Lalit Modi

No, that's not the extreme bull case. That's the bull case. Next, we'll do the bear case. Okay, so bear case, I think there are basically two big things in the bear case. Number one is just challenges of doing business in India, period. I mean, I think if you talk to anybody who invests in India, this is the number one challenge for everything.

No, that's not the extreme bull case. That's the bull case. Next, we'll do the bear case. Okay, so bear case, I think there are basically two big things in the bear case. Number one is just challenges of doing business in India, period. I mean, I think if you talk to anybody who invests in India, this is the number one challenge for everything.

It definitely has been changing, definitely has been getting better as you talk to folks. almost assuredly will continue to do so. However, in order to support an NFL-sized business, this needs to operate in an NFL-like environment. And right now, I think we're basically there. Institutional money is now coming in.

It definitely has been changing, definitely has been getting better as you talk to folks. almost assuredly will continue to do so. However, in order to support an NFL-sized business, this needs to operate in an NFL-like environment. And right now, I think we're basically there. Institutional money is now coming in.

Foreign direct investment is coming into the IPL and is coming into India writ large in a big way. So I think we're there. But if there's any backsliding, that's going to be a real big problem. Yep. Okay. That's the biggest one kind of writ large. And I think the specific one to IPL... We haven't talked about this yet.

Foreign direct investment is coming into the IPL and is coming into India writ large in a big way. So I think we're there. But if there's any backsliding, that's going to be a real big problem. Yep. Okay. That's the biggest one kind of writ large. And I think the specific one to IPL... We haven't talked about this yet.

In November 2024, Viacom 18 slash Reliance and Star Disney merged in an $8.5 billion deal.

In November 2024, Viacom 18 slash Reliance and Star Disney merged in an $8.5 billion deal.

So, basically, we are now down to one viable at-scale bidder for all the domestic media rights. Terrestrial and... streaming, which who knows how that is going to play out. Lollett was a genius at finding and engineering the creation of alternative bidders. On the other hand, this is now at such a big scale. Could you really engineer a competitive bid?

So, basically, we are now down to one viable at-scale bidder for all the domestic media rights. Terrestrial and... streaming, which who knows how that is going to play out. Lollett was a genius at finding and engineering the creation of alternative bidders. On the other hand, this is now at such a big scale. Could you really engineer a competitive bid?

And in 2017, Facebook bid on the digital rights and lost. Now, you might say, well, is that for real? Google and Facebook, you could say they're credible bidders for any media rights anywhere in the world. True. But they also particularly care about India. India is YouTube's largest country by user base. That's so crazy. It's not wild. India's number one, US is number two for YouTube.

And in 2017, Facebook bid on the digital rights and lost. Now, you might say, well, is that for real? Google and Facebook, you could say they're credible bidders for any media rights anywhere in the world. True. But they also particularly care about India. India is YouTube's largest country by user base. That's so crazy. It's not wild. India's number one, US is number two for YouTube.

So yeah, Google cares a lot. And then Facebook and Meta probably care even more because India is, I believe, the largest user base for WhatsApp and also Instagram. India is the largest populations of users on Instagram. Interesting. So they both care a lot and they have a lot of money.

So yeah, Google cares a lot. And then Facebook and Meta probably care even more because India is, I believe, the largest user base for WhatsApp and also Instagram. India is the largest populations of users on Instagram. Interesting. So they both care a lot and they have a lot of money.

Yeah. Basically, I think you have to get Google and Meta bidding.

Yeah. Basically, I think you have to get Google and Meta bidding.

Well, the size of the prize is just so big that if people thought the auction price might drop low enough that you could really make a guaranteed win here, other bidders would emerge. Right.

Well, the size of the prize is just so big that if people thought the auction price might drop low enough that you could really make a guaranteed win here, other bidders would emerge. Right.

Which again, if they're the only bidder in the next auction, means that price is coming down.

Which again, if they're the only bidder in the next auction, means that price is coming down.