Okay, great. We'll get started. Happy to have at the conference for the first time, Nick Khan, CEO of World Wrestling Entertainment. Nick, thanks for being here. Thanks for having me. Okay, in April, WWE announced an agreement with Endeavor to create a new publicly traded company that will combine the UFC and WWE assets. On your last earnings call, you stated the combination would create a one-of-a-kind complimentary pure play sports and entertainment business that will unlock revenue and cost synergies. Why don't we begin there and have you expand on those points? Absolutely. Thank you everyone for being here. Thank you for having me again. There's a couple things here. What we find interesting about this deal, or one of the many things that we find interesting about this deal, is there are only so many sports leagues that one can own. Of course, I understand WWE is sports entertainment. It's not pure sports. If you look at it's UFC, it's Formula One, it's WWE, and maybe there are one or two other international plays, because buying a team obviously does not give you the sort of control that one would have if you own the entire league. Here we have a scenario where the UFC, which Endeavor and the UFC have done phenomenally well together since that transaction in 2016, triple the value on the UFC compared to what it was when that transaction happened again in 2016. You have WWE coming in. We thought it was a significant transaction. We're excited for it. We think the cost synergies will be there. We think the revenue synergies will be there, and let's see where we're at in a couple years. Okay. You also stated on the earnings call with reference to Endeavor Management that you've known these people for a long time. They're not strangers, nor is their style, and it's something you fully embrace. Maybe you could speak to that part of it. Absolutely. I met Mark Shapiro when he was still at ESPN, Mark Shapiro being the current President of Endeavor. I met Mark Shapiro when he was still at ESPN, which was prior to going to Six Flags, which was prior to the Dick Clark experience that he had. I was an agent in my prior life before coming to WWE. Mark and I had done a number of deals together when I was a young agent, very straightforward, very transparent relationship, and someone who has personally been there to give me professional guidance from time to time where I've needed it. Love Mark and excited to be working together with him once we get regulatory approval here. In terms of Ari, also have a lot of history with him, as does Vince. Endeavor had the good fortune of representing WWE for 20-plus years. Vince gave Ari an opportunity, as Ari Emanuel would tell you, when Ari was a young agent, trying to build up, Endeavor into the behemoth that it has become. Those guys go back a long way, and we think the styles will mesh well together. Okay. Let's let's shift over to WWE and specifically your U.S. media rights. You know, first, I'm wondering if there's any update you can provide on the process. I think a few weeks ago, you said you were in an exclusive negotiating window that lasts about a month. Are you still in that period now? We're just out of the exclusive window with Fox. We're still in the window with NBCU. Conversations with both have gone phenomenally well. What we're trying to balance here is getting the maximum value for what we consider these media rights to be. 5 years ago, keep in mind, past is the past, as everybody knows, these numbers are public. There was almost a 4x jump up in terms of the U.S. media rights. We're certainly not expecting anything like that here, we're expecting something great. We think our product has over-delivered on USA. If you look at it, we don't have the ratings yet from last night. We go up against all 18 weeks of the NFL regular season, in a world where there's legalized gambling proliferation, where Disney has a better Monday Night Football package than it has previously. In addition to getting a wildcard Monday night game, which this year was, if I'm recalling it correctly, Tampa Bay and Tom Brady against the Dallas Cowboys. That was the top game of the week. We go up against all of that, plus the college football national championship, plus the college basketball national championship. We're doing about a 0.6 in the 18-49 demo, on USA consistently. If you look at the ratings on USA, that's 3x the number two show there. Considering the high sub fees that USA continues to get, which they deserve, we think WWE is a big part of that. In terms of Fox, if you look at their pivot post the Disney transaction into live and into sports, we think that we fit in quite well there. And we'll see if there's more to build with these 2 entities. At the same time, we're always in touch with all of the buyers in the marketplace about what they're looking for. If you