Ari Emanuel

When we bought UFC on the current trajectory, it was 20 times.

If I made the proper domestic deal, I could take the leverage down.

And I thought, I just did the math.

Here's how much they need it because of here's how much programming.

Because remember at the time, Fox owned these RSNs, the regional players, and they had just the spokes off the library.

When I said they have to pay, here's a normal increase.

Not like the rest of your people that sit in this chair when you ask them how they do their analysis.

Cut to, we buy it.

People think we're crazy.

And then the world blows up.

Rupert decides to sell to Disney.

Those two people are not bidding.

Comcast didn't want it.

Warner's didn't want it.

And Paramount had not decided what they were going to be.

So now I'm looking at myself.

We're fucked.

I got no bidders and my contract's coming up in a year.

So we go back to Fox, sans what they were going to have remaining and say, you should buy this.

Lachlan didn't want to do it for his point of view.