David Rosenthal: evaluation

Transcript context

…And it's interesting, because I think in '93, when the salary cap first came out, it was just of the shared revenue. But now that in the more recent agreements, it includes all league revenue and local revenue is actually growing as a portion of the overall revenue for the top teams. Unshared revenue for teams grew from 12% in 1994 to 21% in 2003 and is over 30% today. There's definitely a meaningful and ever-growing part of NFL team revenue that really does come from just the team itself and what it can do in its local market, not from that sort of locked brotherhood of we're all in it together league revenue. Yeah. It is a serious threat to this magical flywheel that has made the NFL succeed well beyond any other sport on a revenue basis in the world. Given the football and the NFL is not the most popular sport in the world, it is by far the highest monetized and largest sport by revenue. I think actually, I don't know if we said this upfront, I'm pretty sure the NFL is the largest single media business in the world. Not an aggregate diversified media business, but like if you consider the league as a single property, then I think it is the largest individual single property in the world. It's a good question. The comps would probably be like Marvel or Lucasfilm.…

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