look at the NBA situation, my belief is the NBA are gonna split the rights, which are now split 2 ways between Warner Bros. Discovery and Disney, that they could split them 4 to 5 ways. And we think that's good for everybody. We followed the NBA's playbook 5 years ago in wanting to not have 1 exclusive partner for Raw and SmackDown and to split them again, 2 ways. Now we're looking at the marketplace in its totality and thinking there might be more options than even that. Let's touch upon the viewership, which you were just speaking about. I'm surprised you didn't mention NHL and NBA playoffs as well. You know, your viewership continues to go up. How important is that, you know, having that go in the right direction when you go into the deal renewals? Then maybe you could just speak product-wise, what do you think is going right, you know, that your viewership's been in that direction the last five quarters? Sure. Couple things. In these deals, in my experience, what you need to have, I guess it's like any other deal, is a little bit of momentum. What creates momentum at WWE, we refer to it as the three Rs, ratings, relevancy, and revenue. Ratings are up significantly. The relevancy factor, even if there's any Bad Bunny fans in the room, Bad Bunny, the number one most subscribed-to musical artist globally, wrestled in one of our co-main events in San Juan, Puerto Rico. He's from Puerto Rico about a month or so ago. High viewership on that, but the relevancy, you know, be covered by the publications that normally don't cover sports entertainment, WWE, but covering us because of Bad Bunny, that helps also. We also had WrestleMania about 6 weeks ago or so. WrestleMania is our Super Bowl. We had it at SoFi Stadium in Los Angeles. That was intentional. It's a lot easier for us to sell our product to people who have seen our product live than to go into a meeting and say, "Well, no, it is sports because our athletes are athletes, but it's scripted and it's predetermined." If you just come, which so many buyers did to WrestleMania in Los Angeles, and you see it, and you see 80,000 people going crazy, 80,000 each night. Yes, people going crazy each night. It makes it a lot easier. We like where we're sitting at this moment. Okay. Relative to the last time WWE went through this rights cycle, you're not providing a timeline for when negotiations might conclude. We're sometimes asked, what does it mean when a sports rights negotiation extends out? Is that positive or negative? I think it's difficult to answer because the historical record for most sports is mixed on that. Is there anything you would want investors to keep in mind on the timing of the process? I think your analysis right there is spot on. Each deal is separate from one another. When you look at the NBA, to me, that's gonna go down to the wire. With over 1,000 plus games and 30 different teams, the NBA has a lot of mouths to feed and has to make people happy. For us, we have to obviously make our shareholders happy. What do we need to do? We need to maximize value. As much as I believe if we have the information in any negotiation, which I believe we do, the information being who wants what when. If we have that information and we know it's accurate, the one thing we'll never control is the timing of the deal. Sometimes it's shorter, sometimes it's longer. We'll see on this one. Keep in mind, the rights aren't up until October of 2024. We're talking a year and June, July, August, a year and 4 months, 16 months away. You know, we feel good about where we're at now. If the deal's right and there's an opportunity to close it this calendar year, we'll do it. If not, we think if we continue to push it'll mean more dollars. Keep in mind, they're not gonna start the deals early. Whatever we can do to make sure that we're maximizing value for this content, we're gonna do. Okay. Maybe stepping back, I'm curious how you view the landscape for rights currently, right? If you look at the last 20 deals or so, they've been executed at step ups. It seems like we're in kind of this sweet spot where linear is struggling, still really need sports, though. Then digital's come in just enough to kind of lift up any points of weakness. You know, is that how you see it? Is this sustainable, or are there cracks that are emerging at all? It's definitely sustainable for the short term. Certainly for our deal, it's sustainable. Where it goes in 5 years from now, tough for anybody to predict. I think the point that you just said, linear is no longer working for scripted entertainment. If there are fans of Succession out there, you know, that's not on ABC, NBC, CBS, Fox. What's working on those platforms is live, whether it's award shows or sporting events or WWE, that's what people continue to go for. That's of interest to us. If you look at the streamers at WWE Network