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Endeavor (EDR)

Participants
Ari Emanuel Chief Executive Officer
Mark Shapiro President
Jason Lublin Chief Financial Officer
Samanta Stewart Senior Vice President & Head-Investor Relations
Ben Swinburne Morgan Stanley
Meghan Durkin Credit Suisse
Benjamin Black Evercore
Alexia Quadrani J.P. Morgan
David Joyce Barclays
Call transcript
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Operator

Welcome to Endeavor’s First Quarter 2021 Earnings Call. At this time all participants are in a listen-only mode. After the speaker's presentation they'll be a question-and-answer session. [Operator Instructions]. Please be advised that today’s conference is being recorded. Instructions]. [Operator will call I Stewart. to turn now that, over the Samanta With

Samanta Stewart

release, view afternoon, purpose first investor@endeavorco.com. CFO, be from ago of Jason provide via information our short press Endeavor's our welcome A and we this you in XXXX a President, Good hear Mark for call to to Emanuel; questions. available call A addition Endeavor’s up recording quarter the Ari of and will relations The our before on investor earnings is you this call. issued site. which site, you can Lublin also regarding while our quarter CEO, we our to open balance our will XXXX Shapiro; remind with factors financial first the Today our want involve will of the prove IPO or information looking discussed risks, assumptions do XX-Q. I described Securities uncertainties any everyone or risk as first and by may section as forward-looking expressed assumptions the projections. materially forward and ever implied materialize in the from risks statements, projections to quarter such by If differ include those year. the uncertainties of these our our outlook statements or and/or including results incorrect, that with Commission, updated perspective that for filings Exchange performance and

the are as publicly and made except of they we obligation date future as of light in them only new to required. no speak update statements information Forward-looking legally events, undertake or

our not This considered substitute be investors Reconciliations in to in prepared between information as GAAP site. or operating evaluating can believe hand it Ari. non-GAAP press in measures, for metrics and as we for With with isolation to an our will over be results well measure I'll provide from our additional ongoing release reported as results IR include today, that, today GAAP. tool in also should financial commentary and trends. for a non-GAAP issued Our use which found accordance financial in

Ari Emanuel

year provided, challenging, far has We past and for ingenuity resilience every and one COVID-XX Thanks Shortly, every most around our strong been beyond. to Mark and the we Sam. of of for our at remainder specific weathered you more the the Jason at setback rose every and one of walk for more share through storm will foundation demonstrating teams tested meet also will details guidance and way of by financial laid possible were The year. this, and some turn. Shapiro examples Despite challenge, the our XXXX the most company. rewarding but a the results

our minutes to how a and and content. First, want played few the entertainment, across signs media an strength, emerging owns sports, represents company integrated on and as to I that both gaming our convergence encouraging recovery spend technology, of and portfolio the IP

states loosen travel restrictions, more global XXX-plus experience countries accelerated to across rates portfolio. events our and increase, and we As beginning vaccination are demand and gathering

events last crowds from event might perspectives to our acquired bring On Frieze were demand the and globally the includes coming which Location, and of experience of provides Euroleague on of brings is January and to before across first to just pandemic XXXX live took a other year, sale Every new for the and organization hold. PBR you from portfolio, of demand As Art Much full sports UFC in resume two This the blueprint first Basketball. the Fair our consumers. insight events two pent-up recall, business, the into via back.

first A Olympics today International for named Committee, Hospitality the significant the and music has three tours for Games include on the XXX NCAA distinguished like call IOC a this as Coachella. more editions to of relationship festivals to Olympic a game. as with Other and the are marks Provider than company well NFL, On as Paralympic Provider and partners be time Olympic XXXX. the Paris Official covering Hospitality thrilled share We IOC multiple the Location Location the able On appointed to that Global PGA Global beginning Championship,

