BodyArmor Taking Direct Aim at Gatorade


BodyArmor has rolled out its largest ad campaign to date (includes 1st TV ad), a comedic series portraying market leader Gatorade as out of touch with the needs of the modern athlete; to run during the NBA Playoffs. Conceived, written and co-directed by shareholder (and Emmy/Oscar winner) Kobe Bryant, the multi-media campaign places athletes in outdated situations; akin to high performance athletes continuing to drink Gatorade during competition (think: Porzingas using carrier pigeons to communicate with family in Latvia, video here). The campaign positions BodyArmor as the sports drink for today’s health conscious athlete, touting differences like “natural flavors and sweeteners, potassium-packed electrolytes and coconut water”; while noting the lack of innovation from Gatorade since its inception in 1965.

Howie Long-Short: BodyArmor remains privately held, but you can play the company via Dr. Pepper Snapple Group (DPS); as the company participated in a $20 million funding round in August ’15. DPS is the company’s 2nd largest shareholder, controlling 15.5% after a $6 million investment in 2017. The company will report Q1 earnings on Wednesday 4.25.18.

BodyArmor is growing rapidly, having generated $122.9 million “in the 52 weeks ending March 19” (+140% YoY). Gatorade (75%) and Powerade (20%) still control the bulk of the “sports drink” market share, with BodyArmor a distant 3rd (2%); but CEO Mike Repole projects the company will own 10% of the market by 2019, a distinct possibility after having recently added 7-Eleven, Walmart and Sam’s Club as distribution partners. For those wondering, Gatorade is owned by PepsiCo. (PEP); Powerade is a subsidiary of the Coca-Cola (KO) Co.

Fan Marino: All BodyArmor spokes-athletes have equity in the company. In addition to Bryant (the company’s #3 investor), the list of athlete-shareholders includes; Trout, Porzingas, Harden, Diggins-Smith, Andrew Luck, Rob Gronkowski, Buster Posey, LeSean McCoy, Richard Sherman, Sydney Leroux, Anthony Rizzo, Dez Bryant and Dustin Johnson.

Spurs Coach Greg Popovich didn’t make the list, but perhaps BodyArmor execs should reach out to him; as he too has recently taken aim at Gatorade. Popovich made it known that he’s not a fan of the “sugary” drink and that he remains unhappy the league’s placement of Gatorade on the post-game press conference podium. The outspoken coach said he “shouldn’t be forced to sell” their products.

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Stars Group Pivots from Poker to Sports Betting, Buys SBG for $4.7 Billion

Stars Group

Stars Group, Inc. (TSG) has acquired Sky Betting & Gaming (SBG) from CVC Capital Partners and Sky, Plc (SKYAY) for $4.7 billion in cash and stock options, as the company pivots from online poker cardroom to sports betting operator. SBG has an established gaming presence in the U.K. (3rd largest operator) and recently expanded operations in to Italy and Germany. While SCOTUS’ pending decision on PAPSA’s constitutionality offers potential upside for TSG shareholders, CEO Rafi Ashkenazi clearly stated, “the trigger for this deal was not the U.S.”; before adding that should sports betting be legalized in the country, the company would be “very strongly positioned to capture significant market share.” TSG shares climbed 14% on the news, closing Monday at $33.45; just below their all-time high ($33.50).

Howie Long-Short: Ashkenazi has been aggressively looking to reduce TSG’s reliance on a stagnating poker business (2/3 of ’17 revenue, $2.36 billion, +7% YoY) and recently increased the company’s stake (to 80%) in Australian sports betting and gaming company, CrownBet Holdings (which acquired the Australian arm of William Hill). That’s a wise decision. In 2017, 50% of all casino winnings ($49.8 billion) came from sports betting and 26% originated from casino games, while just 6% came from poker.

Much like the DFS companies, TSG owns a valuable database of U.S. gamblers from poker’s mid-to-late aughts heyday. Combine that information with SBG’s strengths in marketing (was U.K.’s 8th largest operator in ’11, now 3rd) and technology (80% of revenue comes from mobile apps), and it becomes a particularly sensible acquisition for TSG.