in the United States, which was our own D2C, which we shuttered to go into the Peacock deal about 2 years or so ago. If you look at that, all of the subscribers we had migrated to Peacock, plus millions more who NBCU would tell you are directly attributable to WWE in terms of paid subscribers. Forget the free Comcast homes, the free Cox homes, where you can still get Peacock for free. We're talking about the 22 million paid Peacock subscribers, millions of them, and I can't say exactly how many million. I know it, but, you know, we're sort of giving NBCU our word that we wouldn't broadcast that information, but millions of their subscribers are because of WWE. We're basically a churn-proof property. Since we go at least once a month with our Premium Live Events, formerly known as pay-per-view, we call them Premium Live Events 'cause there's no upcharge on the Peacock service to watch WrestleMania or SummerSlam or anything else. We think we've over-delivered with Peacock. We think we've over-delivered with our other partners, and now it's time to monetize it properly. As you said, you've had your content on streaming services for a while, right? You've also had for a period of time, your VR rights on Hulu. You know, aside from viewership, what have your digital partners told you about what they value in terms of content for the streaming? The stickiness of our subscribers, folks who sign up for these streaming services will sample other products on the streaming services more so than any other subscribers who have signed up because of different content. For example, WWE subscribers on Peacock have sampled EPL, they've sampled Yellowstone, they've sampled things that other folks have not sampled. Again, as I mentioned a couple of minutes ago, the churn factor and being a churn-proof business has been quite helpful to Peacock as well because it takes the volatility out of what is this thing gonna look like month to month. Any reason you think a WWE fan on Peacock is engaging with a lot more of that content? Is that just because they're coming to Peacock more frequently? You know, what do you think it is? I think there's a number of factors with that. When it was WWE Network, it was $10 a month. Peacock on the ad-supported tier is $5 a month. It was one of the reasons why we thought that decision, excuse me, was right for our consumer. Because to go to them and say, "Hey, it's gonna be half the price, and you can get all of these other things," it seemed to incentivize them to check out all of the other things which they've done. Got it. In your last rights cycle, you shifted programming from Tuesday to Fridays. I remember there was also talk about adding a third hour of SmackDown. You didn't end up doing that, but I think it goes to show the flexibility that you can create for partners. How does that kind of play to your advantage in negotiations now? Thank you. Look, we're still open to a third night of SmackDown. Fox, as it's currently constituted, is a two-hour prime time. That's the deal that Fox wanted to do four, five years ago. That's the deal we wanted to do. If you look at what everybody's doing at this moment in time, Amazon in particular, I talked about last week at a conference I was at, Amazon is looking to program nights of the week. You've seen what they've done with Thursday Night Football. It gives the Pac-12, we think a chance for a Saturday night deal with Amazon because you have primarily West Coast teams, even in a diluted Pac-12 conference, West Coast teams that can go prime time Eastern with a 5:00 P.M. Pacific start time, which is good for prime. For us, we can go any night of the week. We can stay on Fridays for SmackDown. We can move off of Mondays for Raw. We can go any night of the week. We think being turnkey programming also helps us a lot. Apple, for example, did the substantial deal with MLS. MLS does not produce their own content. MLS struck a deal with IMG, an Endeavor-owned property, to produce all of that content. For us, being turnkey, we think that helps with all of the new buyers as well. Got it. Then separate to your core domestic rights, with SmackDown and Raw, you have NXT. You know, how does that play a role in this process? Then does its kind of nature as a developmental brand mean you're more willing to kind of experiment with the distribution? Absolutely. We initially NXT was on WWE Network. When the pandemic hit, USA, NBCU needed content. We did not miss a week of production. We went week by week out of Florida and made sure that we deliver the content to our partners. NBCU needed more content. We went Tuesday nights, NXT on USA from 8:00 P.M. to 10:00 P.M. Eastern. We think NXT also ratings trending up completely. I think we're up 20% or so year-over-year. That's going in the right direction. We think NXT has the viability in it to be its own standalone