the content of actors and suppliers talent give to forms these XXXX the of gaming to proof services of Discovery, than just is platform. ecosystem To from view in in We biggest Plus. own distribution within while short we to or Just MGM content Amazon's of then the newer this sell that that writers the increasingly our programming platforms. And Amazon the distribution the represent snapshot, for channel. alone the for there channels, demand, to represent. events One a and we like with supply, in favors we we streaming positioning these contains. long to high series still paired streaming we’re and differentiated and IP Max demand as around content. social landscape across their earnings is content linear and and leaders calls creators strong and as seeing S-X along demand all number is Premium growth we a meet we to live and distribution streamers, and Netflix ESPN Within investments combination for the media to one experiences demand are increasing gain IP in that with of We television, the WarnerMedia XXX all all kinds, I'll acquisition platforms witnessing as consolidating of investment [inaudible] demand ever media we like The term testament platforms. leaders talent enduring to of as incumbent to to IP. in all value HBO for Technology remain have and all writers more power cable, largest finite a is companies and are broadcasters, through underscore and points increases, of thing thereby creators you that agnostic content value platforms show their desire continue scale and of to us forms of premium

supply sports more same the and those and supplies. than to scarcity around to is concept a right, life look rights. SBox There network traditional competition [ph] a As both ever secure and across in demand

being record As are deals negotiated. a result

more reminder, we're XXX addition than on year rights Beyond the deal as domestic Plus, rights in ESPN to by for territories. behalf the clients our UFC rights evidenced our as our in And a China. and XXX NHL over of NFL with seeing seven media as demand for are such deal increased and own property also selling globally recent UFC ESPN in internationally we

XX,XXX detail. over you trends alongside in sports, sports and to benefit I'll industries positioned media with particularly also from right Endeavor Streaming Arena is live-stream We to greater brands Mark Platform deliver remain worldwide, video IMG events NFL, the gaming, making the packaging that, States. content, original Through organizations we programming, all with UFC. more which for and data leading than growing operate. these on to industry, feed sports well events annually. The is point high book to business it the for and and walk than in I'm and in growing and streaming we provides work turn With another through United our in betting growth we often NBA XXX Sports services Shapiro capitalizing are like more that continue

Mark Shapiro

fuse Thanks indeed a mentioned. is from tailwinds pandemic, before economy the that of the Ari. up Those across our experienced entire of the pent existed same we Across our benefiting but lighting are really wins portfolio, range some the sports at the own of time Ari demand the businesses.

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Now viewership year and total UFC up all the average media levels, while XXXX. ESPN the many struggling XXXX ratings sports, are I’m is among side you’ve on seen sure business, return the to of viewers to on this still X% versus

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Jason Lublin

Thank you, and everyone. afternoon Mark, good

As already we our long Mark early believe and discussed, we the by emerge well times seeing and drive positioned recovery term we very are encouraged trends are businesses, across growth. to are continued

results start through by quarter me briefly walking then Let discuss guidance our the year. first you for and I'll

quarter from billion a last the negative the impact revenue, as decline we across COVID-XX XX% continues period generated to in For have business approximately a same and year $X.X geographies. our

shortly. last the which to million, will discuss XX% same year the increasing $XXX.X more period EBIDA detail and up for the However, over was I quarter in cash

operate As a walk you Experiences three our reminder, & business in we Events, performance I’ll segment. Rights mind, Sports Representation. that and by through Properties, our in With segments: Owned

fees, well related of commercial, Our as $XX.X UFC, performed segment compared events. million revenues live output, like streams very contractual PBR or XX.X% Owned in outperformance revenues international, is of in Adjusted in was just increase portfolio and for by series This as higher $XXX.X of described, million, driven higher impact offset period the million expenses, UFC’s, sponsorship a with revenue increased Pay-Per-View. The attributable of variable media which from an Sports the the XXXX. from is Abu increases fight Properties; benefited on despite rights island third XX.X% Sports agreements January. primarily mostly same to quarter COVID-XX EBITDA in million the other the and Dhabi travel $XX.X operating slightly segment increase of Euroleague. in up or I to to of This unique quarter an up well growth the quarter $XXX.X Property comprised to

Academy. This Rights or and Events, EE&R. and media is distribution, Events our segment & second business, segment Our ING ING rights Experiences Arena Experience and includes

on Given the segment impacted. effect that live had COVID-XX highly this been has has events,

$XXX.X a Superbowl same to around million events to events the first compared As revenue XX.X% $XXX.X in segment led quarter XXXX. Event cancellations for restrictions and result, based to decreased revenue the like million or declines. attendance period

