Okay. Are we good? All right. We're gonna get started. We are happy to have at the conference for the first time Mark Shapiro, President and Chief Operating Officer of Endeavor. Mark, thanks for being here. Thanks for having us. In April, Endeavor announced an agreement with WWE to create a new publicly traded company that will combine the UFC and WWE assets. In the call announcing the deal, Mark, you stated this is a rare opportunity to create a pure play sports and entertainment company with a highly differentiated and attractive value proposition. You also stated you know the WWE team well and referenced the deep and trusted relationship over two decades. Maybe we can start there and have you expand on that. We're really excited about this opportunity. We know the WWE well. We are excited to apply the UFC playbook to the WWE as it comes into Endeavor. The difference is this time we'll have UFC in doing that, whereas last time we didn't have a massive sports league like the UFC when we brought the UFC in, if that makes sense. Look, a lot of history here. WME and IMG have been working with Vince McMahon and WWE for the better part of two decades across media and all kinds of opportunities. In fact, Ari advised on their last media deal negotiation window with both Fox and NBC. We know it well. A lot to be enamored by. Family business becomes a global premium asset. Very exciting and lots of opportunity. I would just say for shareholders, I mean, if you're now really just interested in the UFC, you've got this pure play with TKO, and at the same time, we clearly believe that the rest of Endeavor is trading at a discount, an implied discount, and this should unlock value and the value of the underlying assets that exist within Endeavor. As you can see from our sale recently of, or our announced sale recently of IMG Academy, we have significant assets that are significantly undervalued. At the time of the deal announcement, Endeavor noted, three key building blocks of its strategy that it will apply to the new company, including operating synergies, media rights opportunities, and other revenue synergies from the Endeavor flywheel. Can you speak to these a bit? When you look at... I mean, we're really frothing at the mouth when it comes to the opportunities with WWE. I mean, obviously, Vince McMahon has done an amazing job over decades building this into the blue chip property that it is. Straddles between both scripted entertainment and sports, but clearly become a family-friendly favorite. Here it's Endeavor is going to benefit from being inside of the Endeavor flywheel, is the bottom line. I mean, starting just with media, IMG Media distributes 150 different sports properties into 160 different territories and countries around the world every single year. There are several territories and countries that WWE is either not in right now, not distributed whatsoever, or significantly under-monetized. Lot of reasons for that, but certainly the fact that we have decades of relationships in all these regions. We have 350 offices around the world. We distribute all the properties I talked about. This positions us well for significant revenue upside in the international media deals. Our relationships, obviously, just across the globe and with the studios and platforms that we do so much business with across fashion and Hollywood entertainment, sports, culture overall, will benefit the domestic deals, no question about it. Sponsorship is a lot of low-hanging fruit, and not just national, David, local sponsorship. When we take the PBR city to city, we're selling as much local sponsorship annually as we do national sponsorship. We think from a ticket pricing perspective, WWE isn't maximizing the market. We own Qcue, which is one of the leading dynamic pricing tools in the business. Works with a whole bunch of different teams and federations and leagues around the globe. We're gonna apply Qcue to their ticket sales model. Venue fees. We don't bring the UFC on the road these days, Salt Lake City, Abu Dhabi, New Jersey, Australia, without getting a venue fee. I think now having two of these to offer to venues around the world, there's upside. Of course, licensing, social. I mean, these are both digital sports, both year-round sports. Year-round calendar sports with a lot of volume. I think that these are, in many ways, both for the media renewals and just the overall business, they are unicorns because of how flexible they are, how dynamic they are, how modular they are, and that's gonna play well as our renewals come to pass. Okay, great. Let's shift it over to Endeavor. As you noted, you recently announced an agreement to sell IMG Academy. I think investors prior to this were more conditioned to seeing you buy assets. Academy was somewhat different than your other E&R businesses, but arguably fit into that flywheel 'cause you could reach athletes at an early stage of their career. Can you discuss the decision to sell here? Then just more broadly, how do you think about the portfolio, room to add, room to subtract? I think that Endeavor in