Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Time now for a special edition of the Clothes the
Speaker 2: Business of the Super Bowl.
Speaker 3: We've got an all star lineup.
Speaker 2: We've got Kansas City Chiefs President Mark Donovan, New England
Speaker 2: Patriots CEO Robert Kraft, Fanjuel CEO Amy how among others.
Speaker 2: And joining me for this entire hour is Bloomberg Originals
Speaker 2: Chief Course Wanted Jason Kelly, Host of the Deal with
Speaker 2: Alisa Riguez and Jason Kelly. Great to have you, Hi,
Speaker 2: It's fantastic.
Speaker 4: What a Friday, I know, I mean the Friday to
Speaker 4: do this.
Speaker 2: Right, I'm imagining there's a lot of deal making going
Speaker 2: on in New Orleans right now with everyone from the
Speaker 2: sports industry gathering.
Speaker 5: Everyone is there. I mean everyone except us because you know,
Speaker 5: we're working for a living. But actually they are doing deals.
Speaker 5: I mean, this is when the big deals happen in
Speaker 5: the sports world, because the entire sports world, as you mentioned,
Speaker 5: sort of descends. Maybe they don't stay for the game,
Speaker 5: but they're at the parties, they're going to the conferences,
Speaker 5: they're doing the side meetings.
Speaker 4: It's amazing. We're going to check in.
Speaker 5: With Randa Williams, who's on the ground so much team,
Speaker 5: there a ton to talk about it, all right.
Speaker 2: So mind meld there for everyone in New Orleans. In
Speaker 2: the meantime, let's create straight to someone who's been living
Speaker 2: the business of the Super Bowl since twenty twenty. He
Speaker 2: is Kansas City Chiefs President Mark Donovan.
Speaker 6: Mark.
Speaker 2: Welcome to the program and congratulations on your fifth trip
Speaker 2: to the Big Show in six years.
Speaker 6: Thank you. I appreciate that. Great to be with you, guys.
Speaker 2: So, as the organization makes a run to become the
Speaker 2: first three Super Bowl champions, would you say you're more
Speaker 2: or less nervous this time around?
Speaker 6: You know, I think experience is a great teacher.
Speaker 7: So we've done this enough to realize of what makes
Speaker 7: it successful.
Speaker 6: We tweak things.
Speaker 7: Every year, but it's been a really smooth operation since
Speaker 7: we landed on Sunday night and started practicing this week,
Speaker 7: and it's going very very well.
Speaker 3: It's going very very well.
Speaker 2: I want to talk about the Chiefs as a brand
Speaker 2: because it's so much more than a regional team or
Speaker 2: even an American team at this point, right it is
Speaker 2: a global brand that really resonates with sports fans around
Speaker 2: the world. Talk a little bit about your organization's international
Speaker 2: efforts and how you have a new entertainment production studio
Speaker 2: that plays into that that really amplifies that.
Speaker 7: Yeah, it's a convergence of the platform that we're on
Speaker 7: right now. I mean, we have one of the most
Speaker 7: successful franchises in sport. We have the world converging and
Speaker 7: consuming content like never before. And then the international program
Speaker 7: at the NFL, launched back in twenty nineteen, gave us
Speaker 7: and other franchises the opportunity to aggressively pursue growth internationally,
Speaker 7: and we've been one of the more aggressive teams to
Speaker 7: do that. So the convergence of all this, on top
Speaker 7: of being in for the last five Super Bowl if
Speaker 7: for our last six Super Bowls, and the opportunity to
Speaker 7: constantly be out there with content is something that we've
Speaker 7: been very excited about.
Speaker 6: We taken advantage of and we've seen results from.
Speaker 7: So Foolish Cup Studios is something we launched this past
Speaker 7: week that give us the opportunity to create even more
Speaker 7: ideas and then distribute that content internationally hopefully.
Speaker 5: All Right, So Mark, obviously a chance to create more content.
Speaker 4: Let's be honest, this is Bluebirk. It's a chance to
Speaker 4: create more revenue.
Speaker 5: When you're this successful on the field, walk us through
Speaker 5: what it means to the top line, the bottom line
Speaker 5: of your team to be consistently in the big game.
Speaker 4: And you know, now going for your third straight win,
Speaker 4: what does it do for your business?
Speaker 6: Yeah, I think that's a fair question given the audience
Speaker 6: here today.
Speaker 7: I think that when you look at our business, we
Speaker 7: are on a platform we have never been on as
Speaker 7: a franchise before, and so we look at that as opportunity.
Speaker 7: What can we do in this platform to take advantage
Speaker 7: of this time to maximize the platform. So top line,
Speaker 7: bottom line is growing brand value first and foremost, and
Speaker 7: then everything that sort of comes off of that. And
Speaker 7: we are very successful in Germany after investing in there
Speaker 7: over the last four years. We're the number one team
Speaker 7: from brand value in Germany. We have the most revenue
Speaker 7: from a sponsorship base in Germany. We're looking to do
Speaker 7: that again and again and again as many as many
Speaker 7: times as we can. The opportunity in the platform that
Speaker 7: I speak of is the international market. So you know,
Speaker 7: as we grow, we now have the ability to grow
Speaker 7: internationally and that's really the focus.
Speaker 5: And so mark part of it is growing the audience
Speaker 5: and some of that comes from just showing the games.
Speaker 5: Also you mentioned the additional content, but also social media
Speaker 5: has been especially powerful for you guys. You are one
Speaker 5: of the most followed teams out there. How do you
Speaker 5: continue to grow that? And there are certain platforms that
Speaker 5: are working better for you overall.
Speaker 6: Yeah, So it's a combination of thing.
Speaker 7: It's one the superstars that we have on our team
Speaker 7: and what they've done with content with Patrick and with
Speaker 7: Travis with his podcast, and it's sort of dovetailing with
Speaker 7: that and then using the content that we have. We
Speaker 7: have a program on YouTube called The Franchise, which is
Speaker 7: an inside look at our team, where the first National
Speaker 7: Football League team to have over a million subscribers on YouTube.
Speaker 7: Where the second sports franchise in America behind the Golden
Speaker 7: State Warriors to do that. So those are the platforms
Speaker 7: that I'm talking about that you have to have the
Speaker 7: content to be able to take advantage of that. So
Speaker 7: we have a production studio in house that does the
Speaker 7: Franchise show. Now we've launched a production studio that will
Speaker 7: be more out of house to really look at partnerships
Speaker 7: around that.