brand instead of just being a developmental system. A third brand, if you will, where you can see crossover from our superstars on Raw and SmackDown to NXT while our young talent develops there. Once we get all of that situated, then we'll look at other nights of the week to develop new content as well. Okay, great. You also have a rights deal coming due in the U.K. In the last international cycle, at least by our estimation, this proved to be one of the more difficult renewals for the company. I'm interested if you could speak to the dynamic in the region currently. Do you think there'll be a more competitive setup now? Keep in mind, none of us bat 1,000, but I wasn't at WWE when that deal happened. When I say none of us bat 1,000, I'm not suggesting, "Oh, if I was, then I could have waved a magical wand and everything would have been okay." What we realized, again, in my prior role, having represented WWE, is that WWE in the U.K. was perceived by Sky. This is pre Comcast ownership of Sky. As, "Hey, you took our money and you didn't invest in the product locally." One thing we've done to fix that as we enter into that negotiation, we did a stadium show in Cardiff, Wales last Labor Day weekend. We had a government subsidy on that. We hit all of the markers on that subsidy. We also sold 65,000+ tickets, and we aired it live in prime time in the U.K. Heavy viewership in the U.S., daytime viewership in the U.K. We put it on BT, our existing partner. We're up, ratings-wise, 500% from the prior month's Premium Live Event. Of course, the prior month was at 1:00 A.M. or 2:00 A.M. because we went prime time U.S., prime time U.K., it worked. What did we decide to do this year, this coming July 1? Labor Day last year, American only holiday weekend. July 1 this year, which is the Saturday of July 4th weekend. Another American only holiday weekend. We like international locations for those American only holiday weekends. We're at the O2 Arena in London. That's on its way to a sellout. We have higher ticket prices than we've had London ever. We're also doing Friday Night SmackDown from the O2. That will sell out as well. Again, as I said, a lot easier when the buyers can come to our events and sample it. We expect great results in the UK between BT, who's been great, Sky, looking for content, obviously an NBCUniversal partner, and between Amazon starting to invest more in rights in the United Kingdom, we think we're gonna be in good shape there as well. Okay. The U.K., I think is your most substantial market for the network, at this point. I would think that that would play a role in the talks as well. It's a great point. We have over 150,000 subscribers at $10 U.S. a month for WWE Network in the UK. Again, these are for our biggest events. In India, we did a deal a few years ago that took all of the product and put it onto the Sony India platforms. In the United Kingdom, we're still agnostic, as you said, with WWE Network, it's another sales tool, sales device that we have to increase those media rights and increase our overall numbers in the UK. Okay. Maybe let's touch upon India. As you've noted previously, that process has been maybe held up a bit by a big media merger there. Generally, though, it's been a pretty strong or very strong market for cricket. Those we know in India, there's cricket, and then there's kind of everything else. Maybe you could speak to the media and streaming market there and how WWE is positioned. Absolutely. We're gonna do a live event in India this fall. Again, it's the same rationale behind doing the event in Cardiff, doing the event in London, doing the event in Puerto Rico, that I mentioned as well. We're gonna be doing a show in India. Sony has been waiting on the Sony-Zee merger now for 18 months. They're hopeful that goes through in September. We'll see. Once that happens, if you look at the landscape in India, again, you said it's cricket and then everything else. You're 100% right. We happen to be the number two sport in India, a distant number two, but number two, nevertheless. Right. We'll take the wins where we can get them. If you look at what happened with the IPL rights, those go off the Disney digital platform and on to Disney linear because Reliance and James Murdoch and Viacom made such a robust bid and put them on an advertiser-supported/free service. That's the intent to put them on that. What has that done? That's opened up Disney, who's gonna lose subs, obviously, from losing the IPL digital rights. Disney's gonna be a player in India. We always like our incumbent partners the best. We always wanna make sure their service the best. Let's see what Sony India looks like post Zee merger. If you look at Amazon, even if you look at Netflix, which has flirted with live many, many times, India has been a struggle because the content there, as you sort of