are from an economic 436 00:23:49,119 --> 00:23:52,560 Speaker 1: perspective for you guys in continuing to figure out this 437 00:23:52,600 --> 00:23:55,639 Speaker 1: new world. Well, of course economics are you know, we 438 00:23:55,680 --> 00:23:57,960 Speaker 1: always want to drive the best economics we possibly can 439 00:23:58,000 --> 00:23:59,840 Speaker 1: for w tw B and our shareholders. You know, we 440 00:24:00,000 --> 00:24:03,800 Speaker 1: are public company, um, but this deal with Peacock is 441 00:24:03,840 --> 00:24:08,760 Speaker 1: certainly you know a great deal for us. Uh financially, Um. 442 00:24:08,760 --> 00:24:12,159 Speaker 1: We have a number of different initiatives and partnerships that 443 00:24:12,160 --> 00:24:14,240 Speaker 1: are going to be rolling out, but we really do 444 00:24:14,359 --> 00:24:17,120 Speaker 1: need to get our fans back to to our events. 445 00:24:17,160 --> 00:24:21,959 Speaker 1: You know, that is critical to to our ongoing success. So, UM, 446 00:24:22,000 --> 00:24:25,119 Speaker 1: when I had said before the you talked about the 447 00:24:24,960 --> 00:24:28,040 Speaker 1: the effects of the pandemic, a lot of which we're feeling. 448 00:24:28,080 --> 00:24:33,199 Speaker 1: Actually in versus, we had a lot of you know, 449 00:24:33,520 --> 00:24:37,040 Speaker 1: offset cost because we were producing out of that performance 450 00:24:37,080 --> 00:24:39,920 Speaker 1: center for so long. Before we you know, doubled down 451 00:24:39,920 --> 00:24:43,240 Speaker 1: and reinvested in in the on screen product with the Thundergome. 452 00:24:43,400 --> 00:24:46,600 Speaker 1: So we really do need to get our fans back 453 00:24:46,640 --> 00:24:50,320 Speaker 1: to our shows. So Steph, you know, this business is 454 00:24:50,359 --> 00:24:54,360 Speaker 1: so fascinating I think to to so many because as 455 00:24:54,480 --> 00:24:58,720 Speaker 1: you said, it's a family business also publicly traded, so 456 00:24:58,920 --> 00:25:03,160 Speaker 1: you know all these sort of intersections of of commerce 457 00:25:03,320 --> 00:25:08,320 Speaker 1: and family and personality, and it's also very driven by 458 00:25:08,320 --> 00:25:13,000 Speaker 1: the talent. How have you seen it evolve as a 459 00:25:13,080 --> 00:25:15,639 Speaker 1: business and how do you balance sort of all of 460 00:25:15,680 --> 00:25:19,640 Speaker 1: those elements of it, because it is you know, so 461 00:25:19,720 --> 00:25:24,240 Speaker 1: much of your family invested in it and I and 462 00:25:24,320 --> 00:25:28,760 Speaker 1: I say that more kind of figuratively that literally obviously 463 00:25:28,840 --> 00:25:31,800 Speaker 1: literally that's the case, but you know, so much of 464 00:25:31,800 --> 00:25:34,240 Speaker 1: of of it is you know, part of the personality 465 00:25:34,400 --> 00:25:41,320 Speaker 1: of the McMahon's well and one mcmahn in particular. Yes, uh, 466 00:25:41,359 --> 00:25:43,760 Speaker 1: you know, it's really remarkable when you think about our 467 00:25:43,800 --> 00:25:48,080 Speaker 1: history and what Vince McMahon and Jessie know, I call him, 468 00:25:48,119 --> 00:25:50,680 Speaker 1: you know, Vince and business and he's that at home 469 00:25:50,760 --> 00:25:54,400 Speaker 1: and interview. I've gone back and forth, but it's important 470 00:25:54,440 --> 00:25:57,800 Speaker 1: to make that distinction. Believe me, there's there's Vince, my Bossom, 471 00:25:57,880 --> 00:26:01,760 Speaker 1: there's my dad. Um. When you think about what he 472 00:26:02,280 --> 00:26:05,720 Speaker 1: has done, so he took what was a regional business. 473 00:26:06,480 --> 00:26:09,080 Speaker 1: You know, professional wrestling at the time was broken up 474 00:26:09,080 --> 00:26:13,320 Speaker 1: into different territories, different fiefdoms, um, you know, and actually 475 00:26:13,400 --> 00:26:15,439 Speaker 1: dates all the way back to the days of of 476 00:26:15,560 --> 00:26:19,719 Speaker 1: carnival and really back to you know Greco Roman Roman colisseum. Right, 477 00:26:19,760 --> 00:26:22,080 Speaker 1: that's really the advent of it. It has a lot 478 00:26:22,119 --> 00:26:25,439 Speaker 1: of staying power. Um. Even Abraham Lincoln is rumored to 479 00:26:25,560 --> 00:26:29,480 Speaker 1: have been a professional wrestler working the carnival circuits, you know, 480 00:26:29,560 --> 00:26:33,720 Speaker 1: before he became president. Became president. Obviously, some historians refute that, 481 00:26:33,840 --> 00:26:36,200 Speaker 1: some support it. You know, it's up to you. It's 482 00:26:36,240 --> 00:26:39,919 Speaker 1: it's like ww lore um. But you know, so it 483 00:26:39,960 --> 00:26:42,320 Speaker 1: was regional at the time, and my father had the 484 00:26:42,400 --> 00:26:46,600 Speaker 1: vision to really you know, go around and create one organization. 