00:00I want to ask you about one of the holdings in Goals at GOLS, and that is Comcast.
00:04Of course, Comcast is a distributor of a lot of the World Cup games through Telemundo,
00:09but also just involved in the sports ecosystem.
00:12The company came out with news today that it is going to split up its businesses
00:15and basically spin off the broadcast side along with Telemundo and the theme parks
00:20and then, of course, keep its broadband operations separate.
00:24What does that mean for how you position Comcast within your portfolio?
00:29Yeah, so when I started here at Cabelli 23, almost 24 years ago, I started as a media analyst,
00:34and so I've been covering this company for a very long time.
00:38Comcast's acquisition of NBC in 2009 was seen as a great deal.
00:41Still think, in retrospect, it was a very good deal.
00:43They paid a great price to GE for it, but the world has changed,
00:47and so not a huge surprise that they're separating the broadband assets from the content assets.
00:53We own it in the fund because NBC is part of the sports ecosystem,
00:59both because of their rights to the NFL and other sports,
01:01and, of course, because of their rights to the Olympics.
01:04So that's why you own it here.
01:06As far as the deal goes itself, we do think it will be value surfacing for this company,
01:11which trades at a very cheap multiple all by itself.
01:14And this should increase the strategic possibilities for both sides of the house.
01:19Don't think anything happens immediately on the content side,
01:21but do expect further consolidation amongst broadband companies.
01:25Well, Chris, I am curious.
01:26I mean, taking a look at the statement from the company, Comcast shareholders will have shares in both businesses.
01:32And, you know, I know it's early days, but do you plan to hang on to shares of both companies,
01:38or is there one that you would, you know, prioritize over the other?
01:42Well, speaking more broadly, of course, across all of our funds,
01:45we'll have to look at where the valuation goes.
01:49But specifically with regard to goals, you know,
01:52we do want to see some true alignment with sports assets, sports interests.
01:58So, you know, broadband doesn't fit quite as well.
02:01But we do own a number of companies in the broader sports ecosystem,
02:07including venues, ticketing companies, and media partners.
02:11So that would fit well here.
02:12So, you know, we do have a number of companies in the world that we do have a number of
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