Transcripts For BLOOMBERG Taking Stock With Pimm Fox 2014042

Be a revelation. And Stephen Marley, son of reggae legend bob marley is out with a new album. We will talk about the is ms. Of being marley and all of that in the risk hour. In the next hour. Thets not everyday you get ceo of green hill here and we have rob gilbert. Rangers legend. Not even a rangers fan. I am. Lets get on to the breaking news after hours. Su keenan, what is the latest question were shares of netflix are soaring in extended trading. The company else it will start charging customers, new customers one or two dollars more a month for an online via service. They reported first order sales and subscriber growth that beat analyst forecast. Meanwhile, late word out this afternoon at bill ackman is set to be teaming up for a takeover. F allergan he owns a stake of nearly 10 . And forbes will name a mark as ceo of his that according to two people familiar with the pending announcement. Back to you. Lets get more on netflix. It very strange. Here we are in new york. The release. At you looked at what su keenan said. This is a company with a business that in a lot of ways is very simple. They can keep the naysayers away but the fact they are talking about increasing prices if you become a new netflix customer in the coming months, that is something everybody was always wondering about with this business because of the billions and billions of dollars of content obligations. It is not free to produce shows like house of cards or cut egg lucrative deals with the likes of disney. Availablet content for netflix customers, they have love the idea of keeping the seven dollars 90 nine cents. But they have shown they are willing to play with the pricing because of you play with the pricing, maybe you can generate more revenue. Theres a momentum behind the company and a user based and they hope higher prices wont turn people away. Thank you very much. Always in interesting quarter. Dont see from netflix is a lot of them in day, but we see lots of that going on in the markets today. On track to be the strongest year for acquisitions. Almost 3 trillion. Top 20e one of the advisers. Its great to have you on. Talk aboutways this when m a happens from the market. It doesnt happen from the top or the bottom, why are we seeing it now . It took so long to get here is probably a better question. Rate did years of them in day and into her three years that were soft and then things bounced back after a time of indigestion. A couple of times, it looked like things were picking up but didnt. This First Quarter field material materially better and hopefully will turn in some completions over the course of the year. We have heard a lot about the emerging golden era of boutique firms like greenhill or ever core. In fact the start of a golden era or does it feel that way because there are more stock deals and the Balance Sheet firms cannot lord that over the smaller firms like they had done . Yes. I think its a great time for firms like ours. 10 years ago, when we went public, this market it and really exist. There were a few small, private boutiques. Lazard has been there a long time. Youve got the four of us all public and weve had quite a lot part ofss will stop that is companies saying we dont only want to go to big banks who have all kinds of conflicts and products theyre trying to sell. We want someone who is a pure advisor. Do they really look for pure advice question mark qe1 something in our hot portfolio . You to scan the waterfront to see whats out there . It is something in between. I wish it was as easy as the first part of your question. Whatly, Companies Know they want to own in some cases. Its where you walk into an office and you think ive never thought of that. They did the best targets are out there. What is the right time, when would they target be amenable to an approach, when are you in a Better Business a better position as opposed to being outbid by another party. When is your stock price at the right level, those kinds of things. About the to talk ipo. You set went public, the next wave of all the other firms going public. Does that mean we will hear from others that will start . What does it mean for him and for you guys . A net positive. The more you establish the concept of it Company Going to a very small firm and on a giant alan sheet with tens of thousands of employees, thats a good aim for us. These companies as investments, if you go back 10 years ago, it didnt exist. We were first and lazard followed. These are proven entities. Its a good investment. Anybody out there who has old one of these is saying can i do what greenhill did, can i create that kind of value, so i suspect there will be more. Weve seen a lot of increasing activist activity, i dont know if its because theyre getting more attention, what is the role of boutique Investment Banking in those kinds of deals . First, its a huge and growing phenomenon. Weve done a chart for some clients and if you go back even seven years, the typical activist deal, they needed to buy it at stake to have influence. It could be apple, microsoft, the biggest companies. Icahns stake in apple and the number of the countries has in a number of the companies has been miniscule, but hes gotten results. They have gotten results, smaller. 