Booted -- are booming, profits -- they are paying so much for the property.
Profits are pretty good, but yes, expenses are moving a lot.
Look, i think -- you know what is most interesting to me about the holiday and all these football games?
They really illustrate the fact that -- we hear about cord cutting and this millennial tendency for what we really need tv for, we are not like our parents' generation.
The reality is if you want to watch football, you need broadcast television.
It is a perfect example of what the value is today.
All the netflix subscriptions in the world is not going to let you watch football.
Right, "game of thrones" does not get you to detroit.
It is espn winning?
I think espn is winning, i think the broadcasters are winning, cbs, abc, fox because they are pouring and tons of -- , on, there has got to be a loser.
I think those without sports are at a risk of losing.
The reality is i think the distributors are losing.
Time warner cable, charter, dish, directv.
That is part of what is pushing them toward consolidation.
Let's stick to that because you wrote in your note that they actually have more leverage than we would think they have to why is that?
Distributors have more leverage over media.
What i think is because the distributors own regional sports channels.
A lot of people do not realize comcast is one of the largest retail -- regional sports network owners in america.
Directv, through its roots network, also owns a tolerance of -- a ton of regional sports networks.
They are all in the sports business to a greater extent than we think.
So that drives -- it allows the sports channels to continue to push up pricing.
David, where does google fit into this because the chairman of google said the internet can handle live streaming of internet games?
You know, i think of some point there could be a bitter.
My sense in discussing this with conversations with industry players in the league is that the interest is not in making the marginal dollar.
That is what is so smart about sports in america.
They are willing to leave the marginal dollar on the table this year to continue to create these massive annuities.
If you move a game, if you move the thursday night package to google when it comes up for bid, don't you and a sense limit the number of people back and watch?
Is the nfl succeeding with their own television network?
They take a key game and put it on their network, i cannot see it, cannot you i? you should be able to see it now.
The nfl last year got full distribution, i think.
The question is -- could you make more money by moving that them over to at&t or cbs or whatever.
I think the answer is i think you want to leave just enough ends on the nfl network to make people want to watch it and buy it, but maybe leave five games on their, but you sellouts -- i like the bay spell -- the baseball nhl model.
Is there too much optimism, or is there a real opportunity?
I don't think there is too much optimism.
I think the college sports stuff, if you look at the amount of college who -- college sports in prime and the audiences that have been getting over the 2011, 2012 season, we saw a fair amount of ratings and success.
It is really the anchor of the fs1 sports channel, pac-12, big 12, big east, basketball, this is really the anchor right now for the 2013 season.
All right, david bank, rbc capital markets, this monitored also thank you to our guest toes, gilbert harrison of financo and emma rosenblum of "bloomberg businessweek." three games.
Forex report, let's get to it now.
Looking at equities, bonds, currencies, commodities.
We really look at fort exchange.
Euro yen is a big story.
Weak yen, $138.39. that is an important air.
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