Speaker 2: So is it frustrating then with all these plans and
Speaker 2: this incredible brand, not just in the US but globally
Speaker 2: to not have as much certainty as you'd like over
Speaker 2: where you're going to be playing in terms of stadium
Speaker 2: down the road.
Speaker 6: Yeah, So I would take that two different ways.
Speaker 7: One, we want to play more games internationally when we're
Speaker 7: given the opportunity, because we've seen the value of that
Speaker 7: and we've seen the.
Speaker 6: Benefit of that.
Speaker 7: As it relates to our domestic situation specifically in Kansas
Speaker 7: City with our stadium, we are pursuing two different options.
Speaker 7: One is renovation of the iconic Arrowhead Stadium and GHA
Speaker 7: field and then secondly investigating the opportunity to build a
Speaker 7: world class dome stadium. Two very different paths, and we
Speaker 7: have the advantage of having two different states that we
Speaker 7: can go down those paths on. I think, as I said,
Speaker 7: on the one hand, it's the iconic nature and how
Speaker 7: can you make a worldwide bucket list icon of a
Speaker 7: venue better through renovation? Versus if we build a brand news,
Speaker 7: state of the art film stadium, we have the opportunity
Speaker 7: to host even more events, so Super Bowls, Big Twelve Championships,
Speaker 7: National championships, as well as year round concerts and event.
Speaker 6: So it's an exciting place to be in.
Speaker 7: I will tell you personally, it's a very time consuming
Speaker 7: place because you're looking at a bunch of different options
Speaker 7: and you're dealing with politicians on both sides of the
Speaker 7: state line. They're both excited about the opportunity, and we
Speaker 7: just got to figure out what's the best thing for
Speaker 7: this franchise and for our fan base for the next generation.
Speaker 3: Yeah, it's doubly.
Speaker 2: It's pursuing lots of different paths and kind of seeing
Speaker 2: where they take you. I wonder if you would ever
Speaker 2: look to private equity or sell LP stakes to fund
Speaker 2: the construction of a new stadium.
Speaker 7: Well, we have the expert in the building on private
Speaker 7: equity program. Clark Hut is the chair of our organization.
Speaker 7: He's also the chair of the finance committee at the
Speaker 7: National Football League and he was really one of the
Speaker 7: architects with I think, what are your next guests in
Speaker 7: putting together other than private equity situation with the NFL,
Speaker 7: it gives us the opportunity as franchises to pursue that,
Speaker 7: Clark has said publicly, and I know in dealing with
Speaker 7: the siblings and the family members, so that's not something
Speaker 7: we're pursuing it in the present time, but it's good
Speaker 7: to have the option out there. And we've seen the
Speaker 7: other teams that take advantage of this opportunity, and.
Speaker 4: So what have you learned from that? Mark?
Speaker 5: I mean, we have seen a number of your counterparts
Speaker 5: with one of your art rivals, the Buffalo Bills, so
Speaker 5: you beat to get to this game.
Speaker 4: You know, they took advantage of selling a stake.
Speaker 5: They may use it most likely to build a new
Speaker 5: stadium or to upgrade their facilities. What are the learnings
Speaker 5: that you take even if you're not going to partake
Speaker 5: of it right now.
Speaker 7: Well, first and foremost learnings of seeing them go through
Speaker 7: the process and seeing just what it takes and how
Speaker 7: to maximize that process. The second thing I think that
Speaker 7: this gives you it is true valuations, the ability for
Speaker 7: you know, the firms that have the ability to capitalize
Speaker 7: on the private equity piece are true evaluators of value.
Speaker 7: You know, they have to return to their shareholders. So
Speaker 7: they're investing in these teams and pieces of the teams
Speaker 7: in a very structured and a very critical way of
Speaker 7: exactly what the value is so they can see you return.
Speaker 7: I think just the first few that have done have
Speaker 7: been really positive signs for the NFL and for the
Speaker 7: individual franchise that have taken advantage of that.
Speaker 5: All Right, So you went exactly where I wanted you
Speaker 5: to go, Mark, which is valuations.
Speaker 4: You worked on the league side. You work for a
Speaker 4: little team called the Philadelphia.
Speaker 5: Eagles for a few years before you got to your
Speaker 5: current home in Kansas City. You look at these valuations
Speaker 5: since you were a guy coming up in this league.
Speaker 4: I mean, is it mind blowing to you?
Speaker 7: Yeah, it's mind blowing on the NFL side, But I
Speaker 7: know the NFL side so well that I can sit
Speaker 7: here and tell you that the valuations are solid and
Speaker 7: you look at the growth of this game and look
Speaker 7: at the opportunities that are in our future. I'm a
Speaker 7: big believer obviously in the National Football League and the
Speaker 7: power of the NFL. I think it sort of spreads
Speaker 7: across sports though, when you look at the valuations of
Speaker 7: NWSL and NBA, Major League Baseball MLS across the field
Speaker 7: as well as you know, properties like the premier lacross league.
Speaker 7: The ability to sort of look at these as true
Speaker 7: investment opportunities and see the growth that sports provides, you know,
Speaker 7: there's no better appointment viewing and frankly from a rating standpoint,
Speaker 7: no better viewing than the National Football League. Well, how
Speaker 7: do other sports match up against them? And then how
Speaker 7: do they continue to grow that mark?
Speaker 2: Before we let you go, I did want to get
Speaker 2: your thoughts on one thing. Roger Goodell, the commissioner of
Speaker 2: the NFL, with the backing of team owners, is standing
Speaker 2: by the NFL's diversity initiatives even as we've seen some
Speaker 2: moves on the federal side. Otherwise, as a head of
Speaker 2: a high profile organization, what are you hearing from your employees,
Speaker 2: from your customers, from your partners on this front.
Speaker 7: Yeah, I think as administrations change, you're going to have change.
Speaker 6: We're very proud of our policies.
Speaker 7: We're very proud of what we've implemented at the Kansas
Speaker 7: City Chiefs. It's something that we take very seriously. I
Speaker 7: was asked this question multiple times today and I think,
Speaker 7: you know, i'd point to even our most recent higher
Speaker 7: people talk about and know about the Rooney Rule and
Speaker 7: all that it's done and the process behind that. I
Speaker 7: think not everyone is aware of, you know, the impact
Speaker 7: it has across the entire business. So we just had
Speaker 7: a very significant hire on our communications team, and we
Speaker 7: went through a very inclusive and diverse slate of candidates.
