Ari Emanuel

And then we realized it was all in the representation business and then realized that because of what we built, the infrastructure we built and the global scale we had and the production and representation, we could start owning some of the assets as opposed to just representing them and kind of put them through our filters and kind of create more value.

And so the first thing we did is we bought this company called Professional Bull Riley that was, I think, making,

$3 million a year in profit.

We turned it into a really nice business.

It's still growing.

And then because of that, and we negotiated every day against networks and studios, the UFC came up and we said, okay, let's take a big swing.

The funny thing is when we bought IMG, they say we overpaid.

It was the cheapest sports acquisition ever happened.

And definitely when we bought UFC, they were like at 4.

And all we had to do was kind of make a broadcast deal that then took the multiple down from 20 times to kind of under 10.

We then thought we could take all those assets, my big mistake here, a conglomerate.

The marketplace just didn't understand it.

And so we tried to take it public right before COVID.

Failed.

I didn't realize how hard it was to go back out.

Finally got it back public.

We kind of rolled all of the UFC into endeavor.

And we still weren't getting

No, it's actually just back to George Gilder.

It's back to George Gilder.