1 or even do they come to Companies Like yours for advice . Some of them do. We have a policy and we dont advise activists on anything. Of a majorf view Corporate Board on the one hand or an activist shareholder is so dramatically different and its very hard to advise folks will stop we work only with the companies. Its only a rumored deal. We do get quite involved in a lot of clients didnt realize for some time is what is called the rhyme Brokerage Department at the big banks is really the Hedge Fund Service part of their business. It is a huge moneymaker and some of those are the top clients at the bank am so why would you want to go to them for device question mark the activist maybe one of their top clients will stop im curious up elbow role of the tech focused in San Francisco and it was so dominant in the last bubble. All gone, all acquired by the other companies. The collapse of those businesses is part of the spread. Certainly firms like ours can be very helpful in technology situations. The reason is because weve had such a cash balances that the main focus was pay as out that cash. , it wasnt aple very complicated message. It was you have huge amounts of to use. Are not going return to shareholders in dividends and buybacks. You are right. They all got bought. Very much. U coming up, dont hate the player, hate the game. We will hear more about the notion of washington is rogan. The author of the rules of nobody when we return. Welcome back. This is taking stock. Cory johnson and i are filling in for pimm fox. Scrutiny, author Philip K Howard is here. Thank you for being here. This is building on your success, this is more common sense, which is the government is broken, partly because people dont feel like they have the authority to do anything and one of your solutions is give them a chance to do something and empower them. What has happened is over the laws piled up like a sediment in the harbor. It takes a decade to approve a new infrastructure project. Its impossible to allens the budget because its all set in legal concrete. Aboutl us a little bit some of these crazy things going on . A tree fell in the creek in franklin township, new jersey. They got it back owed to pull it out in the lawyer said that is a to get one creek indian formal approvals to remove a natural obstacle. It took 12 days and 12,000 is to get approval to pull the tree creek. Last month, the white house issued a report on the results of its 800 billion stimulus lamb. Would recall the great purpose was to rebuild americas infrastructure. How much did they build . It turned out buried in the fine print in the bottom, three percent of the money went to rebuild transportation infrastructure. President ,was the even the president doesnt have approve they to projects. Are there simple fixes . Justice stevens had a book out making similar suggestions. He admits these are never going to happen. Xmen thing is lyrically feasible. Congress can barely raise the debt ceiling to avoid national default. But what social Scientists Say eventually causes the branch to break. The truth is most of these things are really easy to fix. He just had to give somebody in the epa authority to say when theres been enough environmental review. You could have review done in a year instead of a decade. Measures are just to authority to make judgments about how to do things, but it is going to require higher prices before we get to that point. Make such good sense, but what has been the reception . People say its great, lets do it or we cant get anything done . The books just came out and all the reviews are great. Will happen,hat and im talking to some senators about introducing legislation on improving infrastructure. Somee also talking about legislation to scrape away the bureaucracy in schools, for example. Empowering people to make decisions. Basically, what you need to do is not do away with government, keepeed to create you most of the goals of government but make law into more of a corral or assets old but people are free day today to make choices to make rings happen. We still have a difficult unemployment situation and make the government job look different and their willingness to stand out on that limb more difficult because they want above all to keep their job. Theres a problem in the way we have organized the government. The president doesnt have authority to follow people and to fire people who wont follow orders. Over 20 Million People in this country work for the government. Sensibly, theyed cant be fired, they can be managed at all. Thats one of the many things. We will have to have a dramatic Spring Cleaning because you could have got elected resident and he could make the choices needed to fix the government because its all encased in all of this accumulated wealth. We could keep talking about this for an hour, but weve got to go. Thank you for coming in will stop the author of the new book the rule of nobody parco rule of nobody. Edward snowden is making news again, putting questions directly to Vladimir Putin. , nextgo behind the scenes on taking stock. Welcome back. And i are in for pimm fox. Edwards and keeps popping his head up on the national stage. He asked Vladimir Putin of moscows buys on its citizens. Newton rep lied that russia could not afford broad spying. The question was made to the question was made to leader unaccustomed to being challenged. This amazing story in vanity fair. Its incredible. Its a journey to verify what snowden said. Its captured in the latest issue of energy fair. Thank you for coming in. Its an incredible story. Its very enlightening. Even if youve followed this loosely, the idea that its all in one place, its a long read but a great read. Out that we find didnt already know . We started out with the idea there had been a great deal written about the program, the surveillance smit the Surveillance Program and theres ray little about what motivated him, who he was and how did he find himself . He was one month shy of his 30th birthday, and leaving everything his life kind, his home, his country, his