However, in rates Mark XXXX. discussed, is offset optimistic decrease primarily but and operating revenue mainly by decline $XX.X same globally. as has reopening we the to was had a the to decline that by postpone rights the period quarter first associated in quarter season across XXXX. a seeing driven decreased media the just XXXX moving XX.X% for impact This partially $XX.X European this COVID-XX to moved The I segment by from number we are was Ari fees soccer million of in with XXXX mentioned, events expenses. million partially the compared the to offset Meanwhile, clear, this and are EBITDA about matches that of were the XXXX, adjusted or recovery of

in impact or we by deliver Adjusted negatively signs EBITDA due our impacting look spending. of on projects along million events, quarter to encouraged operating remain by COVID-XX $X.X ING our WME, primarily activation million the Representation experiential spending, driven quarter. to the which such our driven XX.X% declines production as for I million, quarter Endeavor for COVID-XX This concerts $XX.X representation expenses. up, reduced just marketing revenue experiential to all licensing of segment, includes business partially our the by of advertiser related decreased ramping by offset the XX% and in marketing declined Similar was or content. and by onto content’s the Endeavour mentioned, delays. with increased XXXoverXX, Revenue ability our Moving $XX.X client and agency experiential on businesses, marketing and

backdrop, travel fees.With minutes momentous heard EBITDA or Finally, primarily predicated to to both address the professional expenses and full was improved for few XX.X%. decrease you on QX guidance Ari the I adjusted for due the want a $X.X year a The cost and personnel, reduced XXXX, as from to corporate of in Mark. take quarter million now our

has there normalized are witnessing had has when of depending want are we also transaction in pandemic financial recovery Even our while lifted, on a our anticipated. resume that still remains and restrictions been than generate ongoing the of faster lag always said, our our have of across clients restrictions businesses our portfolio, significant some quarter-to-quarter recovery, were the businesses impacting from are cadence. some I on a of from With we’ve timing lifted business had certain vary behalf As impact of a revenue geographies. delivery. expecting when a we results restrictions slightly activity of we're that, remind There discussed, timing and business. business content able we to resumed you number do happening eased to to though and or That will our across our timing on events that

an basis annual you As we on our a evaluate financial guidance result, giving today. therefore performance be annual and we’ll

For million EBITDA debt revenue intend of expect back to repay of QX Ari. million, adjusted With it XXXX in outstanding to to the I we $XXX and our XXXX. and $XXX we turn and between $X.XX to $XXX billion, billion in generate $X.XX that, range million over

Ariel Emanuel

Thanks Jason.

landscapes isn't maximum comes are how future. partners and of up want sports from. and down our thinking we're leveraging for every end, open on currently we each extract questions, of the we'll clients, trend continue benefiting to our to properties. capitalize about there entire owned the out portfolio for entertainment deal trend a When endeavor value To that positively the we frame briefly impacting and it, Before it to I that

that, hand sheet unlock balance long We it continue shareholders. our committed value also term drive our to and operator. remain strengthening opportunities, for With landscape across deleveraging changing to to the global look over and to I'll etc., growth and our will

Operator

of Instructions] Stanley. Morgan [Operator first from line Swinburne you. comes from Thank Your the Ben question

open. is line Your

Ben Swinburne

if Hi! growth Good clarification business. the little And that afternoon. do then question Obviously on but is from drive on the Two top see focused Everyone out, the should a talk are then focused you deal we think between Jason just I about excited line several bit what is for be questions; at ESPN the that on now probably can UFC I’m wondering are years could a specifically? up point the very most of that and you business and areas the that guidance. had about drivers you view.

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Ari Emanuel

Ben. Thanks

– point the in get that So months you’re asking. all XX next I’ll to the

So first internationally. one is

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Mark Shapiro

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to be location driver Our big a going here. is

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nights not course, which line amounts to Saturday arena. I betting seven of fight, the after you old. with betting into big Dana years is just ING shows truck, outside friends accelerated sport from powering Its home XX up that amount the watching and keeps that really fight-after-fight, goes on mainstream. small would bets, that add allowed during fight been on He you’re just through White that was to and card-after-card son All he it's accelerated. small, and COVID it course fights, So to locomotive, but because college. comes of nonetheless did My

the on but you can On lot a that’s USD tell could and your – think we're bullish. you I know side, second do you we’re financial. fight the Jason pretty So question,

going But you things of and it not lights bookings we're quarter Europe, not that you third right. few of probably till as bright of remind mean in a is is I and also you're the the that itself. off here, is festivals, through America. get course for of of best lot here planet, mentioned, seeing now know heat in you more of rest the lot example, so fourth it's popping We're XXXX to music the and to a quarter; I just the variant we're normalizes although some indicative the South up the things a slow way U.S. U.S., would for will the talking Rim, company, and now, behind COVID variant, we a mind state are know the opening Pac You still right I in doors going right. lot a we're we Indian seeing a and know that trixing mean U.K. for global

both and some just today the we fourth where visibility quarter our of of events. business say Content Jason? international the guidance to on a and could is a high delivery, get Endeavor assume and those degree would in contemplates based I it of So projects close QX