Speaker 7: We wanted to see all the talent that was out
Speaker 7: there before we made our decision.
Speaker 6: So we're proud of our policies.
Speaker 7: And we continue to sort of lean on those to
Speaker 7: have the best possible employee base in the National Football League.
Speaker 2: All Right, Mark Donovan, a pleasure speaking with you. Good
Speaker 2: luck to you, President of the Kansas City Chiefs, Mark Donovan,
Speaker 2: I love, love, love the fact that you brought up
Speaker 2: he was at the Eagles for about six seasons before
Speaker 2: he moved to Kansas City.
Speaker 3: So maybe, you know, whatever happens, he'll be okay.
Speaker 5: Maybe, but I think he's pretty diehard Chiefs at this way.
Speaker 5: I mean, it is amazing though to think about the
Speaker 5: you know, you know, part of business is the personnel, right,
Speaker 5: and so this is a guy who ran the business side.
Speaker 5: Let's not forget the guy who's running the on field
Speaker 5: side for the Kansas City Chiefs. Yes, Andy Reid once
Speaker 5: coached the Philadelphia Eagles.
Speaker 4: I mean this is a really tight knit league.
Speaker 5: I mean it's part of what is driving exactly what
Speaker 5: Mark was talking about. There, These massive valuations. These are
Speaker 5: very smart business people. You and I talk about this
Speaker 5: all the time. This is a juggernaut. It is a
Speaker 5: global juggernaut. Amazing to me how much he really leaned
Speaker 5: into the international side and absolutely rest of their being there.
Speaker 2: Right anytime you go abroad you look at how many
Speaker 2: people are wearing say Kansas City hats or Kansas City jerseys.
Speaker 3: I mean, that's a big part of it.
Speaker 2: They've got to monetize off of that, you know, tap
Speaker 2: into that all right, Coming up, the potential for an
Speaker 2: expanded NFL season.
Speaker 8: If we continue to focus on the safety, I think
Speaker 8: eighteen is a potential.
Speaker 2: We're going to get the flip side of that with
Speaker 2: Lloyd Howell, Junior, head of the NFL Players Association, this
Speaker 2: is the clothes on Bloomberg.
Speaker 8: If we continue to focus on the safety, I think
Speaker 8: eighteen is a potential. And as you know, we would
Speaker 8: take a preseason game away, so we would keep within
Speaker 8: that twenty game framework. We actually started fourteen and six preseasons,
Speaker 8: we went to sixteen and four and now seventeen and three,
Speaker 8: so eighteen and two is a logical step, but we
Speaker 8: would only do that with the players.
Speaker 2: That was Roger Goodell, the NFL Commissioner, talking with David
Speaker 2: Rubinstein on the potential for an expanded season, but the
Speaker 2: NFL Players Association is pushing back, the head of the association,
Speaker 2: Lloyd Howell Junior, saying no one wants to play an
Speaker 2: eighteenth game.
Speaker 3: I'm pleased now to say we're joined by the man himself,
Speaker 3: Lloyd Howell Junior.
Speaker 2: Lloyd, it's good to speak with you, and I know
Speaker 2: that you just heard the clip we played there. Your
Speaker 2: members oppose eighteen games, yet you heard Roger Goodell speaking
Speaker 2: about it as if it were a formality.
Speaker 3: Why do you think that is?
Speaker 9: Oh, I think our membership completely appreciates what the opportunity
Speaker 9: would be for the economics in the current all revenue split.
Speaker 9: On paper, the academics would say, yeah, just keep adding
Speaker 9: additional games. But where I believe Roger and I do
Speaker 9: agree is the science has to support the health and
Speaker 9: welfare of the players instead of just adding more games
Speaker 9: for financial reasons. And that is still a big question mark.
Speaker 9: We need to know more about recovery. We need to
Speaker 9: know what's the proper amount of time nutritional issues for
Speaker 9: recovery as opposed to just adding another game. The other
Speaker 9: dynamic is what's the complexion of the eighteen potential eighteen
Speaker 9: game season. I think the league has had a lot
Speaker 9: of commentary about wanting to do more international games. My
Speaker 9: previous life traveling around the world, not being a professional
Speaker 9: football player, it takes a moment to recover. It can
Speaker 9: be depending how far away you go, even longer. So
Speaker 9: it's not just the length of the season, it's also well,
Speaker 9: how many games would be overseas and how far away,
Speaker 9: what's the recovery time, what's the structure of the league
Speaker 9: looks like, and then ultimately what are the finances that
Speaker 9: would benefit our membership.
Speaker 2: So the NFL has announced games in Ireland in Australia
Speaker 2: so far. What has been the player's single biggest concern
Speaker 2: about international travel? What have you gathered from them?
Speaker 9: It comes in different dimensions. There's the sort of logistics
Speaker 9: of business travel, like size of plane, you know, how
Speaker 9: large are the seats, where are we staying once we
Speaker 9: get to the location? How close so far away is
Speaker 9: it from the venue? You know, those are sort of
Speaker 9: what I would describe business travel issues. But then I
Speaker 9: think more importantly it's what's the recovery time? Do I
Speaker 9: have a bye week after going overseas or am I
Speaker 9: expected to play you know, the next Sunday or Thursday.
Speaker 9: So there are lots of different dynamics that hang off
Speaker 9: of just playing overseas, and the least of which how
Speaker 9: many different time zones and you know, what's that going
Speaker 9: to look like when I when I returned to home.
Speaker 9: So in one sense, there are logistics of travel. Another sense,
Speaker 9: it's recovery. Another sense it's you know, how do you
Speaker 9: include the players as a part of any potential expansions
Speaker 9: The league has an objective around.
Speaker 5: Lloyd, I wanted to talk about a different aspect of
Speaker 5: the economics of the NFL. You know, we've had so
Speaker 5: much talk about new money coming in institutional capital. We
Speaker 5: just talked about that with Mark Donovan over at the
Speaker 5: Kansas City Chiefs. You worked at Goldman Sachs, you worked
Speaker 5: at Buzzell, and you understand this analysis as well as
Speaker 5: anyone the shared economics of this league. What's the best
Speaker 5: way for the players to continue to be partners and
Speaker 5: economic partners? Does that entail being equity partners?
Speaker 4: It could?