again pointed out in the cricket comment, it's very specific as to what the audience like. Last thing I'll say about that, we did about a year and a half, 2 years ago, a show just for Sony India. Normally, Raw or SmackDown does about 5 or 6 million live viewers there. We did a show with Indian-only wrestlers. No-name wrestlers. No name yet in India, certainly, beyond India, against our American superstars. Again, normally 5 or 6 million live viewers on Raw or SmackDown, that did 25 million live. The global localized product is something that we're gonna be hyper-focused on once the transaction with Endeavor goes through, and we think that will also help in India. Okay. I'm gonna make you go around the world one more country. Please. That's Canada. That deal is coming up. It's been 10 years. Obviously, the world's changed a lot in that time. What can you say about that market? We're excited about that one too. The top 2 priorities, U.S. and U.K. It'll shift to Canada and India. We think the Canadian marketplace, if you look at the dollars that are now paid for live content there, for content that matters in Canada, extremely beneficial for our situation. Again, we did a Premium Live Event in Montreal this past February, sold out, did big ratings in Canada. We had in the main event. It's something we can do that we don't believe anyone else can do. Barring injury, we can cast our main events, right? Depending on what country we're in, what city we're in. We had one of our superstars, Sami Zayn, who's from Canada, main event against what we consider to be our number 1 wrestler right now, Roman Reigns. Big sellout gate, big viewership in Canada, big viewership in the United States. We think we're gonna be in good shape there as well. Got it. Maybe we'll shift over to live events. Under your tenure, you've made some adjustments in terms of when and where you stage your shows. You moved PLEs to Saturdays, you added more stadiums. Maybe you could speak to some of these innovations, how they've impacted the overall performance of the segment. I think when we collectively made that decision, a lot of it was obvious. Again, I started at the height of COVID in August of 2020 when there were the return of live fans, which was July of 2021. This was very simple for us. It was if we were selling out arena shows, you know, there was some internal bragging as there can be at any company, "Hey, we sold out this show in 3 hours at an arena." What Vince and myself and Paul Levesque, who's Triple H sat and talked about at the time was selling out an arena show in 3 hours, that's not a brag. Selling out a stadium show in 2 months, that's the brag. Even if it takes a moment longer, there's a certain point where our production costs are what they are, and any excess tickets just drop to the bottom line. The stadium shows on Saturdays, the thought behind Saturday was as simple as this. When it was, again, the return of live fans, the proposed schedule that we reviewed included a Sunday night Premium Live Event up against Tom Brady's return to New England, and we sort of sat there and asked the question of, "Why are we going up against that?" You know, traditionally, we've done it this way, this or that, and again, Vince, Paul, myself, others sat and said, "We'd rather go a Saturday night in the fall. I'd rather go up against Alabama, LSU any day than Tom Brady's return to the, you know, play the Patriots." We shifted to Saturday nights. Sometimes Sundays still make sense for us, but I think that we've got the calendar down much better now. Still a lot of room for growth and improvement, but we like where we're at. Okay. You noted this earlier, you've recently begun staging shows in regions where you sometimes collect site fees from the local government. It's a Formula One-ish model, but I think you still get ticket revenue from these shows. How substantial of a business can this be over time? How do you go about, you know, maybe proving that economic impact? Sure For cities? Two months ago, we did WrestleMania in L.A., as I mentioned a few minutes ago. The WrestleMania prior to that was in Dallas at AT&T Stadium. Both nights sold out. It was a great event. The Dallas Morning News, a week or so after, published an article, so it had nothing to do. As you know, you know, you can hire consultants and say, "The economic impact of this event was X, Y, or Z." This Dallas Morning News article focused on comments, quotes from the Dallas mayor and the Fort Worth mayor that said that there was a $200 million+ economic impact on the Dallas-Fort Worth area. We took that and we sort of said, "Well, what was our deal on that?" Our deal was a lot of in-kind advertising, which we think anybody can get. If you look at what Formula One has done, yes, the gate receipts, as you pointed out, typically go to whoever has provided the site