Fan Marino: No European gaming company is better positioned to capitalize on legalized sports betting in the United States (particularly if SCOTUS’ decision is limited to New Jersey, for the time being), then William Hill (WIMHY). Back in ’13, the company bought the rights to run a sportsbook (and split profits 50/50) at Monmouth Park (NJ), if ever permitted by law for $1 million. It’s been a long 5 years, but a decision could come down as early as today. Should that happen, WIMHY will be taking bets at Monmouth within weeks. The company also plans to add a 2nd $5 million sportsbook on the premises.

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MLB, NBA Divesting Ownership in DFS Operators


Major League Baseball and the National Basketball Association intend on divesting ownership interest in DraftKings and FanDuel, though both will continue to partner with their respective DFS partner in a commercial capacity. The decision comes as MLB and the NBA are actively lobbying for sports betting legislation entitling them to “integrity fees” (a tax on the total wagered on league games), arguing they’ll have an increased role in regulation should SCOTUS strike down PAPSA; a tough sale if also serving as the book, with a stake in winners/losers. Current valuations of the DFS operators (peaked at +/- $1 billion) and exit terms have not been disclosed.

Howie Long-Short: This news becomes the latest indication that DraftKings/FanDuel are shifting business models, pending the legalization of sports betting. MLB lawyer Bryan Seeley recently stated, “we’re not going to be part-owner of a bookmaker”; while DraftKings spokesman James Chisholm was quoted saying DFS companies are “perfectly positioned to succeed (think: 10 million users) in a legal sports betting market.” In February, the company hired a Head of Sportsbook and is reportedly in contacts with “potential casino partners.”

Attitudes towards legalized sports betting have shifted dramatically in this country, over the last 25 years, but the optics of a pro sports league acting as a gaming operator remain poor; so, no surprise seeing the MLB and the NBA disassociate with DraftKings/FanDuel prior to SCOTUS’ decision. Of course, even if the leagues aren’t successful in negotiating an integrity fee, they’ll profit on legalized sports betting through the sale of data rights.

Fan Marino: Did you know that Australians lose more money gambling ($920) annually, than citizens of any other country in the world? That figure is +/-2x more than the average U.S. adult loses per year and +/-50% more than 2nd place, Singapore. Lawmakers point to “pokies” (electronic betting machines) not limited to casinos, as the problem; with over 50% of the losses occurring on the machines. They are onto something. Woolworths Group (OTC: WOLWF, ASX: WOW), a supermarket chain, is the country’s biggest operator of “pokies”; controlling over 12,000 nationwide through a majority stake in Australian Leisure and Hospitality Group.

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NBA Teams Spent More Than $125 Million on Injured Players During ’17-18 Season


NBA stars Kawhi Leonard (Spurs), Kyrie Irving (Celtics) and DeMarcus Cousins (Pelicans) won’t suit up for their respective teams during the 2018 post-season, due to various injuries; but, all 3 will collect paychecks as they rehabilitate. NBA contracts, which are guaranteed in full, resulted in injured players taking home more than $125 million this past season. No team spent more on inactive players, than the Boston Celtics; paying over $34 million to Gordon Hayward and Irving, as they missed a combined 103 games. Despite their absences, the Celtics managed to finish the regular season with the Eastern Conference’s 2nd best record (55-27). Coincidentally, the Western Conference’s #2 seed (58-24), the Golden State Warriors, spent the 2nd most money on injured players; spending more than $22 million on Steph Curry, Kevin Durant, Andre Iguodala and Draymond Green, as they sat out a combined 72 games.

Howie Long-Short: If $125 million sounds like a lot of money sitting on the bench, consider analysis of the 2016-2017 season; found NBA teams paid out $305 million to injured players last season. The 76ers, who finished the ’16-17 season with the league’s 4th worst record (28-54), led the way; spending $22 million on 7 players (including $6 million on Ben Simmons) that were unavailable to take the floor. It must be noted that despite finishing with the league’s 4th worst record, the 76ers won the 2017 NBA draft lottery; earning the right to select first overall in the 2017 NBA draft. The team selected Markelle Fultz, who ironically sat out the first 68 games (taking home $5.8 million while rehabbing) of his career with a shoulder injury.

Fan Marino: Injuries to the league’s biggest stars had minimal impact on their respective franchises this season, and even less on popular merchandise lists. Steph Curry (31 games), Kevin Durant (14 games), Kyrie Irving (22 games), Joel Embiid (14 games), Kawhi Leonard (70 games) and Jimmy Butler (23 games) all missed extended time and still managed to finish 1st, 3rd, 5th, 8th, 11th and 15th, respectively, in jersey sales.