Speaker 9: I think there are more homework needs to be done,
Speaker 9: I think, rightfully, So there's sensitivity around would this investment
Speaker 9: create any sort of conflicts of interest or would it
Speaker 9: go through an into mediary where you have an arm's
Speaker 9: length arrangement where you know that their capital can be
Speaker 9: put to use and the integrity of the game isn't
Speaker 9: compromised in any kind of way. So there are details
Speaker 9: that need to be worked out. But with the abundance
Speaker 9: of capital, given the attractiveness of the investment. On your
Speaker 9: last interview you highlighted, you know, franchise valuations, the valuation
Speaker 9: of the Shield, it's doing very well, and as a
Speaker 9: part of that, why not have your workforce participate in
Speaker 9: that accretion. And I think it makes all the sense
Speaker 9: in the world for that to be permissible. But the
Speaker 9: details of it have to be worked out.
Speaker 5: So is there a world where you and that sort
Speaker 5: of an FLPA sponsored fund that then you know, willing
Speaker 5: players or enthusiastic players could invest into, and then essentially
Speaker 5: a private equity fund that invest on behalf of the players.
Speaker 4: For sure.
Speaker 9: I mean there are probably several obvious schemes where that
Speaker 9: could work. Certainly, our membership has more of an equity
Speaker 9: mindset than ever. Maybe that's due to the introduction of nil.
Speaker 9: Maybe that's how they're coming into the league. It's a
Speaker 9: little bit different than in previous generations. So they themselves
Speaker 9: appreciate what private equity means, they appreciate what investment means,
Speaker 9: and they would like the opportunity to participate in that
Speaker 9: accretion of the game they love and the teams they
Speaker 9: played for.
Speaker 2: I mean, getting equity you would go a long way.
Speaker 2: But we go back to the idea that to really
Speaker 2: meet the demand eighteen games a season, more international games overseas,
Speaker 2: all that takes a physical toll.
Speaker 3: I'm curious whether.
Speaker 2: I'm curious whether there's an idea that you know, maybe
Speaker 2: the players need to concede on roster's being expanded. Should
Speaker 2: each team have more players than what they have right
Speaker 2: now so that the player's physical health can be spared.
Speaker 9: Yeah, I mean you're certainly raising dimensions that once you know,
Speaker 9: we open up the CBA and we get into it
Speaker 9: would need to be put on the table. So when
Speaker 9: I said, hey, I haven't talked to a player who
Speaker 9: you know, wants to play an eighteenth game, that's in
Speaker 9: the absence of all these other dimensions that need to
Speaker 9: be addressed. You know, recovery economics, you know, their health
Speaker 9: and wellness and we're just not there. So it's just
Speaker 9: a human reaction that if I say, hey, do you
Speaker 9: want to do more with no change, and they'll go like.
Speaker 4: No, I don't want to do that.
Speaker 9: And so here we are to all the dimensions you
Speaker 9: you put out there that would need to be addressed,
Speaker 9: and that's just not a snap of the fingers, and
Speaker 9: we get to agreement. Yeah, get to agreement, just depending
Speaker 9: on how those other dimensions get adjudicated.
Speaker 2: All right, good stuff, Lloyd, really appreciate your joining us today.
Speaker 2: Thank you so much for the thoughtful responses. Lloyd Howell
Speaker 2: Junior is head of the NFL Players Association. Really important
Speaker 2: questions that need to be asked, and certainly you know
Speaker 2: he has a difficult job of trying to get everyone
Speaker 2: non consensus.
Speaker 5: Well, and what a fascinating moment for these players, right,
Speaker 5: I mean, the world has really come to them in
Speaker 5: a lot of ways.
Speaker 4: They have a fascinating model.
Speaker 5: I think in the NBA, where the players really have
Speaker 5: I would argue a stronger voice in really how the
Speaker 5: league is run. You know, this is a new head
Speaker 5: of the relatively new head of the NFLPA. So interesting
Speaker 5: it comes from a Wall Street and the consulting background. Yes,
Speaker 5: very different from his predecessor d. Smith, and so interesting
Speaker 5: to see what the voice looks like. I love the
Speaker 5: idea of players investing in the league.
Speaker 4: You see it in other leagues.
Speaker 5: And the NFL is often the last to come, but
Speaker 5: when they do, they come big.
Speaker 2: No, that's a great point, but I think they would
Speaker 2: just as quickly want to get something like guaranteed contracts,
Speaker 2: which are rarity in the NFL and which are basically
Speaker 2: default in the NBA and the MLB.
Speaker 5: Well, and also really important to remember in the NFL,
Speaker 5: the average career is about three and a half years,
Speaker 5: and so the money needs to be there and be
Speaker 5: there with a certain level of certainty you're exactly right,
Speaker 5: and it needs to be their longer term, and so
Speaker 5: having a longer term investment in the teams or in
Speaker 5: the league may be that much more important the NFL.
Speaker 3: Absolutely to both the teams and the players themselves.
Speaker 2: Let's check in with our colleague, who is at the
Speaker 2: Super Bowl, who is in New Orleans, Because much of
Speaker 2: the country and for the world and the world for
Speaker 2: that matter, is excited to be at the game or
Speaker 2: watching the Big.
Speaker 3: Game on Sunday.
Speaker 2: For residents of New Orleans, though it does mean lots
Speaker 2: of revenue streams will be flowing into the Big Easy.
Speaker 3: Let's check in with Randall.
Speaker 2: Williams, Bloomberg News US sports business reporter. He is in
Speaker 2: the city and he joins US now with a bit
Speaker 2: more color. We were joking around about whether bank CEOs
Speaker 2: show up there or not. But you've been there all
Speaker 2: week and you've seen kind of the flow and the
Speaker 2: tide of people coming in.
Speaker 3: There's also a lot of security on.
Speaker 2: The ground as well, because you had the terrorist attack
Speaker 2: on New Your's Eve, the reported terrorist attack or what
Speaker 2: people are calling terrorist attack, as well as President Trump
Speaker 2: scheduled to arrive for the Big Game as well.
Speaker 10: Yeah, there is more security than I've ever seen at
Speaker 10: a Super Bowl. They have the popular streets like Bourbon
Speaker 10: Street blocked off. There's military vehicles that I only see
Speaker 10: in movies out on these streets. Like it's pretty incredible.
Speaker 10: And you know, President Trump coming in town is only
Speaker 10: going to heighten that. The NFL is already preparing for it.
