Ari Emanuel

Carsey Warner, Tom Warner, who owns the Boston Red Sox, and I think he still owns Liverpool, and he owns some foreign team.

So you put the 70s show on or the Cosby show on or Roseanne or you do 150 episodes.

You sell to a station group for $5 million an episode.

150.

You can do the math.

And then you do a second window into cable.

And then a third window happened when Netflix came around.

And then you do that multiple after they've run its course.

The second window of syndication.

The third window of syndication.

The fourth window.

Now, it's really just...

which we just did for The Office and you can do for The Simpsons and you can do for Family Guy and Curb and Seinfeld.

They're paying a lot of money.

For The Office, you're doing it at Comcast.

That's the window.

It's $500 million for the new window.

It's a very good deal.

But then, I think about four years ago, three years ago, the Writers Guild took away our packages.

But it used to be you had all these independents supplying all the content.