girlfriend and career. There is a sense of terror that goes through the piece. It has that ticktock sense of whats going to happen next. At some time, it seemed like he had a plan, but at other points, he didnt. Thats a good question. One of the things that astonished me was that i dont think he had a plan b. I think he got on the plane, left everything behind, had several flash drives in his suitcases and tens of thousands of documents outlining this countrys topsecret and his iny goal was to get these the hands of journalists who would publish them and may be kind of go to hong kong. That was it. I think he knew right away very early on it he would reveal his identity. Isobviously the key to this getting the cooperation of the other journalists. It was very touch and go throughout. That they dides not take him seriously. Am going to tuba horn here for someone who has not had her horn tutored enough. I dont know if we would have heard of Edward Snowden if it wasnt for laurel. Wast Lynn Greenwald first to be contacted but he adored him for months. But healled him and wavered and wanted to know. He was soon wanting to come to hong kong and he wouldnt. Laura stuck with them from the moment she heard from him in this mysterious email tom i will make this worth your while in february. Now that these journalists have been awarded blitzer prizes, does that confer on snowden a sense of legitimacy . Is he no longer a traitor because the journalist received the ultimate prize in journalism . I think absolutely they should have gotten may prize on the grounds that this is the biggest journalistic story of the year. Maybe even the decade. Was it the most difficult story for the journalists . They are not the most sophisticated deal. If Edward Snowden took all the risk and when he was very courageous, does it reflect on him, i its going to be viewed by different people. I dont think he was a traitor and its never we have to look at every angle, but for some people, i dont think you will change anybodys mind. In fact, it could inflame representative keating. He said the Pulitzer Committee should drop dead. Let me ask you how you broke down the work. How did you break down the different pieces of this or was it just all hands on deck western mark it started out with expertise in the media. She wrote about Rupert Murdoch and wikileaks. Allink above all and under and around all, the individual is the most important. I did his whole life, so i did the nsa and cia. Brian did everything else. Great stuff and traffic story. Everyone should read that one. More taking stock after this. This is taking stock in for pimm fox today. But get a look at the markets and headlines after about. On the deal now about valiant pharmaceuticals and a black man the two are teaming up to offer a cash and stock bid for allergan, reversing a 21 rhenium. Shares are surging in extended trading and it would include about 15 billion in cash on a a person close to the matter said. Withrmal talks were held astrazeneca about buying the londonbased drug company according to people with knowledge of the matter. The talks are now discontinued and that companies are not negotiated. The First American male in 31 years to win the Boston Marathon today. Its one year after a pair of andmade alms killed three injured 260 more at the finish line. Those are the top headlines. King world productions, one of the most Successful Companies in the history of television that distributed inks like the Oprah Winfrey show and wheel of fortune. Newest caine, the ceos boards venture is king boxing. Theng has fallen out of pantheon of Great American sports. Why boxing . First of all, sports is the most important programming and television. And a Television Guy broadcast executive. I believe when you look at how Major League Baseball and the nba and nfl, at one point, boxing was far bigger than any of them. Roger and i and my brother bobble is look for distress properties will stop when we picked it up wheel of fortune and jeopardy, they were Distressed Properties. Jeopardy was on the shelf for yet 96 ofand americans watched it on three different networks. They were all pretty distress and we looked and analyzed it and answered the question why isnt it working better . We answered those questions and then decided to put the show into syndication, but then we locked both of them up for 50,000. What is it about that where you see the value, things are stressed for a reason. What the characteristics of rock thing that looked like other Distressed Properties youve looked at in broadcast . When you look at all the other sports, nfl, nba, major areue a small, they organized by a major, sophisticated league. In boxing, they dont have that. They have a lot of great people, but they have not been working together properly. Them are entertainment people, so i believe although theyve done some great things, even though its running into some problems, they generate hundreds of millions of dollars a year now. When we picked up wheel of fortune, it did not generate much money. Jeopardy was on the shelf. Just like with wheel and jeopardy, we made a deal that was very low because no one else was interested in the property. Deald always said make a both parties walk away smiling. Merv griffin owned the majority, and although he did not get much money as a guarantee, he became a billionaire off of it. We did the same with opera. We found her on a local show called am chicago. To followas looking us in game shows and the number one game show company decided to move into a new genre, and that was talk. To mean fort going the american viewer . Are we going to see friday night at the flight friday night at the fights or