many ways over the past year or so has really been labeled a, in some ways, an empire builder because we've been so acquisitive. One of the things I'm most excited about in this deal is to, is to demonstrate to the market we're gonna do what's best for our business. We're gonna do what's best for the portfolio. In fact, we're gonna optimize the portfolio at every opportunity. We're gonna be prudent about it. We weren't looking to sell IMG Academy, not at all. Great business, strong EBITDA return, Incredible profile, great growth profile from a digital perspective, specifically as more and more young athletes are training digitally than necessarily having to be in person. The school is terrific, education, et cetera. We were approached from the outside. We kinda pursued that approach, which led to a couple other conversations. We never marketed it, we never ran a process, but we got an offer that was just too good to pass up, and from a fiduciary perspective, it was the right move for our company. We ended up selling IMG Academy at a 19 multiple, 40 x EBITDA minus CapEx. I think to your point, what it underscores is that on top of or following in the footsteps of Fifth Season, which had another billion-dollar valuation, we have a lot of assets, we have a lot of intrinsic value, that just aren't getting their fair share yet, and we'll have to do a better job of continuing to pound the pavement and get that message across. If you think about it, we purchased IMG for, you know, $2.4 billion, and we ended up selling just IMG Academy. We still have media, we still have the events, we still have fashion, we still have all these other businesses, and we got more than half of what we paid just for the academy. Going forward, we will continue to look at this. There's nothing to announce right now, nothing we're planning to necessarily sell right now, but we, if we think the super growth isn't there, we will absolutely have no qualms of putting something on the market. There's no sacred cows whatsoever. It's all about optimizing the portfolio. Okay. Related to that, Endeavor did announce an event-driven share buyback that's related to the sale of IMG Academy, then the start of a quarterly dividend. Can you expand on the thought process towards starting a return to capital to shareholders, how you balance that against opportunities? Well, right now, we're not hunting for anything on the acquisition side. You know, we've got our work cut out for us. We're very focused on this WWE integration. We're very focused on the operational synergies we think can be had there. We're very focused on the revenue synergies, which can be had there. Again, it's kind of 2.0 if you look at the UFC playbook. We've got our work cut out for it. We're very focused on that. We're anxious to close. We're not getting involved until we close. If and when we do, we see significant upside, hence why we, you know, pursued TKO in the first place and feel so bullish about it specifically in this content environment. I would just tell you that. On capital. On the share buyback and the dividend, where we are on that is our leverage is now in a good place. It's what we were aiming to do. You know, we're now less than 4 x. Once we get past the IMG Academy sale and the TKO transaction, we'll be less than 3 x. By the time we get to the end of 2024, we're gonna be close to 2 x levered, which just underlines the fact that we're a free cash flow generative machine. We think now that leverage is in a good place, we're going to take every opportunity to return capital to shareholders, hence the buyback, hence the dividend. I think that it'll also, specifically with the dividend, it will open us up to a subset of the investor base that is looking for dividend yield. Right. Now might end up being incremental interest in Endeavor, having incremental interest in Endeavor. Okay. A question that did not come up on— You should look at that. We'll say going forward long term— Right. — you know, how we, you know, allocate and how we, our capital and how we look at share buyback and how we look at the dividend, I mean, this is going to be a part of our process. This is gonna be part of our formula. We're gonna be, as I said, super cash flow generative, so we wanna take advantage of that. Our framework will involve those two things as priorities. Understood. Levers. A question that did not come up on the Q1 earnings call, though it had on several earnings calls prior, relates to the overall level of entertainment content spend, and whether that's seeing an adjustment as streamers and media companies recalibrate their strategies. Wanted to see if you could speak to the latest there. Look, there's no, there's no question that there's a tightening of the belt right now. I'm not just talking about the writers' strike. I mean, there is some content contraction. Where you're not seeing content contraction is with premium content. Where you're not seeing content contraction is with premium talent. Where you're not seeing content contraction is with premium sports rights, live sports rights in