Speaker 10: It'll be really interesting. I'll probably be walking back to
Speaker 10: my hotel after the game, all right.
Speaker 5: So, Randall, I have seen you at these events you
Speaker 5: are working the rooms like nobody else out there.
Speaker 4: You're talking to deal maker.
Speaker 5: I appreciate, we know how many deals are getting done,
Speaker 5: Like what's the chatter, what are people talking about? You've
Speaker 5: been covering the private equity deals, Like what's top.
Speaker 4: Of mind for the business folks there this week?
Speaker 10: Well, you just talked to Lloyd and I think it
Speaker 10: was really interesting being at Roger Goodell's press conference on Monday.
Speaker 10: There's a lot of talk about this eighteen game season,
Speaker 10: sixteen international games, and I ask Goodell if he would
Speaker 10: sell an international package and he said yes. He even
Speaker 10: mentioned Netflix by name, so to hear him say a
Speaker 10: eighteen game, sixteen game international package. Then you go to
Speaker 10: Lloyd Howe's press conference from the NFLPA and for him
Speaker 10: to say no one wants an eighteen game season. Then
Speaker 10: I talked to Jon Robinson and Atlanta Falcons running back
Speaker 10: and he says, you know, I'd love to play eighteen games.
Speaker 10: So there's a lot of thoughts around this eighteen game season.
Speaker 10: It's not collected collective bargaining time yet, but it sounds
Speaker 10: like it's going to be a battle, or they're going
Speaker 10: to need to be. Roger Goodell's going to need to
Speaker 10: need to do some convincing.
Speaker 2: He's going to need to Okay, well, we'll of course
Speaker 2: look to your reporting to hear what happens there.
Speaker 11: Randall.
Speaker 2: Your reporting also featured the Super Bowl halftime show because
Speaker 2: for a lot of people who aren't Football Lands fans,
Speaker 2: that is where the action is and Rock Nation, jay
Speaker 2: Z's company has actually made the halftime show a good
Speaker 2: thing again, something cool, something to talk about. For a
Speaker 2: couple of years, it was kind of like an afterthought.
Speaker 2: People went to the bathroom during the halftime show so
Speaker 2: they could get ready for the third quarter.
Speaker 10: Yeah, Rock Nation took over things and it's cultural relevance
Speaker 10: is higher than it's ever been. Usher had the most
Speaker 10: watched halftime show ever. Rihanna had a good halftime show.
Speaker 10: And so when you think of the super Bowl and
Speaker 10: the NFL really now the most grand event the super Bowl,
Speaker 10: people are tuning in for the artists too, and the
Speaker 10: artists see that. I think Usher had a five hundred
Speaker 10: and fifty percent increase on Spotify. I'm sure Kendrick will
Speaker 10: see a similar thing. And the artists are using these
Speaker 10: platforms to drop music to make announcements. I think Usher
Speaker 10: released an album, and Rihanna announced she was pregnant, So
Speaker 10: we'll see what Kendrick does on Sunday.
Speaker 2: All right, good stuff, Bloomberg's Randall Williams really appreciate you
Speaker 2: and of course we'll catch it back when you were
Speaker 2: back in New York after the Big Game.
Speaker 10: Absolutely, thank you for having me.
Speaker 3: All right.
Speaker 2: One of the ways yours can tune in to watch
Speaker 2: the Big Game is through two B, the streaming service
Speaker 2: will be hiring the Super Bowl halftime Show and ads
Speaker 2: live and for free. This is a major milestone for
Speaker 2: the ad supported streaming service. Joining us now to discuss
Speaker 2: this is Angeli sud the CEO of to B Angulie.
Speaker 3: Good to speak with you.
Speaker 2: Tell us a little bit more about how this deal
Speaker 2: came together where you are now airing the Super Bowl
Speaker 2: for free.
Speaker 12: Hi, it's Scarlett. It's great to be in New Orleans.
Speaker 13: We're very excited about Sunday Box is doing a special
Speaker 13: takeover of to B on game day. Americans will be
Speaker 13: able to tune in to the game, the pregame show,
Speaker 13: the halftime show, the trophy ceremony, all pre live in
Speaker 13: four K through to B. And the reason that we're
Speaker 13: doing this is because we want to broaden and expand
Speaker 13: the reach of America's biggest sporting event and a.
Speaker 12: Cultural moment to many more people.
Speaker 13: The majority of two b's userbase, we have nearly one
Speaker 13: hundred million monthly active users, the majority or Gen Z
Speaker 13: and millennials, and the majority aren't subscribed to cable. So
Speaker 13: this is just a really great, unique opportunity to bring
Speaker 13: the game to all of those folks who maybe aren't
Speaker 13: die hard football fans, maybe are more interested in the
Speaker 13: commercial and the halftime show, and so we're very excited.
Speaker 13: We're also going to be doing an exclusive red carpet
Speaker 13: only on to be before the game, where you'll be
Speaker 13: able to check out the fashion and celebrity around the
Speaker 13: game and even shop looks from your phone.
Speaker 2: Okay, so you are appealing to the cored nevers that
Speaker 2: may not be die hard sports fans. I'm sure. Also
Speaker 2: part of this is to increase your user base. You
Speaker 2: have about ninety seven million monthly active users. What to
Speaker 2: anticipate that to go to to rise to once you host,
Speaker 2: once you stream the Super Bowl.
Speaker 13: Look, I think right now our goal is to deliver
Speaker 13: delight and a great experience to as many Americans as
Speaker 13: we can. But there's no questions, Scarlet, this is a
Speaker 13: great opportunity to introduce to the value proposition to more
Speaker 13: of America. Yes, we have nearly one hundred million monthly
Speaker 13: active users, but there are a lot of Americans that
Speaker 13: don't know that to B is one hundred percent free
Speaker 13: and that we have the world's largest collection of premium
Speaker 13: movies and TV series. So our goal is absolutely to
Speaker 13: introduce more people to that offering and then ultimately to
Speaker 13: engage them and have them be watching lots of TV
Speaker 13: in the future.
Speaker 5: And so we know that the Super Bowl is I mean,
Speaker 5: it's called the Big Game for a reason. It literally
Speaker 5: is the most popular thing to consume to watch on TV.
Speaker 5: You know, seems like an antiquated things to say, just
Speaker 5: to watch. What does this tell us about your future
Speaker 5: investment and your ongoing investment in sports? This is clearly
Speaker 5: something that captures everyone's imagination, you know, from the diehard
Speaker 5: fans to the sort of culturally interested as you alluded to.