485 00:26:47,520 --> 00:26:49,600 Speaker 1: So when it back in the thiefdom days, what they 486 00:26:49,640 --> 00:26:52,399 Speaker 1: did is they had one you know, big champion that 487 00:26:52,400 --> 00:26:55,399 Speaker 1: would travel in between the different territories, you know, to 488 00:26:55,480 --> 00:26:59,000 Speaker 1: create the big draw in the spectacle. Um. And my 489 00:26:59,080 --> 00:27:04,280 Speaker 1: father wanted to create one organization nationally and then ultimately globally, 490 00:27:04,440 --> 00:27:07,040 Speaker 1: and that's what he did, and he saw the opportunity 491 00:27:07,119 --> 00:27:11,080 Speaker 1: for syndication, he saw the opportunity for advertising, you know, 492 00:27:11,119 --> 00:27:14,760 Speaker 1: and he saw the opportunity to really create something that 493 00:27:15,240 --> 00:27:19,080 Speaker 1: had never risen to the level of popularity that it 494 00:27:19,200 --> 00:27:22,280 Speaker 1: rightly should have been. UM. And he wanted to take 495 00:27:22,320 --> 00:27:25,840 Speaker 1: it from the vision of sort of the bar room 496 00:27:26,080 --> 00:27:29,560 Speaker 1: kind of atmosphere to make it really this family friendly property. 497 00:27:29,600 --> 00:27:32,840 Speaker 1: And I think really the best you know, analogy in 498 00:27:32,920 --> 00:27:35,440 Speaker 1: terms of all of our lines of business from consumer 499 00:27:35,480 --> 00:27:38,919 Speaker 1: products to our production and everything else really at the 500 00:27:39,000 --> 00:27:42,880 Speaker 1: time was Disney. UM. So you know, we're we're of 501 00:27:42,880 --> 00:27:48,479 Speaker 1: a fully you know, integrated media company, UM. And we've grown. 502 00:27:48,760 --> 00:27:52,040 Speaker 1: So he took this brand and he took it from 503 00:27:52,040 --> 00:27:56,120 Speaker 1: a regional territory to this global brand. You know that 504 00:27:56,119 --> 00:27:59,720 Speaker 1: that's currently valued, you know, anywhere between forty five billion 505 00:27:59,720 --> 00:28:03,320 Speaker 1: dollars on the New York Stock Exchange. And we're continuing 506 00:28:03,359 --> 00:28:06,440 Speaker 1: to grow and break our records you know, every year. 507 00:28:07,200 --> 00:28:10,720 Speaker 1: UM and UH it's a really exciting proposition. We are 508 00:28:10,760 --> 00:28:14,320 Speaker 1: the fifth most viewed YouTube channel in the world. UM. 509 00:28:14,400 --> 00:28:17,040 Speaker 1: We we trend on Twitter every single week. We're the 510 00:28:17,040 --> 00:28:20,359 Speaker 1: second most followed sports property on TikTok's behind the NBA. 511 00:28:20,840 --> 00:28:23,280 Speaker 1: They have twelve million followers, we have ten million. They 512 00:28:23,359 --> 00:28:26,520 Speaker 1: launched before us, so we're hoping we're going to catch them. Um. 513 00:28:26,560 --> 00:28:30,200 Speaker 1: But we've created this global enterprise available in nine million 514 00:28:30,240 --> 00:28:32,560 Speaker 1: homes around the world, in a hundred and eighty countries 515 00:28:32,560 --> 00:28:35,200 Speaker 1: and twenty eight languages, with over five hundred live events 516 00:28:35,240 --> 00:28:39,080 Speaker 1: in a non pandemic era. So it's uh, it's remarkable, 517 00:28:39,120 --> 00:28:42,240 Speaker 1: and I'm so proud to be a part of this journey. 518 00:28:42,840 --> 00:28:45,120 Speaker 1: And the fact that it is a family business is 519 00:28:45,400 --> 00:28:48,800 Speaker 1: you know, a really interesting part, especially when you're part 520 00:28:48,800 --> 00:28:51,600 Speaker 1: of the family. But the one thing that we have 521 00:28:51,760 --> 00:28:55,240 Speaker 1: in common is we share this passion. We are so 522 00:28:55,480 --> 00:28:59,320 Speaker 1: passionate about our brand, and I think that passion creates 523 00:28:59,320 --> 00:29:03,080 Speaker 1: an entreprene a real spirit um that really is behind 524 00:29:03,200 --> 00:29:06,680 Speaker 1: the driving force and growth of of ww E. There 525 00:29:06,680 --> 00:29:11,280 Speaker 1: are more sports figures that are getting into the pr 526 00:29:11,680 --> 00:29:16,320 Speaker 1: part of it to help manage wrestlers or any other 527 00:29:16,320 --> 00:29:18,280 Speaker 1: sport for that man isn't make a difference whether it's 528 00:29:18,360 --> 00:29:22,880 Speaker 1: racing or basketball or whatever, but the athletes are now 529 00:29:23,000 --> 00:29:27,200 Speaker 1: helping other athletes do that. Do you guys have some 530 00:29:27,240 --> 00:29:30,400 Speaker 1: sort of a