The increased interest in the sport globally, but particularly in the U.S., have given us an opportunity with a broader range of distributors and the increasing number of digital players who might enter the market.

I think the opportunity for us and for the broader sport is certainly there.

A couple of thoughts. I mean I don't have any probably unique thoughts on the value of sports teams. You've seen a lot of commentary about these are trophy assets. There's a limited number. They've been good source of value that increasing global popularity only means that they have more interest globally and more potential investor interest globally.

I think those are all true isolating which of those factors hard for me to say. I think that's certainly going to be true of the Atlanta Braves is true of them as a -- on their trading value, the longest continuously operating franchise in the United States.

I think that the list is already quite interesting and full. But for sure, the concept that we have seen about AmEx, the regionalization is another key factor of attracting new partners, and this was going to be our strategy.

But you think about baseball and maybe even ahead of that, live sports content still very much in demand regardless of all the changes and fragmentation that's happening in the marketplace.

Barton Crockett: To switch gears to sports teams and -- just wanted your kind of views, Greg, on what's behind the kind of vibrant activity we're seeing right now in acquisitions of sports teams in many sports at premium prices.

Gregory Maffei: A couple of thoughts. I mean I don't have any probably unique thoughts on the value of sports teams. You've seen a lot of commentary about these are trophy assets. There's a limited number. They've been good source of value that increasing global popularity only means that they have more interest globally and more potential investor interest globally.

I think we don't have to also underestimate the potential of being bigger on social and bigger on the [indiscernible] of the sport and being able to connect more and more with this new initiative with our fans, we will be able to provide services that, of course, we have to pay back for us.

I believe our last question. Our final question comes from the line of Barton Crockett with Rosenblatt Securities. Barton Crockett: I was curious, Greg, about your thoughts about the opportunities for baseball overall to create a better streaming experience than the kind of fragmented circumstance that's developing right now...

You've seen a lot of commentary about these are trophy assets. There's a limited number. They've been good source of value that increasing global popularity only means that they have more interest globally and more potential investor interest globally.

I think you will see net revenue declines across all of baseball with the decline of the RSNs. There -- I think that's in the short term, at least, that's almost inevitable as some of these contracts are done.

So just on the U.S., I think, as you know, we are currently live with nine states there, four of the states on the Betway Global Technology and the other five we have the plan in place for that migration.

We’re hoping by the quarter three, by quarter four, we are all done. It is quite complicated with the IP and everything is to make sure that everything is in place, but it’s on track and it’s been a big process to do, but we are getting there and we are very excited as well to bring -- to own the IP of this technology.

In recent weeks, we further strengthened our really impressive brand partnership portfolio, becoming the official partner of U.S. major league cricket and also the official betting partner of Toronto’s National Bank Open.

Our strategy of investing into markets where we see the greatest return is reflected in our strong quarterly results.

According to EKG, the United States generated approximately $10.4 billion in online sports betting revenue in 2023.Source

We believe the sports betting industry will grow significantly over the next several years as more states authorize sports betting and as existing markets mature.Source

We believe the U.S. sports betting market still has significant opportunity for growth. Only approximately 47% of the United States currently has access (or is expected to have access) to online sports betting, per EKG.Source

If every U.S. state was to legalize online sports betting, based on state level projections from EKG, it is projected that the U.S. market would generate approximately $23 billion in revenue.Source

The US opportunity is strong. It continues to be strong. And obviously, we continue to be extremely well placed, especially with the recent renewal that we've announced and the additional products that we -- that we hinted out in this call.Source

We're very excited to see these operators continue to improve and continue to raise the same customers and continue to shift customer spend from one sport to another sport to another sport.Source

I mean, we don't have to also underestimate the potential of being bigger on social and bigger on the [indiscernible] of the sport and being able to connect more and more with this new initiative with our fans, we will be able to provide services that, of course, we have to pay back for us.

But we do not forget that 2 other areas, for sure, will be very important, is licensing and merchandising, where we just at the beginning of restructuring where we can really see potential of what we can do.

Gregory Maffei: A couple of thoughts. I mean I don't have any probably unique thoughts on the value of sports teams. You've seen a lot of commentary about these are trophy assets. There's a limited number. They've been good source of value that increasing global popularity only means that they have more interest globally and more potential investor interest globally.

I do think you will see net revenue declines across all of baseball with the decline of the RSNs. There -- I think that's in the short term, at least, that's almost inevitable as some of these contracts are done.

AmEx is a great example, moving from a world that just paint on the track to a digital experience, to activation.

And then hospitality. And Quint is a part of that. What we're doing -- what we've been able to do, increase the Paddock Club, frankly, because of demand, how we've been able to increase prices at the Paddock club, all those give us, I think, a range of opportunities in hospitality.

You've seen a lot of commentary about these are trophy assets. There's a limited number. They've been good source of value that increasing global popularity only means that they have more interest globally and more potential investor interest globally.

I feel pretty good about those changes for a bunch of reasons. I do think you will see net revenue declines across all of baseball with the decline of the RSNs. There -- I think that's in the short term, at least, that's almost inevitable as some of these contracts are done.

the increased interest in the sport globally, but particularly in the U.S., have given us an opportunity with a broader range of distributors and the increasing number of digital players who might enter the market.

the fact that there's a limited supply and an increasing number of people who want a race in increasing number of cities or venues that want to race have allowed us, in many cases, to utilize that limited supply to play off, raise the requirements, raise our prices and promoters are doing far better.

I think those are all true isolating which of those factors hard for me to say. I think that's certainly going to be true of the Atlanta Braves is true of them as a -- on their trading value, the longest continuously operating franchise in the United States.

But about our relative position, I feel very good. Having the largest cable household or a broadband household territory having a very large dedicated fan base, having a relatively modest RSN fee given the scale of those, that territory all anecdotal evidence, we know suggests that we have the most profitable RSN for the RSN owner and distributors.