Ari Emanuel

And then my life changed because Silver Lake came into my life.

We started buying companies.

We bought IMG.

And we had started building an infrastructure.

Because of IMG, they had sports and events.

An infrastructure to whether it be licensing, distribution, production, a lot of things that companies needed on a global basis, not just a domestic basis.

And then the Fatidas decided they wanted to sell.

And a little before that, we had bought PBR, the professional bull riding, had started turning that thing around.

And Silverleg Egon, my partner Egon Durbin, realized we do more negotiations on the domestic side broadcasting for TV shows and movies than almost anybody else you could handle.

And we'd already done it for other people.

You could handle sports if you owned it.

And I concluded where the world was going.

I was talking about, it's going to go to streaming.

Sports is going to be important.

It was on cable.

It's going to move there because for AVOD and everything.

So we buy it.

Now at the time when we bought IMG, the closest bidder I think was churning at 1.9 billion.

We paid 2.4.

Everybody thought it was the highest price ever paid.