Correction: We wrote that the 76ers had earned the right to select first in the 2017 NBA Draft. While the team ended up with the #1 overall selection, they acquired it in a trade with Boston (via Brooklyn); giving up the #3 pick and a 2018 (or 2019) first round selection to move up 2 spots.

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Devils, Prudential Center CRO Discusses Importance of Playoff Hockey to Team, Building Profitability

NJD vs. TBL Stanley Cup Playoffs Round 1 Game 4 (photo by Patrick Dodson)

The Prudential Center in Newark, New Jersey is among the marquee sporting arenas in the world (ranked #8th – Billboard Magazine). During the 1st intermission at Wednesday night’s Game 4, JohnWallStreet had a chance to discuss the advantage/drawbacks of the arena’s proximity to NYC and the importance of playoff hockey for the team and the building’s profitability with Adam Davis, CRO of the New Jersey Devils and Prudential Center (properties within the Harris Blitzer Sports & Entertainment portfolio, which also includes the Philadelphia 76ers, Team Dignitas esports franchise and more).

JWS: Since the Nets moved to Brooklyn, the Devils placed an added emphasis on being “New Jersey’s team.” How has that mentality impacted corporate sponsorships?  

Adam: When Josh Harris and David Blitzer bought the team in August of 2013, we looked at it through the lens of this (Prudential Center) being the “Home of the Devils”; we wanted to transition it, to becoming the “Home of Entertainment for New Jersey.” That is also the filter we looked at partnerships through. When we got here we had a lot of great partners, but not ones that were necessarily representative of New Jersey. Fast forward to today and all the brands are representative of Jersey in some way. It could be a global brand like Anheuser Busch who happens to have a brewery in Newark N.J., a brand like Mars chocolates who is headquartered in Hackettstown, N.J. (moving to Newark in 2 years) or a partner like Investors Bank; the largest bank headquartered in New Jersey. Plymouth Rock Insurance, a huge auto insurance company in New Jersey. RWJ Barnabas Health, the largest healthcare system in the state of New Jersey. WaWa, a big convenience store; are all partners. Then, global brands that have a big presence in the state. Enterprise, this is the biggest market for them. Infinity, New Jersey is arguably the number 1 or 2 market in the country for them. So, everything we look at goes through that filter of New Jersey.  

JWS: Is it an advantage to be located so close to NYC or does having MSG and Barclays Center in such close proximity hurt Prudential Center business?

Adam: Both. When I got here, the Prudential Center was trying to be positioned as New York City. As opposed to being the last option in New York, our perspective was “why not be the first option in New Jersey”. That mentality has helped to enhance the content. When we got here, this building was 17th in the country (Billboard Magazine) for entertainment venues. Today we are number 6 in the country, 8th in the world. We’ll do 45 concerts this year. We do more concerts than Devils games, it’s amazing.

JWS: How important is hosting playoff games to the building’s profitability? Team profitability?

Adam: There is no debate that post season play brings an unparalleled energy to the arena, the team and the city of Newark. Obviously, playoff games generate additional ticket sales, partnerships, premium, merchandise, food & beverage; people spend more on food & beverage and merchandise because everyone is really excited, really happy and wants to represent their team. But this has truly been a banner year for the arena. We celebrated our 10th Anniversary, installed the largest in-arena scoreboard in the world with partner Trans-Lux, opened the GRAMMY Museum Experience Prudential Center and welcomed over 150,000 patrons through our doors each month. The playoffs generate momentum for Season Ticket Members in the 2018-2019 season, but outside of Devils game, we still anticipate over one million concert and special event attendees in the coming year.

Howie Long-Short: Several Devils’ corporate sponsors are publicly traded. Anheuser Busch (BUD), Investors Bank (ISBC) and Infinity (a subsidiary of Nissan Motor Co., OTC: NSANY).

In late January, ISBC reported a net loss of $4.8 million for Q4 ’17; resulting mainly from a $49.2 million increase to the company’s annual income tax expenditure (see: Tax Cuts & Jobs Act). Adjusted, net income totaled $48.2 million; +5% from Q3 ’17. CEO Kevin Cummings pointed to “net interest margin expansion (+3.5% YoY), expense control, strong deposit growth (+$481 million in Q4) and asset quality metrics” as highlights for a “strong fourth quarter.” Despite 2017’s large tax bill, the reduced corporate tax rate will be beneficial to shareholders moving forward. The company will report Q1 ’18 earnings on April 26.

