Ari Emanuel

And definitely when we bought UFC, they were like at 4.

And all we had to do was kind of make a broadcast deal that then took the multiple down from 20 times to kind of under 10.

We then thought we could take all those assets, my big mistake here, a conglomerate.

The marketplace just didn't understand it.

And so we tried to take it public right before COVID.

Failed.

I didn't realize how hard it was to go back out.

Finally got it back public.

We kind of rolled all of the UFC into endeavor.

And we still weren't getting

No, it's actually just back to George Gilder.

It's back to George Gilder.

There's infinite distribution.

Right.

Many forms of content.

People consume podcasts.

People consume, you know, stuff on Instagram and TikTok.

People consume stuff now on...

the streamers and so and I do I don't believe that traditional business is going away for a long time because a lot of our sports guys have the NFL the NBA has still sold stuff there plus also sold it to the Amazons of the world and so you just have a vast kind of map of where distribution is so distribution has gotten vast but a lot of people would say some people would say

I think there's more content now.