Jason Lublin

for add only from UFC. the Mark perspective would guidance I thing to Yeah, the a what is said

having and QX on We have the not into events music forecasted have for – fight for Pay-Per-View the into client a you QX, having QX events, night QX. going know into we really audiences live throughout the side

Ben Swinburne

everybody. Thanks

Ari Emanuel

Thank you.

Operator

Your from next question comes Credit Suisse. Meghan from line Durkin the of

Your line open. is

Meghan Durkin

question. for Hi guys, taking thanks the

Mark is comments too. maybe I has Ari, for but think this

deals do on protections that clients or seems prepared their different if see you I ways the talk past some to like Warner MGM impacted give consolidation you little remarks, the strategies cases. portfolio? business And Fox know similar. getting in detail changes your some minute be more and how year. studio follow expect the up, but wanted so Can in if the aggressive you then the media place your could how that's past Discovery the how last Endeavor. a might from with in it become for [inaudible] on And impact Amazon to and dramatically about examples distribution the You us touched might Disney happening films on it and on in a which in buying Maybe you're you in

Ari Emanuel

is the this for thanks – think Ari, I question. Well,

be point and Discovery also on scripted, I movie think the is on supply, The sports long been my going think powered to is and non-scripted X-BOD and will side, on growth content and the rights the the side term demand A-BOD just have I the because of further Warner’s proof as is side, short Warner, opinion, also also in still – with Amazon, Discovery the in a the both will MGM side protector has the to sports Plus that too. high opposition their bunch And tech channels. in ecosystem leaders investments on [Inaudible] saves incumbent linear continue. and in sports services

properties It's and talent premises So number a with. the of of demand early is the There's value therefore out content we own. finite that started and we the increasing. one that intellectual represent we creators and demand, of to the company IP meet increasing

think windowing we correct. So if happen and we've all-in-all every – with Disney. surrounding happen second I prices release to Brothers; question seen way the saw I'm with your the that was I Warner schedule, that's and are situation going this and that up it the the Listen, as in relates think issues there,

streaming. look to to have weekend, a just going the the are as They to directly are theatrically and Disney window, going a go had just side Time theatrical if We duel we Paramount at Paramount past had release. Disney find figure out on just All this let Plus some floor and they

operator properties and that and whole we COVID big to on of that’s in bit we no on. how our to behalf one of make clients is now are are forward, the proper economic this sure flow, which way as to with get little players clear We a have There's going answer moves situation. navigated kind time that ecosystem, we big, and go negotiating to as of going the we going we the until is find right but our happen, own are of take proper that we the the

Mark Shapiro

front at Meghan, the that backwards You know know point, we're to they mean paying working I you for I and there, conversations we're question, your are up second mean flexibility. just I from Ari’s think flexible these more having right. studios,

second all question. I’ll to that the of clients, moves of right all the that's on So say our benefit

believe it’s all book live short talked TV, audio, films, just podcast. it's sports, content not that further different right, first if would betting, its definition I films, in I about a On points just add, proof to It’s its the has these is But content mean its gaming, its just Ari question about days. it; supply you its just its it audio, that not growing. think or video forms, its

all fan to comp And equation isn’t this going it library. can be Sport content, we truthfully, and tailwinds, if you there's that and Eurosport going of also about he’s be mean of and leverage you our said I and as a buying, to buy I OSP So lot Amazon think it entire of about it. underscores that segment, is knows major to programming representation, Owned sports that original a Reopening, Properties, didn't lot the everybody just rights think There's big bet going betting. secular a a days to there’s reliance to tickets, sell on there. that and tickets, movie of what influence just these the going MGM question powers sports to to sell to books, lot consolidation a be be overall to move The spending. product, and sell

this Endeavor fueled So that Enterprise by really all the to be going you the wins, all trends power consolidation. will, are the if

Meghan Durkin

Okay, thanks guys.