Fan Marino: The Prudential Center proudly owns the world’s largest, in-arena, center hung, digital scoreboard. The screen (9,584 sf) is 86% larger than the next largest scoreboard (5,138 sf, Red Wings) in the league, has over 8 million more LEDs than the scoreboard at AT&T Stadium (Cowboys) and is big enough to fit 2 Madison Square Garden scoreboards inside. Remarkably, players on the screen appear to be 4x larger than they are. You can check it out, here!

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Sports-Centric Streaming Service Raises $75 million From TV Programmers


Fubo TV has announced it has closed on a $75 million Series D round, increasing the total amount that the company has raised to $150 million; including a $55 million Series C round in June ’17. The sports-centric digital TV service will use the newly raised capital to expand its engineering and product teams (plans to double staff, open 2nd office by end of ’18), increase its marketing budget and acquire additional content rights. Launched in 2015, the live TV streaming platform has found a niche targeting sports fans (offering 30,000 sporting events/year); surpassing 100,000 subscribers in September 2017. While impressive, the company still lags far behind Sling TV (2.2 million) and DirecTV Now (1.2 million) in terms of market share.

Howie Long-Short: Existing shareholders (and TV programmers) 21st Century Fox (FOXA), Sky (SKYAY) and Scripps Networks Interactive (DISCA) all exercised their pro-rata rights, participating in the latest round; while AMC Networks (AMCX) invested in the company for the first time. While it appears to be an ill fit on the surface, Fubo TV isn’t the only web TV provider that TV programmers have invested in. The Walt Disney Co., pending final approval of its 21st Century Fox acquisition, controls 60% of Hulu; Comcast owns 30% and Time Warner owns 10%. It’s also worth pointing out that A&E, Discovery Communications, AMC and Viacom are invested in Philo.

Fubo TV’s business model is predicated on both recurring monthly subscription fees and ad sales. Despite having just launched “server side ad insertion” in January, ad sales represent a “low single-digit percentage” of total revenue. The company is expecting an overall revenue run rate of $100 million within 12 months.

Fan Marino: Fubo TV’s $45/mo. package, marketed as “a real sports package, for the real sports fan”, contains 85 channels; a collection of local TV networks (think: ABC, CBS, FOX), national cable networks (think: FS1, NFL Network), RSNs (think: MSG, YES, NESN) and difficult to find conference networks (think: Big 10 Network, Pac-12 Network). The bundle includes more sports channels than any other competitor, but lacks the most valuable (to a sports fan) national cable network; ESPN. Is ESPN (and ESPN2) worth the additional +/- $55/mo. required to retain your cable bundle? Probably not, but I’m not signing up for an OTT service without it.

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Top MLB Prospect Took $360K for 10% of Career Earnings, Now Calls Deal “Unconscionable”


Francisco Mejia, ranked by as the 11th best prospect in baseball, has filed a lawsuit against Big League Advance Fund I, LP (BLA) seeking to void a series of signed contracts, on grounds that the deal’s terms were “unconscionable”. In 2016, the Indians prospect was approached by “runners” (often former players) of BLA in the Dominican Republic; young and vulnerable (his mother was ill, medical bills were piling up), the player agreed to forfeit 10% of his future earnings (now projected to exceed $100 million) in exchange for a $360,000 payment. The 3rd baseman/outfielder now claims that the deal was “so one-sided, that no reasonable person would have entered into it.” While a court will decide the case’s merit, a deeper dive would appear to support Mejia’s argument; counsel advising Mejia on contract terms had been hired/paid for by BLA and BLA has since filed a counterclaim accusing Mejia of violating the contract by disclosing its existence (not the terms, the actual agreement).

Howie Long-Short: Sure, a return of 2,677% ($10 million on $360,000) seems predatory, but the courts may not see it that way. In 1989, a Delaware (where this case will be tried) court ruled (Graham vs. State Farm) that the “mere disparity between the bargaining power of parties to a contract will not support the finding of unconscionability. A court must find that the part with superior bargaining power used to take unfair advantage of his weaker counterpart.” That may not be the case here. BLA agreements are not loans. If a player fails to make the major leagues, the money is not repaid (i.e. no personal guarantee). Furthermore, Mejia’s claims aren’t without retort; while BLA acknowledges that no translator was present during the contract signing, they argue none was needed as the discussions were conducted in Spanish (the contact is also written in Spanish).