fee. It was sort of a crawl, walk, run thing. We reached out to the Welsh Government. As I mentioned, we got a subsidy there. We hit every marker. We reached out to the Puerto Rican entity in charge of tourism, got a subsidy there, hit every marker. We're in conversations now with a lot of international cities about doing 2024 shows there. Part of the intent is to match those up with our media rights, even if they're not up to over-deliver for incumbent partners who can then invite their partners in the international city to the event and host them. It's good for our overall business. The goal is that each one of these Premium Live Events should have some sort of subsidy. It's gonna take a moment in time to get there, but we're bullish on it. Got it. We have about 10 minutes left. Anyone in the room has a question, you can raise your hand. No? Okay. Oh, in front. When we look at the product, some of the marketing, authorship, we still see a lot involved with the younger generation. Any thoughts on how you expand that demographic, to offer the product maybe that's a little bit more adult version, but engage the younger viewership and any thought around that? Yeah, a lot. Thanks, Kevin, for asking the question. A couple things on that. Raw is 3 hours. We don't anticipate that changing, but there's internal conversations on the 10-11 hour. What do we do with that? Do we make it a little more adult friendly since on Monday nights, most kids, certainly my kids, are supposed to be in bed by 10 o'clock. To make it a little more adult theme is something that we're discussing internally. Right now, 40% of our audience are women, and 50% of the folks who attend our live events attend with someone under the age of 18. We wanna make sure that we keep our base happy while we expand it. We think that's an opportunity. We also think after we're settled on Raw, SmackDown, and NXT, as we talk through new nights of the week and new content, is that something we could do with an additional show. Okay. Just one follow-up on that, because you just mentioned about the women. Can you talk a little bit about the strategy around the women's brand and kind of what that's gonna look like going forward, given what you just did? Obviously, you know, it's changed since calling it 2018 when you did WWE WrestleMania event. What does that kinda look like going forward in terms of women? We think we shifted our recruiting a couple of years ago as well. It was mining the independent wrestling territories to find the next great superstar. Assume that we've mined a lot of that. Yes, there will be stars that continue to come out of there, but what we've shifted to, we have the good fortune of having relationships with a lot of the college conferences. We've had our folks on campus, whether it's through our NIL program, which has been wildly successful, or independent of that program, what our current superstars, men and women, will do is they'll go to, let's say, University of Alabama and talk to the entire sports program. Remove just football, right? If you look at football, it's been a great pipeline for us. The Rock, Roman Reigns, Goldberg, all, you know, significant college football players. If you look at the other sports, the female shot putter at The University of Alabama, the gymnasts. I'm in my late forties now. When I was young, you know, the female gymnasts, certainly in the United States, and I think abroad, were waif-sized individuals. It's not that way, fortunately, anymore in college. These are normal-sized women who are extreme athletes and amazing at what they do. What are they gonna do post-college? Our pitch to them to, let's say, the track and field athletes in particular, is we hope you go to the Olympics. We hope you get every gold medal. We hope you get whatever the modern version is of being on the Wheaties box. We hope all of that happens, if it doesn't, come our way. If you look at our new recruits, you see a significant amount of D1 athletes who certainly have the athleticism, and we think the dedication to make it happen. I would look for more women at WWE. Even if you look at the inequities in professional sports. Outside of the UFC and the WNBA, if you're an amazing female athlete, where do you go to play professionally? Again, come this way, and we pay our women as well as we do our men. Certainly in an individual sport, they have to be relevant. They have to matter. You mentioned the main event at MetLife Stadium a few years ago. That was the main event because that's what people were most interested in. With a wider pool of candidates, we think it'll be even better. We got one in the back. Do you see much demand on, streaming for any of your older shows or just your general catalog? Like, what's the half-life of a show for people when they're watching it? We see on YouTube, we're the seventh most