Thank you. Equity, that's the nothing personal word of the day it is wednesday august 6th 2025 and we're talking

equity because who doesn't want equity in something anything and equity is what the NFL got in

ESPN after all of the talk of what's ESPN worth, will ESPN sell?

If so, who would be a buyer?

Did any of us see it coming?

Certainly not in baseball, where the NFL has done a deal in order to purchase 10% of ESPN.

And in return, ESPN is getting media assets of the NFL.

Media assets that were grown by the NFL, similarly to what baseball did, what the NBA did, what the

NHL did, starting a network, starting the channel, doing some backroom technology,

trying to add value to your franchises in order to package, get alternatives to games.

NFL Network has games the way MLB Network did,

the possibility of playoff games as competition to the bidders for your media rights.

With the ultimate goal of monetizing it,

and the NFL, as usual, has punished its competitors in the NBA and Major League Baseball by basically,

now, you're going to read a lot about this today, so I want to give it to you in ways that

you can digest and sort of think about how does this impact you and what happened.

Well, the NFL has something called NFL Network. NFL

Network has a bunch of things on it. They've got games, let's say seven games per year. They

have the possibility of some international games, which they had. They've got assets like

Red Zone. That's when you go around and you get what's happening at the end of every game,

at the end of every drive, when there's something exciting going on.

It's like MLB whip around, except it's NFL Red Zone, a hugely valuable property.

...