particular. Those are still going, at, you know, at incredibly high rates, and there's significant competition demand for that kind of IP. Just take sports, for example. A week ago, you know, Peacock bought one NFL Wild Card game for $110 million. Different reasons why they did it. Does it make sense? Is it gonna make money on an ad sales basis? Don't know. Are they buying it to draw more attention to Peacock, retention, subscriber acquisition, ARPU? Who knows what it is? There's multiple reasons why you need premium sports content these days. More and more as the cable bundle erodes, doesn't go away, I think people are getting ahead of themselves there, themselves there. It'll normalize like a 2% drop annually, so it'll still be in 50 million, 60 million homes even two years from now. As it erodes and you have to move more and more customers to streaming, where you have to charge higher prices, which makes it harder to get acquisitions, you are going to need premium content to do it. There's no other way around it. Yeah. If ESPN+ wants to go from 25 million homes or 25 million subs to 50 million and charge more than $9.99, it isn't gonna be tertiary or secondary content that moves the needle. Yeah. It's going to be the big stalwarts that play in the tier one category. It's gonna be those stalwarts that are full calendar year properties, flexible, modular. Can play in different windows, can play at different times, can add incremental, have fight cards like WWE and UFC do that carry through the night, which ultimately improve time spent viewing and engagement. Yeah, there's content contraction, which is cyclical by the way, anyway. At the end of the day, if you're majoring in premium content, which is what WME does as a talent agency and what Endeavor does from a sports ownership perspective, you're gonna be sitting in a good place. Maybe the NFL sees a opportunity to accelerate, right, some of that digital shift. Yeah. Well, they got the, their new deals are just about to kick in, so I think you know, they're not hurting whatsoever, that's for sure. Maybe on the secular side for talent, right, it appears, at least to us, that the value of an artist brand or their IP has never been greater. You've kinda commented, you know, that clients you represent, right, have never had more opportunity. They're launching alcohol lines, they're launching clothing lines— Yeah. — multi-hyphenates. You know, how does the sort of scope of what an artist can engage in, how's that shifted? What role do you kinda play in putting them into these? Look, WME, and make no bones about it, is the source code for our company. You know, it's the genesis of so many of the businesses that we're in and so many of the lanes that we drive in. More and more, to your point, stars, celebrities, athletes recognize in order to increase their longevity and their shelf life and remain relevant beyond social media is they need to be multi-hyphenate. They need to play in these different spaces. Rihanna, Ryan Reynolds, Dwayne Johnson, Serena Williams Inc., as I call it. Right. They're playing in so many different spaces, and we are purpose-built for that. WME has competitors, but there's nobody at their level when it comes to playing across culture the way we bring our artists, our athletes, our celebrities into these new lines of businesses where they have more control over their own destiny and they can stay relevant for as long as they want to. It's a great model for us. We educate and train all of our employees across the board in doing it, and we incentivize them the same way. When you have all these different businesses from, which are really strong double-digit growers, like our media and events businesses, distribution, WME, our sports betting businesses and what that's ultimately gonna mean for athletes. Our sports ownership businesses from the EuroLeague to the PBR to the UFC, On Location, premium ticketing and hospitality. Like, these are all spaces that are very relevant and in demand today. Strong high margin, strong following, and all, despite what might be going on out there in the atmosphere and the macroeconomic environment, are all seeing good consumer health when it comes to chasing these different experiences and opportunities. Right. If I'm paraphrasing, you're not just representing an actor in film and television, but you have literally the assets to, you know, put them into these different— That's right. We have the relationships and the network to open doors for them, but many time those doors are just inside of Endeavor. Right. It's across the way. It's a partner company. Got it. That, I think, is a differentiator. I know is a differentiator for why you would want to be represented at WME and to a greater extent, the Endeavor umbrella. Maybe just staying with talent representation for a minute. A question we sometimes get that I'll put to you is kind of what drives the competitive dynamic within the talent business, right? Specifically, why are there historically only three? At one point, there were four major agency networks. Then you talked to