Speaker 5: So what's the playbook from here for to B when
Speaker 5: it comes to sports?
Speaker 13: So to be is a free ad support and streaming service,
Speaker 13: and what you'll see us do is going to be
Speaker 13: very different from others. Where we're most interested is how
Speaker 13: can we tell stories.
Speaker 12: Around where sports meets culture?
Speaker 13: Super Bowl being a great example of sports and culture,
Speaker 13: but you will see us invest in a lot of
Speaker 13: other things that sort of do that. Examples include a
Speaker 13: talk show that we have on TV right now with
Speaker 13: Coach Prime Deone Sanders talking more about culture and what's
Speaker 13: happening in America. We had our highest performing, most watched
Speaker 13: title on TV ever recently and it's a young adult
Speaker 13: through romance movie about a football player that's based on
Speaker 13: a Watpad novel and stars a TikTok influencer.
Speaker 12: So you'll just.
Speaker 13: See to be do more and more around sports meets
Speaker 13: culture storytelling versus the premium.
Speaker 12: Live sports rights, just given that those are.
Speaker 13: Very expensive and competitive as we all know.
Speaker 5: And as you think about doing more in sports, are
Speaker 5: there things that you do less of in order to
Speaker 5: make room for sports?
Speaker 14: Now?
Speaker 13: I think you know the reality is to be an
Speaker 13: incredible momentum. We've been growing really quickly, and we continue
Speaker 13: to invest and do more around the types of content
Speaker 13: that we put out there, and in general, I think
Speaker 13: you'll see us just we'll look to do things differently.
Speaker 13: We'll try new things. But really what's driving that is
Speaker 13: what are our fans telling us. And again, those fans
Speaker 13: tend to be cordless, they're younger, they're more diverse, and
Speaker 13: their tastes are a little bit different, and they're evolving
Speaker 13: at the speed of TikTok. So I think it will
Speaker 13: just be a lot more of trying to be have
Speaker 13: a pulse on what's culturally relevant and then trying to
Speaker 13: deliver that through the content that we offer.
Speaker 2: Angelie, really appreciate your joining us. Angrelie sud is CEO
Speaker 2: of toub, which will be streaming the Super Bowl for free,
Speaker 2: the ad based streaming service on Sunday, and of course
Speaker 2: toob is owned by Fox, so it makes sense that
Speaker 2: they be partnering on this. The question is will the
Speaker 2: infrastructure be able to handle it? Will be like Flix
Speaker 2: in the tyson Pal match.
Speaker 5: Yeah, I mean this is the big question for these
Speaker 5: streaming services is like can they handle I mean a huge,
Speaker 5: massive event like this. I'm fascinated to see who tunes
Speaker 5: in and then who sticks around to to be right,
Speaker 5: I mean, what's the conversion rate where we're like, oh, yeah,
Speaker 5: I sort of like this. I like this take on sports.
Speaker 2: Yeah, it's going to be my go to place now,
Speaker 2: all right, It's not just the big game itself. One
Speaker 2: of the biggest draws of the Super Bowl or the
Speaker 2: television ads that air, often starring celebrities.
Speaker 3: Now.
Speaker 2: One of those ad campaigns is backed by the Foundation
Speaker 2: to Combat Anti Semitism, with former quarterback Tom Brady and
Speaker 2: rapper Snoop Dogg leading the charge. Their message for viewers
Speaker 2: is pretty simple, Let's unite against hate in all its forms.
Speaker 2: Here's part of our conversation with New England Patriots owner
Speaker 2: Robert Kraft, who is founder of the Foundation to Combat
Speaker 2: Anti Semitism.
Speaker 14: The American people are great people. We've found eighty percent
Speaker 14: of Americans don't understand what's going on in terms of
Speaker 14: hate building them up in this country, and it's doing
Speaker 14: it like it's never done before in my lifetime. And
Speaker 14: why people would hate someone because how they worship God,
Speaker 14: or what their political feelings are, or what their skin
Speaker 14: color is. You know, we all our families all came
Speaker 14: to this country and we're able to live the dream
Speaker 14: because of the way we accepted everything in America. And
Speaker 14: I think there's been a growth of hate. We last
Speaker 14: year at the Super Bowl, we had doctor Clarence Jones,
Speaker 14: who wrote Martin Luther King's I Have a Dream speech,
Speaker 14: and his basic message was that silence from people who
Speaker 14: see inappropriate behavior is the worst enemy of Americans. And
Speaker 14: we preached that message, and now we're asking people to
Speaker 14: re evaluate why they hate. You know, we're born with
Speaker 14: empathy and love, and hate is learned, and it's so
Speaker 14: dysfunctional to what's great for America. You know, in twenty nineteen,
Speaker 14: I started this foundation because after seeing Charlotteville in the
Speaker 14: Tree Alive, I saw signs of what was going on
Speaker 14: in Germany in the thirties. Yeah, and I want a
Speaker 14: repeat of the forties.
Speaker 1: The two folks are featured in that ad. One Tom
Speaker 1: Brady of course, who you have a long standing relationship with,
Speaker 1: and Snoop Dogg of course, who has a long standing
Speaker 1: relationship with Tom Brady. What was their reaction when you
Speaker 1: approached them about doing this ad.
Speaker 14: Well, you probably wouldn't believe it, but I've had a
Speaker 14: relationship with Snoop for thirty years and you know when
Speaker 14: I called him, you know, he just said, hey, brother,
Speaker 14: I'm in for preaching love. Whatever we can do to
Speaker 14: stop this paid count me in one hundred percent and
Speaker 14: that really, you know, people wouldn't think we have that
Speaker 14: connection and have worked together and other things. And then
Speaker 14: of course Tom Brady is one of a kind in
Speaker 14: his field and so special and unique and one of
Speaker 14: the greatest human beings on the planet for him to
Speaker 14: be willing to speak out as well, and he liked
Speaker 14: the idea of the two of them from different backgrounds
Speaker 14: speaking about what was good for the American people and
Speaker 14: all people.
Speaker 2: Absolutely, Robert, I'm curious how you plan to measure the
Speaker 2: effectiveness of this ad campaign on Super Bowl Sunday and
Speaker 2: of course during the week leading up to it and
Speaker 2: other efforts to amplify the cause.