subscribed to YouTube channel in the world. That's not seventh most sports YouTube channel. That's the seventh most subscribed to YouTube channel. The top six are things like Cocomelon and then separately of that, Indian music. It's not like the NBA is somewhere in there or anything like that. What we found is going into our Premium Live Events, so let's talk WrestleMania. You'll see a spike in viewership on Peacock for prior WrestleManias, and you'll also see a spike on YouTube for content that exists there that's built around WrestleMania. We've seen that replicate with our other Premium Live Events. If you look at the deal we did with A&E Networks, a few years ago, a lot of biographies, a lot of documentaries there. The run rate on those, you don't have to obviously watch a documentary live. Delayed viewing also significant on any sort of documentary-type programming. We're nominated for our first Sports Emmy ever, by the way, for the Ric Flair documentary we did for Peacock. That was last night, the Sports Emmys. Unfortunately, we didn't win, but to be nominated for all the great production folks who contributed to that, you know, I was really happy to see it. Okay. I wanna touch upon consumer products real quick. If we look at licensing, which is the largest line there, that's nearly doubled since pre-pandemic levels. I think we tend to think of that segment primarily as video games and toys, but you've added a lot of partners over the past few years. I'm interested how you would kind of segment out the growth we've seen, and then where's the incremental opportunity? Yep. I think, what we sat down again 2.5 years or so ago and said is number one, we're not a technology company. We don't wanna be a technology company. When WWE Network was launched, you only had to be the third best OTT to be the third best in the world after Netflix and Hulu. That was in 2014. Once the streaming wars began, it was, "Let's license this content out," which we did with Peacock. We took the same approach on merchandise, where we sat there. If everyone remembers the conversation about the Chinese tariffs that were gonna hit or not hit or whatever it was, and we're sitting there saying, "Well, if this happens, what happens to our merchandise? Well, we have an idea. Let's call Fanatics. They seem to be the best in the world at sports merchandise and getting the goods to the fans, you know, when they want them. The conversation with Fanatics was quite fruitful. We did a deal with them for our e-commerce, our online merchandise. The minimum guarantee exceeded what our profits were on that. Plus, we have upside, and just a month or two ago, we announced that they would be doing our in-venue merchandise as well. Part of that is they're excellent. The second part, we want consistency in product, where if you go to our event, you buy the same T-shirt, same quality that you could buy online. Not the same exact design. We wanna make it special, local market to local market, which is something, again, we implemented with the return of live fans during COVID. If anyone's familiar with the Austin 3:16 T-shirt from, you know, 20+ years ago, which still sells like crazy for us, if you go to a show in Boston, you can buy Boston 3:16, Townie 3:16, Southie 3:16, and you go city by city. Those have been tremendous earners for us. Got it. We got time maybe for just one more. You guys are ramping CapEx this year as part of a build-out for a new headquarters. That facility is gonna have, I think, expanded production facilities. I actually used to work there, by the way. What opportunities does this open in terms of content innovation? You'll have to come check it out. Yeah. We're almost done there. It probably looks pretty different now. Yeah, it looks different. Yeah. The trading floor is where our production facility is. It changes a couple things. Number one, in terms of our culture, we're in four different buildings right now in Stamford. Only two of them are walkable to one another. For those of us who like to take a spin and see, you know, what our colleagues are up to, it's almost impossible. You drive down the road, find parking, go in, get through security. Big headache. We'll all be in one building for the first time, which is gonna be phenomenal. In terms of revenue-generating opportunities, even when you talk about IMG producing the MLS games, well, our production facility will be top-notch we think in the entire world. The UFC has a phenomenal production facility in Las Vegas, so this gives a West Coast presence for obviously. West Coast presence with the UFC, East Coast presence with us to produce other content for other leagues that may need it, and for other entities that are looking for production partners. Great. Exactly out of time. Perfect. All right. Well done by you. Thanks, Nick. Thank you. Appreciate it. Thank you.