this a little bit, you know, what differentiates WME from a, you know, a mix standpoint? It's all these different genres and lanes that we've talked about, you know? Yes. It's one of the reasons when you have a writers' strike, and I know we're gonna talk about that, while we're not immune, WME's not immune to it, but we're somewhat inoculated 'cause we're so well diversified. Yeah. Our books business is so strong, one of the best in the business. Broadway theatre, so strong. Digital influencers, social influencers, so hot these days, and we trade heavily in that space. Endorsements, sports, models and fashion. These are all areas not impacted whatsoever by a writers' strike and growing significantly. So you know, it sets us up for good positioning. As you can see, you know, I was driving around the city the other day in New York and Chicago, and I'm looking at The Friends exhibition and a Harry Potter e xhibition. You're seeing Shondaland has all kinds of exhibitions going on these days. I would just tell you, like, these TV shows, these books, I mean, they start as one thing, and they ultimately end up having multiple legs into multiple areas that extend globally, great reach, super engagement, and play for years and years and years. Now with streaming being what it is, like a show like Friends, which has a whole new life because the library sits somewhere or still plays every half hour on Turner. Right. And that plays to our favor because, sure, we're the best place to go if you're looking for a great script, if you wanna be packaged into a Broadway show, if you're looking for a tent-pole, a film. It's everything else that gets spawned from that. More and more creators are thinking about those other chapters before they even write the first chapter. Got it. I wanna cover the writers' strike. You kinda teased it a few times, right? That's entering its fourth week. You declined to incorporate the strike into your guidance. I think that makes sense. The duration is completely unknown. You know, can you speak more broadly to how, you know, production shutdowns, impact your business? How much writers, you know, comprise that film and TV portion of WME? Yeah. We mentioned on the earnings call that TV and film represent less than half of our core agency revenues. It goes back to that diversification point. I would tell you that year-over-year, our backends are significantly up. These are shows that have been packaged, and we're continuing to gain on residuals from that. That also helps. Seinfeld gets resold. Right. Seinfeld's not ours specifically, yes, it ends up stemming the tide. We're in a good place from that perspective. Also just remember when it comes to the writers strike, this is temporary. You know, that's what this is. Is it two months? Is it three months? I don't know. Is the debt ceiling gonna get figured out before the deadline? I mean, these are, you know, negotiations that take place, both camps are really trenched in, there's significant issues, it's temporary. It happens to be coming at a time of content contraction. When they get their stuff figured out and streaming gets rolling and content comes back the other way, it's gonna come back in spades. I mean, there's the pipeline that needs to get refilled, development is still going on right now, and demand for premium content will never, ever die. We benefit from that perspective. I would also tell you, it's not just timing, it's growth. There's a growth opportunity for us because when this gets settled, however which way some of these issues get sliced, the writers are going to do better. Right. That's just a fact. Right. That's what no one's asked you about. Yeah. They're not coming back- Yeah. for lesser deals or the same deals. They're going to do better economically. As they do better economically, that plays into the ecosystem. Then we as the leader in that space, WME, will take our fair share of that ecosystem. I wanna shift over to own sports. I guess first, like, if we look at viewership for UFC over the first third of the schedule, the linear figures, which is what we could see and exclude ESPN+, appear to be up a lot, like 20%+. Crazy. I'm curious, like can you speak to what you think is driving the ratings trend? Then when you have that viewership momentum, what does that open up for you? Sports is the only thing right now. I mean, music as well, but sports live events are what drive these numbers. Of course, it's personalities. You know, LeBron playing Steph Curry, you know, that's gold, absolute gold, right? Competition, big teams, loyalty, followings, big cities, big DMAs, all this stuff matters. Just across the board, you're seeing NHL playoff games doing huge viewership numbers, NBA playoff games doing huge viewership numbers, UFC doing extremely well in the pay-per-view platform and on any linear telecast they're having. WWE is number one show on cable, practically. I mean, on USA, it's definitely number one. Ratings are up on Fox on Friday nights. I mean, folks want to see sports. They want to root, they want competition. Nothing's new