Speaker 3: You're abled obviously to track views, but beyond that, how
Speaker 3: are you measuring the impact.
Speaker 14: Well, we have a very scientific way of an interview
Speaker 14: process where it's over eight thousand people random selected from
Speaker 14: our group and they educate us in terms of these
Speaker 14: are people who we've had no contact with. It's done
Speaker 14: very scientifically, and what we learned from that is how
Speaker 14: we want to proceed to try to continue to educate
Speaker 14: the American population.
Speaker 1: Given your background with the Patriots, I mean, there has
Speaker 1: been a lot of talk over the years how sports
Speaker 1: was kind of one of those you know, unilateral unifiers
Speaker 1: in this country. You know, of course we all pick
Speaker 1: our cities and our teams, but at the end of
Speaker 1: the day, if you go to a stadium or you
Speaker 1: go to a bar to watch the games, you're probably
Speaker 1: the most diverse city you're going to see in any
Speaker 1: sort of stage in your life. And I'm wondering, can
Speaker 1: it be that again or was that never the case?
Speaker 6: Now?
Speaker 14: I really believe that sports and music other those are
Speaker 14: the two things that bring people together from all walks
Speaker 14: of life, all backgrounds. Those of us who have benefited
Speaker 14: by this country have a responsibility to stand up. And
Speaker 14: I've had a lot of wonderful people contribute to us
Speaker 14: who want to be part of the effort because we're
Speaker 14: just trying to lead and help manage a great group
Speaker 14: of people that have this on their agenda to fight
Speaker 14: back and push back against all this.
Speaker 2: Hate and our thanks again to Robert Kraft for joining us.
Speaker 2: He's the founder of the Foundation to Combat Anti Semitism.
Speaker 2: Of course, also the owner of the New England Patriots.
Speaker 2: And it goes to the point that the NFL has been
Speaker 2: pretty vocal in terms of talking about anti hate. They
Speaker 2: had this end racism messaging in the end zone for
Speaker 2: the last couple of years.
Speaker 3: This year they're changing that to choose love. They started
Speaker 3: doing that the later rounds of the playoffs.
Speaker 4: Yeah, it's interesting.
Speaker 5: I mean, what you heard Rubber Kraft talk about there,
Speaker 5: which I think cannot be emphasized enough, is people listen
Speaker 5: to sports figures and entertainers probably more than anyone, and
Speaker 5: so the recognition you know, you see Snoop Dogg and
Speaker 5: Tom Brady, these are two of the most famous and
Speaker 5: influential people in the world. People pay more attention to
Speaker 5: the Kansas City Chiefs because Taylor Swift is a big fan,
Speaker 5: because their boyfriend plays on the team, and you know,
Speaker 5: you think back to twenty twenty Lebron James coming out
Speaker 5: the way that he did around certain social issues. They
Speaker 5: have a platform that, if they use for good, can
Speaker 5: be extremely influential.
Speaker 2: And can be instantaneously effective as well. I mean, people
Speaker 2: are going to be talking about these ads. In fact,
Speaker 2: that's why they roll it out. We can advance to
Speaker 2: kind of build.
Speaker 4: Up the interest for it totally.
Speaker 2: All right, Still ahead, We're going to talk about the
Speaker 2: rising popularity of sports betting with Fanjuel's CEO. Any how,
Speaker 2: This is the close on Bloomberg. The Super Bowl is
Speaker 2: traditionally the biggest betting day in the US. Americans are
Speaker 2: expected to place an estimated one and a half billion
Speaker 2: dollars in legal wagers on Sunday's matchup between the Kansas
Speaker 2: City Chiefs and the Philadelphia Eagles. I had the chance
Speaker 2: to catch up with FanDuel's CEO anyhow, and she told
Speaker 2: me about how her company is planning to capitalyze off
Speaker 2: of the fifteen billion dollars sports betting industry.
Speaker 3: Take a listen.
Speaker 15: The Super Bowl is always the biggest sports betting day
Speaker 15: of the year, and this year will be no exception
Speaker 15: at all. From a handle perspective, it's actually pretty even
Speaker 15: a slight edge towards the underdogs. The Philadelphia Eagles have
Speaker 15: about fifty two percent of the handle, a bit more
Speaker 15: skewedid when you look at the beck count. But where
Speaker 15: the real excitement is is around the player props. Right,
Speaker 15: You've got Saquon Barkley, who is the odds on favorite
Speaker 15: for MVP, and of course you know all the usual suspects.
Speaker 15: My home Jalen Hurts Kelsey for anytime touchdown scores. One
Speaker 15: of the things that we have at FanDuel this year
Speaker 15: which we're very excited about, is a new product called
Speaker 15: Your Way, which is live in all the sports betting
Speaker 15: markets that we compete in, and it effectively gives consumers
Speaker 15: unlimited choice and control. So you know, you might go
Speaker 15: into the fandel app and see Travis Kelcey receiving sixty
Speaker 15: sixty yards or so, you can toggle that and it'll
Speaker 15: reprice the market and you can.
Speaker 11: Parlay just about anything you want.
Speaker 15: So we're very excited about that for this year, which
Speaker 15: gives you lots of different options to bet on the share.
Speaker 2: So basically it allows people to customize their bests. So
Speaker 2: are there a lot of new markets created during the
Speaker 2: course of the game that people can then bet on.
Speaker 11: Yeah, that's exactly right.
Speaker 15: So you know, you can any player prop you can customize.
Speaker 15: You can actually increase or decrease the line and it
Speaker 15: recalculates the odds. But there's also some great head to
Speaker 15: head markets which are really popular. You know, the homes
Speaker 15: to pass for more yards than herds, and then you
Speaker 15: can parlay those and so what you're seeing is a
Speaker 15: lot of creativity, right, You've got you know, twenty leg
Speaker 15: parlay bets that consumers are going in and it's really
Speaker 15: it is your bet, so we're very excited about it.
Speaker 2: This is expected to be a pretty close game, as
Speaker 2: implied by a smaller than average point spread. I know
Speaker 2: that there are some six hundred separate markets that people
Speaker 2: can bet on. Can you give us a sense of
Speaker 2: which ones are unique to FanDuel that only you offer.