support system like that, and and how 531 00:29:30,440 --> 00:29:35,040 Speaker 1: do you manage your wrestlers. So you know, w w 532 00:29:35,080 --> 00:29:38,880 Speaker 1: E is a bit different than other leagues and properties 533 00:29:38,920 --> 00:29:42,000 Speaker 1: because we own all of the intellectual property because we 534 00:29:42,160 --> 00:29:46,240 Speaker 1: create the intellectual property. UM. So it is very different 535 00:29:46,280 --> 00:29:49,520 Speaker 1: than how the leagues operate. UM. But we have a 536 00:29:49,560 --> 00:29:53,480 Speaker 1: whole pop culture strategy outside of our business. If this 537 00:29:53,520 --> 00:29:55,640 Speaker 1: is part of what you are alluding to, you know, 538 00:29:55,680 --> 00:29:58,600 Speaker 1: where we cast our superstars, that's what we call our 539 00:29:58,640 --> 00:30:02,280 Speaker 1: performers or are super stars. We cast them outside of 540 00:30:02,480 --> 00:30:07,920 Speaker 1: WW programming. So whether that's everything from partnership, endorsements, UM, 541 00:30:07,960 --> 00:30:11,680 Speaker 1: to cameos to you know, uh, you know, roles in 542 00:30:11,800 --> 00:30:15,800 Speaker 1: Hollywood films, to red carpets to you know, you name it. 543 00:30:15,880 --> 00:30:18,040 Speaker 1: We want to get our stars as out there as 544 00:30:18,080 --> 00:30:21,440 Speaker 1: possible because we of course recognized there's a huge percentage 545 00:30:21,440 --> 00:30:24,200 Speaker 1: of the population that you know, maybe not be current 546 00:30:24,320 --> 00:30:27,960 Speaker 1: WWE fans that we want to attract. UM And at 547 00:30:28,000 --> 00:30:30,959 Speaker 1: the same time, we want to bring other athletes and 548 00:30:31,040 --> 00:30:35,800 Speaker 1: pop culture influencers and celebrities inside our programming again for 549 00:30:35,840 --> 00:30:38,520 Speaker 1: the same reason. And the rising tide really raises all 550 00:30:38,600 --> 00:30:41,840 Speaker 1: boats in terms of audience awareness and growth because then 551 00:30:42,040 --> 00:30:45,720 Speaker 1: the WW audience is exposed to that personality and hopefully 552 00:30:45,720 --> 00:30:49,040 Speaker 1: then continues to grow that as well. Um, so we're 553 00:30:49,280 --> 00:30:51,240 Speaker 1: we're really excited there. We have a couple of tricks 554 00:30:51,280 --> 00:30:54,760 Speaker 1: up our sleeve for WrestleMania that that you'll see. Um. 555 00:30:54,800 --> 00:30:57,360 Speaker 1: You know, Bad Bunny has certainly been a huge part 556 00:30:57,360 --> 00:31:01,640 Speaker 1: of our programming since the Royal Rumble and seven Champion 557 00:31:01,880 --> 00:31:05,680 Speaker 1: and uh you know, just just gave up his title. Um, 558 00:31:05,800 --> 00:31:08,520 Speaker 1: but it's been. It's a wild ride. I gotta tell you, 559 00:31:08,600 --> 00:31:11,160 Speaker 1: it really is. It's a lot of fun, hey steph Um. 560 00:31:11,280 --> 00:31:13,240 Speaker 1: You know, I have three daughters who are thirty three, 561 00:31:13,280 --> 00:31:15,560 Speaker 1: soon to be thirty six, thank you, Big John stud 562 00:31:15,640 --> 00:31:19,480 Speaker 1: and another one that's thirty eight. You know, people are 563 00:31:19,480 --> 00:31:28,000 Speaker 1: going to start to ask some questions. I'm just saying 564 00:31:28,520 --> 00:31:30,360 Speaker 1: I would say to them, you know, over the I said, oh, 565 00:31:30,360 --> 00:31:32,640 Speaker 1: I guess so. I interviewed today Lebron James. Oh that's nice. 566 00:31:32,800 --> 00:31:34,720 Speaker 1: I interviewed Tom Brady the other day. Oh that's nice. 567 00:31:35,120 --> 00:31:38,480 Speaker 1: Yesterday I told Molly I said, who's going to be 568 00:31:38,560 --> 00:31:42,120 Speaker 1: thirty six? I said, I'm interviewing uh, Stephanie McMahon tomorrow. 569 00:31:42,160 --> 00:31:47,600 Speaker 1: You're kidding me, Dad, You're kidding me, And then called 570 00:31:47,640 --> 00:31:50,200 Speaker 1: both of her sisters. Then they said, I love Triple H. 571 00:31:50,320 --> 00:31:52,320 Speaker 1: I love Stephan and McMahon. Oh my god, way can 572 00:31:52,360 --> 00:31:55,120 Speaker 1: I listen to it? So? I think my point is 573 00:31:55,120 --> 00:31:58,800 Speaker 1: is that your engagement with the female audience and getting 574 00:31:58,840 --> 00:32:02,440 Speaker 1: them to be loyal has worked where it has failed 575 00:32:02,440 --> 00:32:05,040 Speaker 1: in a lot of other sports. Is that something that's 576 00:32:05,040 --> 00:32:07,960 Speaker 1: a direct effort and a direct point of concentration. I 577 00:32:07,960 --> 00:32:10,320 Speaker 1: know you have a lot of female executives, your mother 578 00:32:10,360 --> 00:32:14,000 Speaker 1: has been empowered for you know, almost a half a century, 579 00:32:14,200 --> 00:32:16,720 Speaker 1: and you have three daughters as well. Is that a 580 00:32:16,760 --> 00:32:20,120 Speaker 1: conscious effort on your part of w w E. Absolutely? 