Laurence Hulse

And I'm going to condense this for effect because I don't want to go on for hours and hours.

And we do a lot of work to qualify these ideas.

But long story, they were generating some great cash flows, but burning them all.

And because of that, and the fact it was deemed a kind of legacy industry, broadcast media is treated like tobacco today in terms of structural decline, it was a stock with a 35% margin trading on a P of five when we found it.

So we asked ourselves, why?

What's the catch?

What's going on?

The catch was the stock market didn't believe in the strategy.

They thought the new product wasn't going to work and costing lots of money.

And they thought what they did already was great, but dying.

And one of the things we do, and with diligence and ideas, we talk to people that basically know a lot more than I about what we're looking at.

So in this case, we spoke to people in the broadcast world.

And someone quite astutely pointed out to us that, yeah, look, the streamers are cannibalizing traditional television, but they're now going through an absolute arms race for live content, for sports.

And there's loads of reasons for that, which we can go on to another time.

But the interesting thing about sports is even though you stream it, you watch it in a line.

It's live.

You don't just download and watch it.

It's continuous, like a traditional broadcast.

Fast forward, lots of engagement, lots of due diligence, mothballing the previous product, which meant the margins and the cash flows got even better.

The company announced in February this year it won an initial contract with a global streaming giant, I think were the words used, so it's probably one of five companies.