here. They want live. More and more they want live. That doesn't mean they're not gonna multitask and bet while they're doing it or be on social while they're doing it, but they want live competition. I think the NBA has been very fortunate to have obviously great series, albeit till they got to the conference finals. Yeah. obviously big city, New York Knicks- Yeah. you know, did their thing. Actually looked better than Boston is looking. Now they're gonna be going to a negotiation, negotiating off of a peak. Right. That's kinda where you wanna be. NFL is having the same kind of success, and just across the board, it's really impressive and this summer's gonna be, you know, no exception, of where sports viewership is going. That's not gonna change anytime soon. I assume that momentum though extends into sponsorship, licensing opportunities, right? Look, you're at the end of the day, yeah, you're trying to grow, reach an audience, but you're trying to grow your brand. As your brand becomes more in demand and more relevant, that's going to have a material impact on all the other areas of your business, from international rights fees to sponsorship, national and local, to licensing and consumer products, to the amount you can charge for every ticket, for the number you can demand from every venue in order to bring your show to town. Again, with WWE and UFC, you benefit because you have a league where you're the owner and the commissioner. Super flexible, lots of volume and year-round, even more important. I'm obviously very bullish, kind of where we sit, but overall, to your point, just bullish about the sports, the demand for sports properties. On media rights, maybe I'd just go with a higher level question. You know, we seem to be in this period where traditional linear buyers have clear headwinds, but still really need sports for their distribution fees. At the same time, you have the digital players, they've stepped in bigger, especially where there's maybe some cracks, but are still maybe in that experimental phase. How do you kinda see the landscape? How does that inform your view? I mean, UFC is not up for a while, but how does that inform your view? Look, I think as it relates to the streaming networks and the major platforms where you're playing in both spaces, right? Yeah. NBC, you know, Disney and ESPN, where your linear is still important to you, those affiliate fees are important to you, those ad revenues are important to you, but at the same time, you're trying to drive a D2C platform or, you know, ESPN+ is not D2C vis-à-vis the linear channel, but obviously they're carrying live events as they are. Going direct, you're gonna need to play on both fronts in a significant way. As margins tighten up, as budgets tighten up, I mean, Bob Iger's announced he's, you know, cutting $5 billion and they're in the process of doing that from, you know, Disney's cost structure, you're gonna be more picky about what you select. That means the premium winners are going to play out. Maybe you can't take a chance, to your point of experimenting with digital properties. Maybe you can't throw a bone to a tertiary sport or a secondary sport, or I think pickleball or padel is gonna be the next big thing. Yeah. You've got to stay with what's tried and true. You need volume, and you need volume that's flexible, that Cut across both linear and digital streaming, all times of year. You can order up new stuff when necessary that have long windows to keep folks engaged and are great marketing platforms. The demand for that is extraordinary. There are only a few unicorns really that can play in that space, right? 'Cause that's a unique model. That's gonna be the most efficient spend for any network or any media company these days. You mentioned ESPN and DTC, nothing's been announced, but it's been reported, right? They're your partners, so you have to kinda think about, right, if once that network potentially goes direct-to-consumer, what that's gonna mean for the sports landscape. You know, what are your thoughts on that? I think that the good news is they don't have to make that decision tomorrow. 'Cause if they did, you know, it'd be very difficult to make up for some of the lost revenues on the linear front. I think they're smart as hell to prepare for it, to model it, they have no other choice. Strategically to determine who are the most important passengers to ride on those two trains. I think that there's no question if you launch an ESPN direct-to-consumer channel that mimics, you know, the linear, but it's obviously streaming, you're going to have to charge more than $9.99 to make up for what you may be losing from erosion on the linear side and/or ad sales. Nothing's going to drive that more than the majors. I think they're focused on that, rightly focused on that, and obviously objectively and also, for my own convenience, you know, that plays into our favor. Not to mention, when you have something that goes year-round and you also control the format so it's advertising friendly from both an integration and a break standpoint, again, it makes you attractive. I think rights holders are gonna have to learn how to be extremely flexible from a commercial sense as they enter new rounds of negotiations, you know, with their incumbent rights holding platforms. That's a good segue for this question, right? 