581 00:32:20,680 --> 00:32:24,080 Speaker 1: And um, you know what happened was we started training 582 00:32:24,200 --> 00:32:28,560 Speaker 1: and recruiting elite athletes, both male and female in our 583 00:32:28,600 --> 00:32:30,760 Speaker 1: performance center. And I do give you know, all of 584 00:32:30,760 --> 00:32:34,320 Speaker 1: the credit to my husband to who you mentioned Triple H, 585 00:32:34,400 --> 00:32:37,320 Speaker 1: Paul VC, who is also an executive in w w E. 586 00:32:37,520 --> 00:32:41,160 Speaker 1: Again the whole family business aspect of it all, but 587 00:32:41,360 --> 00:32:44,959 Speaker 1: you know, he started really recruiting these elite athletes and 588 00:32:45,000 --> 00:32:48,600 Speaker 1: he started training the women same as the men, giving 589 00:32:48,600 --> 00:32:51,960 Speaker 1: them the same amount of match times, the same opportunity 590 00:32:52,080 --> 00:32:54,240 Speaker 1: because like anything else, the more reps you have, the 591 00:32:54,280 --> 00:32:57,560 Speaker 1: better you're going to get. And what happened was on 592 00:32:57,920 --> 00:33:01,600 Speaker 1: n x T, which was at the time our developmental program. 593 00:33:01,600 --> 00:33:04,480 Speaker 1: It's really now evolved into its own brand, as I 594 00:33:04,520 --> 00:33:07,920 Speaker 1: had mentioned on the prior podcast on USA Network every week. 595 00:33:08,560 --> 00:33:12,560 Speaker 1: But the what happened was our fans started chanting this 596 00:33:12,720 --> 00:33:15,880 Speaker 1: is wrestling and women's wrestling every time the women were 597 00:33:15,920 --> 00:33:19,680 Speaker 1: on because they were absolutely stealing the show. I actually 598 00:33:19,680 --> 00:33:22,760 Speaker 1: think the n XC women's roster right now is one 599 00:33:22,760 --> 00:33:26,920 Speaker 1: of the strongest female athlete rosters that there is um 600 00:33:27,000 --> 00:33:31,000 Speaker 1: in sports, and um you know, it really gave rise 601 00:33:31,160 --> 00:33:35,959 Speaker 1: to our fans and empowered them to make change on 602 00:33:36,160 --> 00:33:39,920 Speaker 1: Ron's SmackDown. So it was actually two thousand fifteen where 603 00:33:39,920 --> 00:33:42,560 Speaker 1: we had a women's tag match that lasted all of 604 00:33:42,600 --> 00:33:45,720 Speaker 1: thirty seconds in a three hour show, and our fans 605 00:33:45,720 --> 00:33:49,400 Speaker 1: that had enough and they actually started a hashtag called 606 00:33:49,440 --> 00:33:51,720 Speaker 1: give Divas a Chance, which at the time was how 607 00:33:51,720 --> 00:33:55,360 Speaker 1: we had branded the women's division, and they were specifically 608 00:33:55,480 --> 00:34:00,800 Speaker 1: calling for longer matches, more athleticism, better character development, better storylines. 609 00:34:01,320 --> 00:34:04,000 Speaker 1: So we responded in the biggest way we possibly could 610 00:34:04,040 --> 00:34:07,840 Speaker 1: with Vince who said, we hear you keep watching hashtag 611 00:34:07,920 --> 00:34:13,080 Speaker 1: give diva As a Chance. So then strategically at WrestleMania again, 612 00:34:13,120 --> 00:34:15,880 Speaker 1: our biggest event of the year at at and T 613 00:34:16,080 --> 00:34:19,000 Speaker 1: Stadium in front of over a hundred one thousand people, 614 00:34:19,440 --> 00:34:22,360 Speaker 1: we announced the rebranding of the Diva's division to the 615 00:34:22,400 --> 00:34:26,640 Speaker 1: Women's division. We announced that our women would be called Superstars, 616 00:34:26,880 --> 00:34:29,440 Speaker 1: same as the men, and we unveiled a new championship 617 00:34:29,480 --> 00:34:32,239 Speaker 1: belt that was marked into the men's but still very feminine. 618 00:34:32,719 --> 00:34:36,400 Speaker 1: Since that time, our women have been more regularly headlining 619 00:34:36,400 --> 00:34:41,040 Speaker 1: and main eventing all of our programming, including WrestleMania thirty five, 620 00:34:41,560 --> 00:34:45,360 Speaker 1: where Rhonda Rousey, Charlotte Flair and Becky Lynch broke the 621 00:34:45,400 --> 00:34:49,680 Speaker 1: growth entertainment, a revenue record at MetLife Stadium, and not 622 00:34:49,800 --> 00:34:53,319 Speaker 1: only that, but the impact that can be felt all 623 00:34:53,360 --> 00:34:56,560 Speaker 1: over the world. It actually took us six years, but 624 00:34:56,640 --> 00:35:00,040 Speaker 1: in Abu Dhabi we were finally able to have a 625 00:35:00,080 --> 00:35:03,359 Speaker 1: women's match, and of course the gear was different rate 626 00:35:03,400 --> 00:35:06,160 Speaker 1: that only their hands and their heads could be exposed. 