Speaker 15: Well, there's there's specials that we offer every year. So
Speaker 15: we've got a you know, we've got a jackpot for
Speaker 15: five million dollars this year. We've had a special that
Speaker 15: was popular throughout the entire NFL season, which is each
Speaker 15: team to score a rushing and a passing touchdown in
Speaker 15: each half. So that one's really popular. But probably the
Speaker 15: most unique thing is this your Way product. Well, we
Speaker 15: also have this year as we have brought back the
Speaker 15: Cake of Destiny for the third year and this has
Speaker 15: really kind of become part of the Super Bowl. So
Speaker 15: we have Eli and Peyton Manning who are going to
Speaker 15: compete in a live kicking competition on Sunday at three
Speaker 15: o'clock Eastern. Consumers can go in into the Fandel app
Speaker 15: and they can decide if Eli or Peyton is going
Speaker 15: to win, and if you choose correctly, you get a
Speaker 15: share of ten million dollars a bonus bets so that
Speaker 15: you certainly can't find in any other sportsbook out.
Speaker 2: Yeah, building off the Manning Brothers franchise and brand that
Speaker 2: they've really built up.
Speaker 3: The American Gaming.
Speaker 2: Association forecasts a record one point three nine billion dollars
Speaker 2: in Super Bowl bets this year, which is just kind
Speaker 2: of mind boggling. Can you give us a sense of
Speaker 2: what FanDuel's share of that would look like?
Speaker 15: You know, it's hard to predict what our share of
Speaker 15: the super Bowl is going to be. If you know,
Speaker 15: if you look at our share over these are numbers
Speaker 15: that we shared at our investor day. You know, we've
Speaker 15: we've got we've had about a call it a forty
Speaker 15: five percent share of the market. Those numbers are going
Speaker 15: to bounce around a bit, but we have not just
Speaker 15: sustain but really strengthen our leadership position over us if
Speaker 15: you go all the way back to twenty eighteen when
Speaker 15: the Supreme Court repealed PASPA.
Speaker 11: So we've had a great position.
Speaker 15: We've got a phenomenal product this year, and so we're
Speaker 15: excited to see it's one of the most important days
Speaker 15: of the year because we're also bringing a lot of
Speaker 15: new users onto the platform and it's an important way
Speaker 15: for us to educate consumers as well as we do
Speaker 15: that on how to bet responsibly. So it should be
Speaker 15: a great day. We'll see where the numbers fall out.
Speaker 9: Well.
Speaker 2: Security, we know we'll be stepped up in the city
Speaker 2: of New Orleans following the New Year's Eve attack in
Speaker 2: the city.
Speaker 3: Do you see that translating into.
Speaker 2: Fewer visits by people to the city and therefore an
Speaker 2: increase in terms of mobile bets.
Speaker 15: You know, it's hard to I don't know the actual
Speaker 15: visitation numbers. Just being in the city of New Orleans
Speaker 15: right now, it's certainly bustling. I don't think it's going
Speaker 15: to have a huge impact on the numbers. You know,
Speaker 15: we're live in twenty four states, which is over fifty
Speaker 15: percent of the US population, and you know, Super Bowl
Speaker 15: is by far the most important betting day of the year.
Speaker 15: But it's a it's a great way for you know,
Speaker 15: new users who are big NFL fans but may have
Speaker 15: never had an opportunity to bet before. It's a it's
Speaker 15: a fun way to do it and you know, it's
Speaker 15: a it's a very social, engaging way to make the
Speaker 15: Super Bowl, which is already fun, even more engaging.
Speaker 2: And that was my conversation with Amy Howse, CEO of
Speaker 2: Fan Duel, and Jason. It is really interesting to think
Speaker 2: about how, like maybe five ten years ago, sports betting
Speaker 2: was not as prominent. It was not even prominent, and
Speaker 2: the only way you really bet on sports at the
Speaker 2: Super Bowl was like those squares that you bought, you know,
Speaker 2: through your office team office colleagues.
Speaker 4: Oh yeah, you would.
Speaker 5: You would show up at the super Bowl party and
Speaker 5: like somebody's kid would be running around you like fill
Speaker 5: in this box and give me five bucks, and you're
Speaker 5: like okay, or you know, if you were really into it,
Speaker 5: you'd have to literally call your bookie. I mean, it's
Speaker 5: crazy to think about how much the public has have
Speaker 5: raced it, but also how much the leagues themselves are
Speaker 5: like all in all of this content that is built
Speaker 5: around the lines.
Speaker 2: Their entire shows built around this, right, And Adam Silver
Speaker 2: was the first sports commissioner to start talking about it
Speaker 2: as you know, like maybe we need to think about
Speaker 2: this in a different way.
Speaker 5: Yeah, it's crazy, but I mean it also speaks to
Speaker 5: how deeply embedded sports and this game are in the culture, right.
Speaker 4: I mean, this is in a world where.
Speaker 5: We aren't always watching the same things. We're almost never
Speaker 5: watching the same things. Everybody knows about this game.
Speaker 2: You can't afford not to watch this game because that's
Speaker 2: what everyone's going to be talking about. And you don't
Speaker 2: even have to like the game or know the players,
Speaker 2: but you got to know about the commercials. You just
Speaker 2: need to be able to take part in the conversation
Speaker 2: that happens the following day.
Speaker 5: And you wonder why these teams are worth billions and
Speaker 5: billions of billions of dollars in growing This is why,
Speaker 5: because people are tuning in, those media rights are huge.
Speaker 5: The ticket prices go up, so there's just money everywhere.
Speaker 2: And they can't add more teams without changing the math
Speaker 2: of how many games they play and how many teams
Speaker 2: make the playoffs, So it's really a very very limited supply.
Speaker 4: It's amazing drama and we're all going to be tuning in.
Speaker 2: All right, Well that does it for us. My thanks
Speaker 2: to Jason Kelly. Of course, he is a co host
Speaker 2: of the Deal with Alex Rodriguez and Jason Kelly this
Speaker 2: airs what every week.
Speaker 4: Right, every week tune in all right, We.
Speaker 3: Look forward to that.
Speaker 2: In the meantime for more sports coverage, also listen to
Speaker 2: the Bloomberg Business of Sports podcast every Friday, Saturday, and
Speaker 2: Sunday on Bloomberg Radio, where we explore the big winny
Speaker 2: issues in the world of sports, and every once in
Speaker 2: a while we do that on the close here as well.
Speaker 2: Have a great weekend everyone, Hope you enjoy the Super Bowl,
Speaker 2: whether you watch it live or whether you watch it
Speaker 2: on television ory stream it.
Speaker 3: This is Bloomberg