Operator

comes of question the from Evercore. Benjamin Black next line from Your

open. Your line is

Benjamin Black

Great, I great, have my two. taking question. thanks for

The if M&A, or and [inaudible] to the about thought live the relatedly, potentially new is weigh how I’ve the and question that paying should XX hear locked we Location on versus like kick to start ahead available, thinking contribution be events. of it integrating not reopen. also I is and months, XX over potential events since how allocation potentially question acquisitions, be you. M&A towards know down economy live the is On the longer a opportunities debt when how about any term? acquisition? thought Olympics next pandemic business first been capital on great how it's the you The of Thank the could second And year looking will and but has fully you previously

Mark Shapiro

we to years, which get four can first we one. cover because commitment and Ari financial Ben, got which have debt and obviously Ben, you going know some will that questions Ari’s I in kind into here On we've Ari Jason love will of Jason are the we by integration, Alright got in and both expenses my so count that. incur Location to reduction. few debt will impact, and Olympics cover, M&A

fastball do Week, work for plain UFC, that New sold we which like Championship two we're Fashion its Location, quarter, out Professional which offset all huge would Sydney the of Caine a these back and ones just John that Olympics, get the huge Olympics the too. look, already it, weeks we beyond of I with first team and But Los to concerts, for come PGA a shutdowns I Australia that today owned and is own On line-up can’t Miami the into play fully they us Riding. The The on ones and Bull be win Mickelson provider the ago course mean it's deal say, of going gate like of will excited Fashion line of got quarter, you as there Locations. Angeles, by better a three integrated. tremendous Paris, Paul winning in I it's work out first opportunity. leadership Milan, and We’ve First the some Masters, Open, major York despite know was right we very, and way, and On events. mean very for Week do then with but Sydney, sports Phil lot the not a right Olympics you about fourth just

integrated, advance know year have know a and revenue and at sales, differentiator clients top, you first is Jason of fact event in financial the you feel lot recognition opportunity more that firepower The next our full to the where out the best events of of a is, I'll Olympics kind and to blow in it's were comments place those the is be tremendous. around Endeavor So run, more the architecture will will it later. home Jason. here, integrated, it we its adding Super you we need beating we working. we’re the What Miami, years. expenses now years you experiences couple to that know That's take couple do Super should with which is up, we'll be to our for a and ramping but some heard talk really let and good. my partners. build more Bowl increase the Bowl on, the about

Jason Lublin

the we Paris the know as ‘XX of likes revenue XXXX. Yeah, you about LA are in really Mark the and Milan which excited said, potential deal, over ‘XX,

will revenue to mentioned You some we games perspective today. know you a majority that Mark leading inclusive and to guidance operating of we the our from the of and certainly we’ll recognize XXXX. have know put expenses revenue, up it be in out the starting that Then XXXX is

Ari Emanuel

with fits Flight reigning portfolio, And like our who has existing Ben, And its fits that M&A, There’s organic which let to into the as company, it's which in in businesses. also lot Arena Content is to our which business. is it champ, listen it our around mentioned data carrying capturing to was M&A, business. comments, IMG been Scope business a for Endeavor built IMG NCSA continue called that note our growth, relates and our and kind Mark that are Academy perfectly growth. a LinkedIn Arena and we be, buckers which on it is business for SportXX two organic the look are Gaming One strategic we of into us. M&A IMG opportunistic. of really his IMG increases of technology It for called then

international, are out bolt can drive that, costs, on take we constantly for we is our to utilize existing In that our we think that process addition use think acquisition them. to portfolio, the next there, as not a out to looking there's a also go lot the look diligent but the of value. we a have whole very at platform increase We we're to rigorous through and platform to opportunity

at. we how that's look So

We inclined. are partially

at we built good lot we a we're company of about very and the a market place As M&A you and look it. on know feeling

Jason Lublin

flow of committed come terms play M&A. know, as that leverage de-leveraging, should we’re cash in of down using to as down, form But the pay you in deleveraging to we’ll well flow debt cash

public you reduction a public in Now M&A. we also of we execute also remarks to that outstanding on my QX. currency company million know $XXX debt expect you a in our are are we with know highlighted public, a But we

committed very profile M&A. are as with balancing we well are to So we and deleveraging our that

Operator

from question Quadrani comes next line Alexia a Your of J.P. form Morgan.