627 00:35:06,840 --> 00:35:09,480 Speaker 1: But during their match at chant broke out of both 628 00:35:09,600 --> 00:35:14,480 Speaker 1: men and women chanting this is Hope, which is not 629 00:35:14,640 --> 00:35:18,279 Speaker 1: a typical w w E chant. This is hope, and 630 00:35:18,360 --> 00:35:21,640 Speaker 1: Alexa Bliss and Sasha Banks saw tears in the eyes 631 00:35:21,760 --> 00:35:25,160 Speaker 1: of little girls in the front row, and you just 632 00:35:25,200 --> 00:35:28,360 Speaker 1: can't imagine the impact that you can have on someone's life. 633 00:35:29,160 --> 00:35:33,360 Speaker 1: And now we have had not one, but two women's 634 00:35:33,400 --> 00:35:38,240 Speaker 1: matches in Saudi Arabia where the chant was simply, this 635 00:35:38,440 --> 00:35:43,080 Speaker 1: is awesome, which is exactly what it should be. Wow, 636 00:35:43,120 --> 00:35:47,600 Speaker 1: that's really uh, that is incredible. You know Lynchi was 637 00:35:47,640 --> 00:35:50,920 Speaker 1: mentioning a few minutes ago, you know this notion of 638 00:35:51,000 --> 00:35:54,480 Speaker 1: you know how many female executives you have? Uh? And 639 00:35:54,760 --> 00:35:57,920 Speaker 1: and I think I would be journalistically negligent if I 640 00:35:58,000 --> 00:36:01,000 Speaker 1: didn't ask you. I mean, I'm sure if if we 641 00:36:01,120 --> 00:36:04,000 Speaker 1: asked then slash your dad. He would say he's going 642 00:36:04,040 --> 00:36:06,080 Speaker 1: to live forever, and he's going to do this forever 643 00:36:06,239 --> 00:36:10,560 Speaker 1: and it will always be this. But this is a 644 00:36:10,880 --> 00:36:14,360 Speaker 1: greatly have the Walt Disney. I made that analogy before 645 00:36:14,400 --> 00:36:18,719 Speaker 1: the cryo chambers ready to go exactly exactly, whether it's 646 00:36:18,719 --> 00:36:21,880 Speaker 1: a hologrant, whatever it is, whatever technology is going to exist. 647 00:36:22,680 --> 00:36:24,960 Speaker 1: But I have to think you guys talk about this 648 00:36:25,000 --> 00:36:27,879 Speaker 1: and think about this as both the management team as 649 00:36:27,920 --> 00:36:31,120 Speaker 1: a and as a family. How do you ensure the 650 00:36:31,200 --> 00:36:34,960 Speaker 1: long term succession, the long term sort of value and 651 00:36:35,080 --> 00:36:39,000 Speaker 1: success of this business given how much of it, uh, 652 00:36:39,040 --> 00:36:41,800 Speaker 1: you know, has revolved around him well, I do think 653 00:36:41,840 --> 00:36:45,960 Speaker 1: a lot of the institutional knowledge is important, particularly with 654 00:36:46,000 --> 00:36:48,560 Speaker 1: regards to to the core content that we have at 655 00:36:48,719 --> 00:36:53,360 Speaker 1: w W Week, but also surrounding ourselves surrounding our business 656 00:36:53,400 --> 00:36:57,600 Speaker 1: with really strong smart executives UM, and that's exactly what 657 00:36:57,680 --> 00:37:00,480 Speaker 1: we have and that's that's what we have canntinue to 658 00:37:00,560 --> 00:37:02,920 Speaker 1: do to to grow and evolve our business. So I 659 00:37:02,960 --> 00:37:06,719 Speaker 1: do think it's the marriage of the institutional knowledge, the 660 00:37:06,880 --> 00:37:11,520 Speaker 1: incredible production value UM, the creation of talent I P 661 00:37:11,840 --> 00:37:16,400 Speaker 1: and storylines and really strong business executives to help us 662 00:37:16,440 --> 00:37:19,919 Speaker 1: grow and expand on our core functionality and what we're 663 00:37:19,960 --> 00:37:23,640 Speaker 1: really great at. So I think it's a combination of things. 664 00:37:23,719 --> 00:37:26,440 Speaker 1: I don't think there will you know, ever be a 665 00:37:26,560 --> 00:37:29,560 Speaker 1: person to person replacement for Vince McMahon. I mean that 666 00:37:29,719 --> 00:37:33,439 Speaker 1: that would never happen. You know, he does too much UM. 667 00:37:33,520 --> 00:37:37,120 Speaker 1: So it's the landscape would look different long term in 668 00:37:37,239 --> 00:37:40,520 Speaker 1: terms of, you know, how everything shapes out. But I 669 00:37:40,560 --> 00:37:43,359 Speaker 1: think that it's the marriage of those those pieces that 670 00:37:43,480 --> 00:37:45,440 Speaker 1: I just talked about. Vince can do it all, and 671 00:37:45,480 --> 00:37:47,799 Speaker 1: then it'll it'll go to a handful of people who 672 00:37:47,840 --> 00:37:52,200 Speaker 1: can who can extrapolate and grow his vision UM and 673 00:37:52,239 --> 00:37:55,759 Speaker 1: continue to grow w w