With that said, the reasoning for the counterclaim is particularly curious. BLA publicly markets itself as an “investment fund that provides minor league baseball players with the resources they need to help make their dream a reality”; one would reason that their association with one of baseball’s top prospects would be beneficial from a marketing standpoint, if their business practices were honorable. Mejia’s lawyers will also argue that by 2016, the player was all but assured to have a big-league career; leaving BLA with minimal, if any risk. Mejia was called up to the majors before the end of the 2017 season.

Fan Marino: For those wondering, the 10 prospects listed ahead of Mejia are; Shohei Ohtani (Angles, RHP/OF), Ronald Acuna (Braves, OF), Vladimir Guerrero, Jr. (Blue Jays, 3B), Eloy Jimenez (CWS, OF), Gleyber Torres (NYY, INF), Victor Robles (Nationals, OF), Nick Senzel (Reds, 3B), Fernando Tatis, Jr. (Padres, SS), Forrest Whitley (Astros, RHP) and Michael Kopech (CWS, RHP).

Fun Fact: On April 23, 1999, Fernando Tatis, Sr. hit 2 grand slams in a single inning. Here’s the video.

Editor Note: Apologies for the abbreviated newsletter. Game 4 of the Devils/Lightning Series called for an early deadline. We’ll be back to our regularly scheduled program tomorrow.

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ESPN, Fox Sports Submit Joint Bid for UFC TV Rights

Fox Sports ESPN

ESPN (DIS) and Fox Sports (FOXA) have submitted a joint bid worth at least $320 million annually, to split exclusive television broadcast rights to the Ultimate Fighting Championship (UFC). Reports indicate that ESPN would contribute between $120 million and $180 million per year, to add +/- 15 premium live-events to its new ESPN+ service; with Fox Sports committed to spending $200 million per year, for the bulk of the TV package. There had been speculation Endeavor would hold on to UFC broadcast rights and distribute them direct-to-consumer following the company’s $250 million acquisition of the digital video broadcasting provider Neulion.

Howie Long-Short: In 2016, Endeavor paid $4 billion for the UFC expecting to cash in on this round of rights negotiations; but, poor ratings (-22% on Fox, -17% on FS1 in ‘17) and the pending availability of WWE television rights, lowered expectations dramatically. Initial reports had the company seeking $450 million/year, but by late 2017 Fox was offering just $200 million/year to extend broadcast rights into 2019.

This deal makes too much sense, for everyone involved, not to be completed. Endeavor could take in as much as $380 million/year, a figure that seemed unfathomable back in December.  The Walt Disney Company would acquire some much-needed content for ESPN+ and Twenty-First Century Fox (FOXA) would retain the bulk of the UFC TV package, while holding firm on their $200 million offer. Sure, they’re paying $80 million/year more for less programming; but, they retained live assets (Fox wants to be 80% live sports, news) and are still well positioned to pursue the WWE contract.

Fan Marino: It’s not nearly as rare as one might think for DIS and FOXA to share broadcast rights. Both ESPN and Fox Sports carry Big Ten athletics, Pac-12 athletics, MLS and USMNT matches.

As for the UFC fanatic, this deal means they’ll be forced to spend an additional $4.99/mo. (ESPN+) on fights, that they previously had access to with a cable subscription.

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Yahoo! Exits European DFS Market


Less than a year after entering the European market, Yahoo! (AABA) has decided it will cease hosting paid-entry daily fantasy sports contests for its overseas users. The decision, effective at the completion of the English Premier League season (May 14), will leave free contests (including season-long offerings) as the only options available on the U.K. platform. Yahoo! isn’t the first DFS provider to pull out of Europe, FanDuel engaged U.K. users in 2016 before deciding to re-allocate marketing resources to a U.S. market with 5x the number of DFS players (53 million to 10 million).

Howie Long-Short: Yahoo! is exiting the U.K. DFS market for the same reason U.S. DFS operators are gearing up for legalized sports betting; there is no market for “substitute” gambling, when in-game betting is a reality. Those that play fantasy sports for fun, compete in free season-long competitions; while those that want in the action, have sports gaming apps at their disposal.