Your line is open.

Alexia Quadrani

is the the distribution we demand about some and you question content given demand outlets sort staying really the second, of general. And sort the color catch just read on Thank of you. just comment and which earlier in all if up of obviously is growth can time. how I’m streaming about the content and give for the and on I made the My sustainable robust you given how about much really COVID, is curious side topic. much outlets proliferation us that guess

right everybody. elaborate for or much irrelevant so for If your you think your how is you can growth is and just peers, content trending share is versus or that demand others because now right now, there

Ari Emanuel

content, is a about, gamers though but forms lot that content. Mark you podcast, it are you’re lot are on there's really going a into assuming of mainly I’m when I think there's there's even different think mentioned the movie, about thinking mainly There's there's talking of So of there audio, different about this. gaming, surface, television you

Alexia Quadrani

exactly on yeah, fund, Yeah, the entertainment yes.

Ari Emanuel

process, started everybody in only got know at one you point last time; this time its it's increased. we When stop said to

financially, players economics. have it’s Netflix. big a seven We have committed have now now You that huge

their libraries that committed. library. the going I to think Disney to billion. is they lot movies, XX are it $XX are last of do was They call got a build other going because earnings in and to services their

for Plus place services. committed coming the Paramount market have now too their You into

got not had that on consolidation linier slowing and a it slowing This also actually channel, to still of they for have this, not large the the is you defend bit little Prime. five service they've this know. have All a players mix. this players have throughout have system these saw committed I overall do this said I strategically believe all deals plus years, their writer, is that before, just linear because and service making the players even investment director, in the they is tell linear their would you down As huge excellent there is are not, to down. companies services – actors you, for to there. Amazon I don't also

capacity. slowing in don't it's I believe So any down

Alexia Quadrani

Thank you.

Operator

Your next from Joyce question of from comes the David line Barclays.

Your line is open.

David Joyce

being contributions Thank the Could you you guidance of the how help on little the gave course throughout versus these the expenses thought And we the margins? and what how is business in organic later based but kind Thanks. cadence the Endeavor know for you out in? are and then of much. of play very related the how we Content the us I think meeting, us first year? quarter, year, think think that'll the be changing some settlement factored will that again should for WGA the are versus margins, we activities inorganic margins normalized secondly, than here, once about normalized businesses, the what about a to

Mark Shapiro

take of profile. I’ll margin first so that the question Yeah,

than you that, term. That I impacted of look know about mid-point is this range, the the see we indicative year. transitioned so obviously are business this and your, the is roughly not we is of here. this for higher COVID look long think think projecting XX.X% QX So was margin at I you Obviously for our if margin

for what year. the we this just to that's So are be business projecting

Ari Emanuel

full Endeavor swing in And to as now, Content, relates just it then as deliverables that right David, mentioned in quarter. I which big is fourth the

is status plan. Our XXXX our guidance year, Endeavor that's quo, for balance assumes of the Content the

this end We in entirety, will current the its in of have its year. form the through

David Joyce

then the the anything for quarter And contributions on or in the just year? inorganic

Ari Emanuel

know. don't I

sorry. Specifically David, I’m

David Joyce

your a for the acquisition your sense get we that of into could If revenue what is strategy activity what growth. year. and Just contributing is EBITDA doing, the for doing

Jason Lublin

that the growth. we all would break we had I and inorganic organic not couple you – a which to between split going of but are out scope we slight Yeah, say know is closed which FCA, transactions, down and

Ari Emanuel

Same goes for Endeavor Content.

David Joyce

Alright, thank you much. very

Ari Emanuel

On an ending what to you. here's say would note, I

When - them. you in gaming, when As look Location, growth of every think Ticketmaster, it a whether we're statement be every On I’ve sports, music, we're you supply When about his we said, you in think as think when about you Mark WME at sector about huge are or in content, stated. and sector.

the we’re are We space. that Gaming big sports ownership, also we're representation, players. On in one of Sports Location.

come to how sector movies you ecosystem. be every to to that the do we television, and through Whether be media and whether growth want have podcast doors space. or You the that content our are in relates throughout it in

So when factor have to you analysis, you think about us your media in.

Emanuel

Thanks everybody.

Jason Lublin

us. Thanks for joining

Operator

Thank This for today’s conference call. participating. you concludes

You may now disconnect.