e's business long hopefully into 674 00:37:55,840 --> 00:38:00,120 Speaker 1: the future for generations to come. Well, Stephanie, h it 675 00:38:00,120 --> 00:38:03,560 Speaker 1: has been such a great pleasure for us. We learned 676 00:38:03,560 --> 00:38:05,960 Speaker 1: a ton I learned. I learned a lot about Lynchi 677 00:38:06,040 --> 00:38:09,879 Speaker 1: and his family. You know, so thank you for thank 678 00:38:09,920 --> 00:38:13,680 Speaker 1: you that. I feel like we've all been through something 679 00:38:13,719 --> 00:38:18,719 Speaker 1: here um today and so we really appreciate your time. 680 00:38:19,160 --> 00:38:22,960 Speaker 1: Can't wait for this. I feel like WW is in 681 00:38:23,000 --> 00:38:25,120 Speaker 1: many ways sort of the tip of the sphere when 682 00:38:25,160 --> 00:38:28,040 Speaker 1: it comes to you know, normal life returning or the 683 00:38:28,040 --> 00:38:30,040 Speaker 1: new normal, whatever that's gonna be. So best of luck 684 00:38:30,680 --> 00:38:34,920 Speaker 1: with WrestleMania down in Tampa. Excited to tune into Peacock 685 00:38:35,000 --> 00:38:38,000 Speaker 1: as well. So thanks so much for the time. Well, 686 00:38:38,000 --> 00:38:40,440 Speaker 1: thank you guys, Thanks for the opportunity. Take care and 687 00:38:40,520 --> 00:38:44,040 Speaker 1: be safe. Well, guys, what a fascinating discussion. I really 688 00:38:44,040 --> 00:38:47,640 Speaker 1: do feel like, Uh, she taught us a lot. It 689 00:38:47,719 --> 00:38:50,799 Speaker 1: taught me a lot at least about that business. And 690 00:38:51,040 --> 00:38:54,240 Speaker 1: you know how it's similar but different to other sports 691 00:38:54,239 --> 00:38:56,879 Speaker 1: that we talked about a lot on this show. The economics, 692 00:38:56,960 --> 00:39:01,120 Speaker 1: the business model, whether it's talent management. Uh, this streaming 693 00:39:01,160 --> 00:39:03,759 Speaker 1: deal and I really one of the things that really 694 00:39:03,760 --> 00:39:07,439 Speaker 1: stuck with me, was how she said. Her dad, also 695 00:39:07,520 --> 00:39:11,120 Speaker 1: known as Vince McMahon, always talks about being just ahead 696 00:39:11,120 --> 00:39:14,080 Speaker 1: of the curve, not too far out, but but not 697 00:39:14,520 --> 00:39:19,040 Speaker 1: you know, clearly, but clearly still um kind of setting 698 00:39:19,080 --> 00:39:21,799 Speaker 1: a new standard. And and you gotta give him, regardless 699 00:39:21,800 --> 00:39:24,160 Speaker 1: of what you think about professional wrestling, you gotta give 700 00:39:24,239 --> 00:39:27,680 Speaker 1: him credit for that, right Lynching Absolutely, And how many 701 00:39:27,719 --> 00:39:30,200 Speaker 1: times have you heard this story with any business? Is all? Well, 702 00:39:30,280 --> 00:39:32,640 Speaker 1: my mom and dad sunk everything they had into this 703 00:39:33,120 --> 00:39:36,200 Speaker 1: shoe store, into this coffee shop. And look at us today. 704 00:39:36,239 --> 00:39:38,799 Speaker 1: We've got franchises all over and that's what they did 705 00:39:38,800 --> 00:39:42,759 Speaker 1: with WrestleMania one on March thirty, first nine. And look 706 00:39:42,800 --> 00:39:45,880 Speaker 1: what it is right now. It's just a billion dollar 707 00:39:46,680 --> 00:39:50,719 Speaker 1: enterprise and WrestleMania it just keeps growing year after year 708 00:39:50,760 --> 00:39:52,920 Speaker 1: after year. What do you think other than us, I 709 00:39:52,960 --> 00:39:55,840 Speaker 1: think having a new nickname for Lynch E which involves 710 00:39:55,920 --> 00:40:00,239 Speaker 1: stud Uh. We're going to get into that later. But 711 00:40:01,000 --> 00:40:03,120 Speaker 1: what'd you take away? I mean, this is something this 712 00:40:03,160 --> 00:40:05,200 Speaker 1: is obviously a business in the sport that you watched 713 00:40:05,640 --> 00:40:07,680 Speaker 1: for a long time. You had some nice callbacks there, 714 00:40:07,760 --> 00:40:12,120 Speaker 1: so I mean it's a juggernaut. Oh my goodness, I 715 00:40:12,280 --> 00:40:15,440 Speaker 1: did not hear the story. And when Stephanie brought it 716 00:40:15,520 --> 00:40:19,680 Speaker 1: up about Abraham Lincoln UH dabbling in the wrestling, can 717 00:40:19,760 --> 00:40:24,080 Speaker 1: you see that being promode the four score and seven 718 00:40:24,120 --> 00:40:31,239 Speaker 1: sauld be good. I was really just impressed when I 719 00:40:31,280 --> 00:40:36,920 Speaker 1: would hear her talk about her parents, Vince and Linda McMahon, 720 00:40:37,600 --> 00:40:43,080 Speaker 1: how she absorbed so much of their business sense because 721 00:40:43,080 --> 00:40:46,280 Speaker 1: she would always travel with them and pick