DraftKings UK, Sportito and PlayON are the biggest remaining DFS players in Europe. DraftKings has raised capital from 21st Century Fox (FOXA). Sportito is a joint venture between ASAP Italia and SportRadar. EQT Holdings Management (EQGP), a publicly traded private equity/venture capital firm with 11 exits (IPO/M&A) to its name, led Sportradar’s +/- $55 million P.E. round in July ’12. As for PlayON, despite the company’s $43 million valuation; there are no ways invest in the company.

Fan Marino: Speaking of DraftKings, the company recently announced a partnership with the Arena Football League, that will give users the ability to compete in newly formed contests while watching league games within the application. It’s the 2nd broadcast rights deal the DFS company has signed within the last 6 months. In October, DraftKings secured rights to live stream EuroLeague games (applies to players participating in contests $3+).

As non-traditional players (think: FAANG) begin acquiring sports rights, keep an eye on the gaming companies. DraftKings CEO Matt Kalish hit the nail on the head when pointing out that what DFS players (and gamblers) “really want is a one-stop shop”, where you can play (and in the future gamble) and “consume game content” in the same location.

DraftKings has made no secret of their intention on moving into the sports betting space, should SCOTUS rule it legal. Corporate spokesman James Chisholm was quoted as saying DFS companies are “perfectly positioned to succeed (think: 10 million users) in a legal sports betting market.” The company has hired a “Head of Sportsbook” and is reportedly “contacting potential casino partners.”

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YouTube TV, Hulu Engaged in Sports Sponsorship Arms Race


A brand awareness campaign is among the ways (exclusive content and user experience are others) that an MVPD, OTT live-streaming service or VOD platform can distinguish itself from the competition and drive growth. Over the last month, rivals YouTube TV and Hulu have announced noteworthy sponsorship transactions (without disclosing financial details) surrounding marquee sporting events. Below is a brief each deal:

  • YouTube TV will remain (was in ’17) the presenting sponsor of the World Series, (“World Series Presented by YouTube TV”) through the 2019 season. As part of an expanded partnership, the subscription streaming service will also add MLB Network to its base package. For an additional fee, YouTube TV subscribers will eventually have the option to add (provides regional broadcasts of games) to their package. “On-air callouts”, a national advertising campaign and in stadium signage are also included within the deal.
  • YouTube TV will become the first-ever presenting sponsor for the NBA Finals. The deal, which runs through at least ’19, will also make the company the presenting sponsor of the WNBA and G-League Finals. On-court and in-arena signage, ABC ad spots, “in-game callouts” and branding across the league’s digital and social channels, are also included within the pact.

It must also be noted that YouTube TV has also landed exclusive streaming rights to Los Angeles FC and Seattle Sounders games.

  • Hulu has signed on as an official partner of the NHL & NHLPA for the 2018 Stanley Cup Playoffs and Stanley Cup Finals; a “comprehensive partnership” that will “cross all league touch points including NBC Sports, the NHL’s digital and social channels, as well as camera-visible, in-stadium inventory within all U.S. venues.”
  • Hulu also signed a deal with Turner Sports, to sponsor NBA playoff games on TNT. A “Presented by Hulu” graphic will be prominently displayed on “opening graphic cards, custom billboards and scorecards” throughout all first-round coverage, Conference Semifinals action and Western Conference Finals broadcasts. NBA on TNT talent will appear in ad spots promoting the streaming service.

Howie Long-Short: The success YouTube TV had using live telecasts of the 2017 World Series to drive subscriptions initiated this competition between rivals; but, YouTube TV isn’t the leader in this space. In fact, the size of its subscriber base (300,000+) has the company competing with Hulu (450,000) for a distant 4th place. The oldest service, Sling TV, leads with 2.22 million subscribers; while AT&T’s (T) DirectTV Now comes in second with 1.2 million. Sony’s (SNE) PlayStation Vue is 3rd with +/- 500,000 monthly subscribers.

Fan Marino:  For reference purposes, Sling TV is a subsidiary of DISH Network (DISH). Google (GOOGL) owns YouTube TV and The Walt Disney Co. (DIS), pending final approval of its 21st Century Fox acquisition, controls 60% of Hulu; Comcast (30%) and Time Warner (10%) own the balance.

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