'Cause you look at sometimes other leagues and conferences and they get higher step-ups by being really flexible, right? That gets talked about with the NBA, right? The downside to that with working with multiple partners is fragmentation. Your fan base is finding product. Is it? Is that a downside though? Is the NFL hurting by that fragmentation, right? Probably not. Right. Right? Yeah. You're right. Maybe, maybe you answered the question. It cuts both ways, but that is an often-asked question. Right. I know you haven't asked it yet, but I'm assuming— No, no. The question is— What's the way to go? Is it one package? Is it four packages? Is it three? I mean- There you go. I would just tell you that different strokes for different folks. You know, we have been very happy, you know, being with one platform— Right. — which is The Walt Disney Company. They've been incredible to UFC, we've been incredible to them. When they need something, Dana White makes it happen in two seconds. When we need something, they work with us across the globe now that they're more, obviously, have more international footprint, given the Fox acquisition, than any other partner we've ever been involved with. It's, it's a great story. Your goal is to maximize price, let's be clear about that. In any renegotiation Nick Khan is doing in the WWE, his goal is to maximize price. Our goal in the UFC is to maximize price. Of course, partner is important. Of course, platform's important. Of course, where you put your brand so that it's seen by as many fans as possible is important, but price is first. If that means you're gonna divide up into, you know, two partners like the NBA has now or four like they reportedly might have in the future, you make it work. You figure it out. The NFL is the role model for that. Yeah. I mean, they haven't hurt whatsoever. Fox, CBS, NBC, ESPN. I heard those cries when I was at ESPN. "Oh, they can't go to NBC. Oh, they can't add a Thursday night. Oh, they're diluting. Oh, there's too many partners. Oh, they can't promote each other. Oh, they hate each other. It's not one ecosystem." Well, they made it work for one ecosystem, and their viewership's never been stronger. I wanna move on to the ER business. A lot to cover here, obviously, but maybe you could just speak to kind of demand trends you're seeing to date for your portfolio of events, how that looks, ticket sales, per caps, anything to share? Look, I don't want to be polyanish about it, but the health consumer is strong, is robust. I mean, we're seeing record per caps across our events. We just finished the Madrid Open, which is a major tennis event, takes place for two weeks in May. Of course, in Madrid, it's a 1,000 series with ATP. Record attendance. Record attendance. Miami Open, which is our other major tennis event, record attendance this year. UFC, 36 out of the last 38 events sold out. UFC 288, we just had Newark at the Prudential Center, sold out. Music festivals in terms of pre-orders for this summer and ticket purchases, Live Nation, you saw their earnings. It's just welcome to the new world, right? It's a hybrid world. Folks are at home. The more they're at home, the more they realize they wanna get out. Not back out to work, back out to play. Right. They're going to events. They're looking for diversification of their time and their schedule. They're looking to be entertained, and they're looking for premium experiences. They don't just wanna go to the game. They want something special, something more memorable. Yeah. something immersive, something that stands out, and they're willing to pay for it. you know, all I can tell you is, it's, you know, it's a good time to be in the events and experiences business. We had our Barrett-Jackson car auction business, which took place in the first quarter of this year. We did record performance there. look, while certainly consumers are getting squeezed on homes and mortgages and interest rates and, you know, maybe they're not going out for the big, nice dinner, but they're still gonna go out. It's just gonna be quick casual. Yeah. They gotta buy soap, and it isn't gonna be Dove, but it's gonna be more generic. Whatever that might be, they're not cutting back as it relates to events and experiences. That was Barrett-Jackson Scottsdale, right? Yeah, Barrett-Jackson Scottsdale. Yeah. We do almost 300,000 people over 10 days. Yeah. Where you're coming out to watch or buy or sell your vintage car. Yeah. It's another- We did another one, a couple months later in Palm Beach, which, outside of the rain, 'cause that was the famous Fort Lauderdale, super rainstorm. We had our event— Heard about that. — in Palm Beach. We still did, you know, very, very well. It's, you know, with everything else going on out there, it's nice to see that the health of the consumer remains