up tips 722 00:40:46,320 --> 00:40:49,479 Speaker 1: and learn from them. That that always impressed me. Yeah, 723 00:40:49,640 --> 00:40:52,400 Speaker 1: really interesting to hear about, you know, coming up through 724 00:40:52,440 --> 00:40:55,759 Speaker 1: the family business and um and obviously you know her 725 00:40:55,840 --> 00:40:59,040 Speaker 1: husband now part of the business triple h uh. You know. 726 00:40:59,120 --> 00:41:01,600 Speaker 1: But but I think, and we didn't get as much 727 00:41:01,640 --> 00:41:04,640 Speaker 1: into this, but you know, her understanding of both the 728 00:41:04,680 --> 00:41:09,000 Speaker 1: talent side and the business side. That model, I think 729 00:41:09,160 --> 00:41:12,359 Speaker 1: is fascinating going forward, especially at a time when you 730 00:41:12,400 --> 00:41:14,120 Speaker 1: do see and I think you alluded to this and 731 00:41:14,160 --> 00:41:16,760 Speaker 1: one of your questions barre sort of these big brands 732 00:41:16,800 --> 00:41:18,840 Speaker 1: that have grown up around some of these folks. You know, 733 00:41:18,920 --> 00:41:24,560 Speaker 1: you think about some of the most iconic UH figures culturally, 734 00:41:25,120 --> 00:41:27,799 Speaker 1: and you know, look no further than Dwayne the Rock 735 00:41:27,880 --> 00:41:31,200 Speaker 1: Johnson in terms of you know, being able to use 736 00:41:31,600 --> 00:41:35,160 Speaker 1: a massive platform, you know, like professional wrestling, and to 737 00:41:35,320 --> 00:41:38,800 Speaker 1: leverage it into something much more. So really good to 738 00:41:38,960 --> 00:41:41,480 Speaker 1: catch up with her, and uh, we'll be interesting to 739 00:41:41,520 --> 00:41:43,799 Speaker 1: tune in. Uh you know, God knows what's going to 740 00:41:43,840 --> 00:41:46,560 Speaker 1: happen in the Lynchy household after this wrestlement. I don't know. 741 00:41:47,080 --> 00:41:49,320 Speaker 1: I don't know. Well, how about you know when I 742 00:41:49,640 --> 00:41:53,120 Speaker 1: talked to her, my daughters said, well, you're interviewing Stephanie McMahon. 743 00:41:53,120 --> 00:41:55,280 Speaker 1: And then she went into the story about they wrestled 744 00:41:55,320 --> 00:41:58,439 Speaker 1: in Abu Dhabi. Yeah, and they only could expose their 745 00:41:58,480 --> 00:42:01,280 Speaker 1: hands and the top of their heads, and the crowd 746 00:42:01,320 --> 00:42:03,799 Speaker 1: was chanting, this is hope. And then they had two 747 00:42:03,840 --> 00:42:06,879 Speaker 1: wrestling matches with women in Saudi Arabia and the chance 748 00:42:07,000 --> 00:42:09,520 Speaker 1: was this is awesome. So I think, you know, she 749 00:42:09,640 --> 00:42:12,359 Speaker 1: takes that leadership from her mother, Linda, who has been 750 00:42:12,640 --> 00:42:15,400 Speaker 1: such an activist and such a leader not only in 751 00:42:15,440 --> 00:42:19,200 Speaker 1: her business but beyond and and Stephanie has applied these 752 00:42:19,200 --> 00:42:22,960 Speaker 1: principles to her business, uh taste and she has great 753 00:42:22,960 --> 00:42:26,400 Speaker 1: business acument obviously, and and it shows the grip that 754 00:42:27,239 --> 00:42:29,120 Speaker 1: wrestling has on women. You try to get women to 755 00:42:29,160 --> 00:42:32,200 Speaker 1: watch Major League Baseball NHL or n b A and 756 00:42:32,280 --> 00:42:34,759 Speaker 1: but you get them to watch, you know, wrestling at 757 00:42:34,760 --> 00:42:38,240 Speaker 1: a young age, and they're hooked well interesting to to 758 00:42:38,239 --> 00:42:42,000 Speaker 1: to hear her talk about the evolution of how they 759 00:42:42,040 --> 00:42:44,600 Speaker 1: they probably, I mean this was implicit I think in 760 00:42:44,640 --> 00:42:49,320 Speaker 1: her answer that they were maybe segmenting the women away 761 00:42:49,400 --> 00:42:52,360 Speaker 1: from the from the men's matches a little bit too much, 762 00:42:52,400 --> 00:42:56,480 Speaker 1: and and clearly that it was a response that the 763 00:42:56,560 --> 00:43:00,000 Speaker 1: evolution of that was a response directly to their customers 764 00:43:00,000 --> 00:43:03,960 Speaker 1: of you know, rebranding it from diva's to superstars and 765 00:43:04,400 --> 00:43:07,560 Speaker 1: making the belts look a little bit more similar. And 766 00:43:07,600 --> 00:43:10,120 Speaker 1: you know that those are the sorts of things that 767 00:43:10,120 --> 00:43:13,960 Speaker 1: that ripple far beyond the world of wrestling, and you 768 00:43:14,000 --> 00:43:17,200 Speaker 1: obviously have some some good evidence of that in your 769 00:43:17,239 --> 00:43:21,719 Speaker 1: family Lynching. So I do thank you, John Stank, John 770 00:43:21,719 --> 00:43:26,320 Speaker 1: stud Molly Lynch was born shortly after that was a 771 00:43:26,360 --> 00:43:29,200 Speaker 1: busy spring. We had Big Joke, we had WrestleMania, we 772 00:43:29,239 --> 00:43:33,000 Speaker 1: had Molly Lynch, we had Haggler hearns. That was all 773 00:43:33,320 --> 00:43:35,200 Speaker 1: right around that time. I'm sure your wife is gonna 774 00:43:35,200 --> 00:43:37,040 Speaker 1: listen to this and be like, so the birth of 775 00:43:37,040 --> 00:43:40,000 Speaker 1: our first daughter is lumped in with a couple of 776 00:43:40,840 --> 00:43:44,240 Speaker 1: sports things. I really am married to a sportscaster. Thanks Lynching. 