Jon Lee

This was like a decades ago.

Yeah.

Unfortunately, I'm still binded to confidentiality on that.

I have to ask my attorney.

I think that it's valued primarily today on EBITDA.

So operating income, because at the end of the day, you're paying for media, you're generating revenue, the product that you're ultimately building is profitability, right?

You're building, that's the product that you ultimately deliver is the arbitrage between the cost and the revenue.

And so I would look at the EBITDA multiple as probably a good way to value those businesses.

What would the multiple be?

Anywhere between 8 to 15, depending on the growth rate.

Have annual revenue?

That's on EBITDA basis.

Yeah, so my background is mathematics, so I've always been fascinated of where you can apply optimization techniques in any business process.

Interesting.

It was bizarre.

It was all about optimizing the cost against the revenue that we received.

And so what we wanted to do was actually build the hardest thing to do in a hits-driven business, which is to build a hits-making machine.

And so what DNA Games was focused on was building a platform for game developers to...

optimize the gaming experience in real time.

And so back in 2008, during the big Facebook game craze, we had built a Facebook gaming company and platform that allowed developers to be able to do testing on an iterative basis.