so strong. Yeah. With On Location, specifically the IOC contract, I think you've termed it a nine-figure profit opportunity for three Olympics. You're curious what gives you visibility into that, but more importantly, like, what are the add-on opportunities from this agreement? How can you leverage it to get more business and hospitality? What does that create for your marketing and licensing? Paris Olympics is gonna be a monster. I mean, we're coming off of the last few Olympics that were, you know, either really bad time zones out in Asia or COVID impacted. This is in the sweet spot of Europe in Paris. I mean, and the plan, what they're doing and how they're playing and where they're staging the events and the opening ceremonies, it's gonna be absolutely spectacular. We are proud to be their official partner on ticketing and hospitality. I can tell you we're on plan with sales, which is surprising given that who's really buying all their packages, travel, hotel, and tickets now for something that's, you know, a year from August. We expect a barrage later on. I mean, they haven't even named the basketball team, and that's one of the biggest events. Not to mention gymnastics and swimming. Obviously, they have to go through all the different trials to get to the actual Olympic team. The marketing's gonna pick up. The packaging's gonna pick up. We feel very bullish about the way people are going to want to experience Paris. It's kind of a once in a lifetime opportunity. On Location is the leader in the space, right? We do the Super Bowl. We do the Final Four. We do the Indianapolis 500, Daytona 500, music festivals all over the world. French Open's coming up right now. Wimbledon follows that. I mean, again, these are premium events, right? Higher-end consumers are buying these packages, but those higher-end consumers are not just satisfied with tickets. We're gonna win on the Olympics. Beyond that, to your point, it's gonna be a extremely profitable endeavor for us. It plays into other businesses of our flywheel. Okay. When, you know, we represent Visa at 160over90, which is our cultural marketing agency. We're working with them on activating their brand at the Olympics, while also with On Location, selling hospitality and selling tickets. Clearly, there's synergies there. There's efficiencies there. There's opportunities. There's halo, you get that across the board. We've got the Olympics and the IOC looking to book different athletes or different celebrities or different music acts like you see at the Super Bowl for concerts that are gonna take place simultaneously with the Olympics. Well, WME plays in booking all those artists. WME Sports plays in booking all those athletes. That's the way the Endeavor flywheel works. We have all these different businesses that are super synergistic if you collaborate, if you communicate, if you incentivize your employees to turn all those lights on simultaneously. That's what really makes Endeavor, you know, a standout. We've got about a minute left. Maybe we'll just close out with sports, data, and tech. Yeah. OpenBet, it's a asset we're often asked about, but, you know, business may be a little less well understood. I don't think the prior owner really spoke to it a lot. You know, what have you learned about the asset so far, and where's the opportunities with IMG Arena? I mean, OpenBet specifically is a technology provider to sports and gaming platforms. They power these platforms with technology and services, content, trading and odds, integrity solutions and risk, pricing, distribution. All the elements of what the DraftKings and the FanDuel, Paddy Power, what they all need to run their businesses to go after, you know, the sports betting participants and keep them inside their walls, you know, we enable them to make money. It's a B2B, obviously a B2B business, so we're, you know, we're totally analogous in terms of, you know, who we play with. And who we partner with and who we support. Great business because why? Because sports betting is proliferating. Fan or not, whether you participate or not, it's now legal in 33 states. Six states have casino gaming along with sports betting, which usually go hand in hand. We've seen what's happened in Europe. Brazil just got regulated. Like, it's just expanding across the globe. So, you're going to see more sports betting operators. You're going to see more sports books coming online. I was in Chicago last night. I saw the new DraftKings Sportsbook at Wrigley Field, of all places, which just looks spectacular. You know, it's going to be a new form of entertainment for a lot of people out there. It already is. OpenBet will work very well hand in hand with IMG Arena, which is a data provider to sports books with the sports rights that we currently hold. They go hand in hand, gonna be great for our partners, gonna be great for rights holders and gonna be great to take advantage and get more of the pie that is the sports, you know, betting TAM. Okay. That's a great way to wrap it up. Mark, thanks so much for being here. Thank you so much. Thanks.