Silver Lake's Go-Private Proposal
Q: How do you view Silver Lake's take-private proposal?
A: Ariel Emanuel declined to comment on the go-private proposal or any related strategic alternatives, stating, "I'm not commenting on anything as it relates to the go private or the review or anything that you've just mentioned." "

Post-Strike Recovery of Representation Business
Q: How will the representation business recover after the strike?
A: Ariel Emanuel expects a ramp-up of projects shut down due to the strikes, beginning in the first quarter. New productions will likely start in April or May after two to three months of prep, with "tons of pent-up demand" driving activity. He anticipates this high level of production to continue through 2025. " "

Demand for Scripted Content
Q: What is the demand outlook for scripted content post-strike?
A: Ariel Emanuel does not see demand slowing down after the initial pent-up period. Productions have been scheduled into 2025 by companies like Warner Brothers and Disney. He believes the strong demand will persist "for a while." "

Sustainability of Concert Touring Growth
Q: Can concert touring grow beyond 2023 levels?
A: Mark Shapiro reports strong bookings and forecasts that next summer will be equally robust. With over 200 artists on the road in Q3, they observe "record attendance and record ticket per caps," and they don't see this momentum slowing down. "

Sports Strategy and M&A Approach
Q: What is your sports strategy post-TKO and approach to M&A?
A: Ariel Emanuel explains that their sports assets, like the Miami Open and Madrid Open, are viewed as cultural events rather than just sports. They are focusing on integrating TKO and maximizing revenue synergies, not pursuing M&A. Regarding the PGA opportunity, they considered a 10% minority investment but withdrew when the price became "ridiculous." "

Net Income Year-over-Year Change
Q: What drove the year-over-year change in net income?
A: Jason Lublin attributes the change primarily to transaction costs associated with the TKO transaction, approximately $70 million plus, and restructuring costs also related to the transaction, about $70 million plus. Both are one-time, non-recurring items impacting net income for the quarter. "

Impact of Ending Packaging Deals
Q: How will ending packaging deals affect core growth?
A: Ariel Emanuel feels confident due to their diversified business across sports, music, digital, books, and lectures. They still benefit from existing packages; for example, shows like "Suits" have become hits on platforms like Netflix, generating "big fees that come back on the old packages." "

Sports Data and Technology Growth Drivers
Q: What are the growth drivers in Sports Data and Technology?
A: Mark Shapiro highlights growth in OpenBet, their B2B sports betting platform, benefiting from regulation lifting in markets like Brazil and Finland. On the IMG Arena side, they focus on Tier 2 and 3 properties, avoiding costly Tier 1 rights to maintain profitability. They are content being the #3 player in the marketplace behind Genius and Sports Radar. "