777 00:43:46,080 --> 00:43:49,120 Speaker 1: Oh I almost fell off my seat when I heard 778 00:43:49,200 --> 00:43:53,239 Speaker 1: that story. Alright, Bar, bring it on, here we go, 779 00:43:53,440 --> 00:43:56,560 Speaker 1: Here we go. Well, I can't beat the Lynchy story. 780 00:43:56,640 --> 00:44:00,560 Speaker 1: But here's the number of the week, and it's one 781 00:44:00,560 --> 00:44:02,879 Speaker 1: of my favorites. You know, I always like to talk 782 00:44:02,920 --> 00:44:09,600 Speaker 1: about home saying, you know, the Wilpon family used to 783 00:44:09,640 --> 00:44:13,600 Speaker 1: own the Mets, a New York real estate dynasty that 784 00:44:13,719 --> 00:44:19,360 Speaker 1: recently sold at Steak and is now pitching another prized asset, 785 00:44:19,520 --> 00:44:24,439 Speaker 1: according to dow Jones, a Greek Revival style townhouse. It's 786 00:44:24,480 --> 00:44:29,360 Speaker 1: in Manhattan's Chelsea District. It's twenty five ft wide, dates 787 00:44:29,400 --> 00:44:35,000 Speaker 1: back to the eighteen thirties. How much are they listening 788 00:44:35,040 --> 00:44:45,000 Speaker 1: it for? Chelsea? It's seven thousand, fifty eight square feet. 789 00:44:45,320 --> 00:44:51,960 Speaker 1: I'm gonna go I think you threw a number out there, Bar, 790 00:44:52,080 --> 00:44:59,840 Speaker 1: At the beginning to there was like a subtle wide. 791 00:45:00,440 --> 00:45:02,319 Speaker 1: So I'm just gonna throw twenty five million at you. 792 00:45:04,400 --> 00:45:07,239 Speaker 1: He's retaking his ground, isn't he? Yes? He is? He 793 00:45:08,000 --> 00:45:19,279 Speaker 1: on the nose, big Lynch stud That's amazing that story, man. 794 00:45:19,920 --> 00:45:22,799 Speaker 1: But by the way, this townhouse is near the historic St. 795 00:45:22,800 --> 00:45:29,960 Speaker 1: Peter's Episcopal church, five levels, five bedrooms, several separate outdoor spaces. Yeah, 796 00:45:30,000 --> 00:45:33,200 Speaker 1: we could put our nickels together. I had no clue. 797 00:45:33,239 --> 00:45:35,560 Speaker 1: I really just I just threw a dart that a 798 00:45:35,640 --> 00:45:38,040 Speaker 1: dark boy with a with a blindfold on that one. 799 00:45:38,239 --> 00:45:41,239 Speaker 1: But when you said twenty five, I thought you emphasized 800 00:45:41,280 --> 00:45:44,120 Speaker 1: twenty five ft wide, and I went, oh, god, you're 801 00:45:44,160 --> 00:45:49,120 Speaker 1: you're really You're just like you're on a bar wavelength. 802 00:45:49,200 --> 00:45:51,480 Speaker 1: I like it. It's good. It's good. Out of my 803 00:45:52,400 --> 00:45:55,640 Speaker 1: talk about rastling more with you. It's great, it's great. 804 00:45:56,480 --> 00:45:59,080 Speaker 1: All right, you've been listening to the Bloomberg Physinessist sports. 805 00:45:59,080 --> 00:46:00,919 Speaker 1: We're here each and every at the same time, plus 806 00:46:01,000 --> 00:46:05,359 Speaker 1: online wherever you get your podcast. Catch those Mondays, Wednesdays 807 00:46:05,480 --> 00:46:09,799 Speaker 1: and Thursdays. Earlier this week we got deep into the 808 00:46:09,800 --> 00:46:13,880 Speaker 1: world of sports cars, those baseball cars, those basketball cards 809 00:46:14,200 --> 00:46:17,080 Speaker 1: worth millions and now you can trade them. So check 810 00:46:17,160 --> 00:46:19,840 Speaker 1: that out. We've talked to the CEO of ALTU and 811 00:46:19,880 --> 00:46:21,840 Speaker 1: also check us out on Twitter. You can follow me 812 00:46:21,960 --> 00:46:26,000 Speaker 1: Jason Kelly at Jason Kelly News and I'm Mike Lynch. 813 00:46:26,120 --> 00:46:28,800 Speaker 1: Thank you very much, Big John stud You can follow 814 00:46:28,800 --> 00:46:32,080 Speaker 1: me at Lynch e w CVB. Yeah, Lynchi, what am 815 00:46:32,080 --> 00:46:36,160 Speaker 1: I thinking now? Michael Bar on Twitter at Big Bar Sports. 816 00:46:36,640 --> 00:46:40,280 Speaker 1: You're listening to Bloomberg Business of Sports from Bloomberg Radio 817 00:46:40,520 --> 00:46:41,319 Speaker 1: around the world.