David Rosenthal

The storylines are fully baked and ready to go.

So we're in about two decades of audience stagnation.

That's a great question.

My first instinct is to say I think it's scarcity value in that I don't think there's in the modern media world anywhere else except live football where you can hit a huge amount of people all at once across demographics.

I think that's probably right.

For those networks, for the last decade, run the counterfactual of the networks no longer had football.

They don't exist anymore.

This has been life support for them for a decade.

Right.

And they can resell it like six times over.

Right.

This is probably a good time to bring up the Amazon deal that we've referred to with Thursday Night Football.

And news is coming out, this is the first season that Amazon is the exclusive destination for Thursday Night Football, right?

Correct.

And news is coming out now right at the end of the season that from an economics perspective for Amazon and an ad basis, it vastly underperformed expectations.

really realize that there is a huge amount of value add that the NFL and their partners bring to the product beyond the players.

Now, nobody should ever shed a tear for the NFL and the owners at the expense of the players, ever.

But if you were to make an argument that...

The players are everything.

They are the product.