boxing back on the Television Customer tell us what to expect. I think you should see all of the above. There was a time when the United States olympic team and the u. S. Team, you sought on abc networks and the wide world of sports all the time. The truth of the matter is the boxing industry has left the broadcast community and theyve gone with payperview. Payperview generates tremendous revenue for a few fighters that it doesnt build stars. What i would like to see is i would like to see a lot more boxing on the commercial networks, basic Networks Like espn, and i would like to see havef the above where we amateur competitions and a great weekly show. And of course, mohammed ali became a superstar in prime time on abc and made Stephen Marley<\/a>, son of reggae legend bob marley is out with a new album. We will talk about the is ms. Of being marley and all of that in the risk hour. In the next hour. Thets not everyday you get ceo of green hill here and we have rob gilbert. Rangers legend. Not even a rangers fan. I am. Lets get on to the breaking news after hours. Su keenan, what is the latest question were shares of netflix are soaring in extended trading. The company else it will start charging customers, new customers one or two dollars more a month for an online via service. They reported first order sales and subscriber growth that beat analyst forecast. Meanwhile, late word out this afternoon at bill ackman is set to be teaming up for a takeover. F allergan he owns a stake of nearly 10 . And forbes will name a mark as ceo of his that according to two people familiar with the pending announcement. Back to you. Lets get more on netflix. It very strange. Here we are in new york. The release. At you looked at what su keenan said. This is a company with a business that in a lot of ways is very simple. They can keep the naysayers away but the fact they are talking about increasing prices if you become a new netflix customer in the coming months, that is something everybody was always wondering about with this business because of the billions and billions of dollars of content obligations. It is not free to produce shows like house of cards or cut egg lucrative deals with the likes of disney. Availablet content for netflix customers, they have love the idea of keeping the seven dollars 90 nine cents. But they have shown they are willing to play with the pricing because of you play with the pricing, maybe you can generate more revenue. Theres a momentum behind the company and a user based and they hope higher prices wont turn people away. Thank you very much. Always in interesting quarter. Dont see from netflix is a lot of them in day, but we see lots of that going on in the markets today. On track to be the strongest year for acquisitions. Almost 3 trillion. Top 20e one of the advisers. Its great to have you on. Talk aboutways this when m a happens from the market. It doesnt happen from the top or the bottom, why are we seeing it now . It took so long to get here is probably a better question. Rate did years of them in day and into her three years that were soft and then things bounced back after a time of indigestion. A couple of times, it looked like things were picking up but didnt. This First Quarter<\/a> field material materially better and hopefully will turn in some completions over the course of the year. We have heard a lot about the emerging golden era of boutique firms like greenhill or ever core. In fact the start of a golden era or does it feel that way because there are more stock deals and the Balance Sheet<\/a> firms cannot lord that over the smaller firms like they had done . Yes. I think its a great time for firms like ours. 10 years ago, when we went public, this market it and really exist. There were a few small, private boutiques. Lazard has been there a long time. Youve got the four of us all public and weve had quite a lot part ofss will stop that is companies saying we dont only want to go to big banks who have all kinds of conflicts and products theyre trying to sell. We want someone who is a pure advisor. Do they really look for pure advice question mark qe1 something in our hot portfolio . You to scan the waterfront to see whats out there . It is something in between. I wish it was as easy as the first part of your question. Whatly, Companies Know<\/a> they want to own in some cases. Its where you walk into an office and you think ive never thought of that. They did the best targets are out there. What is the right time, when would they target be amenable to an approach, when are you in a Better Business<\/a> a better position as opposed to being outbid by another party. When is your stock price at the right level, those kinds of things. About the to talk ipo. You set went public, the next wave of all the other firms going public. Does that mean we will hear from others that will start . What does it mean for him and for you guys . A net positive. The more you establish the concept of it Company Going<\/a> to a very small firm and on a giant alan sheet with tens of thousands of employees, thats a good aim for us. These companies as investments, if you go back 10 years ago, it didnt exist. We were first and lazard followed. These are proven entities. Its a good investment. Anybody out there who has old one of these is saying can i do what greenhill did, can i create that kind of value, so i suspect there will be more. Weve seen a lot of increasing activist activity, i dont know if its because theyre getting more attention, what is the role of boutique Investment Banking<\/a> in those kinds of deals . First, its a huge and growing phenomenon. Weve done a chart for some clients and if you go back even seven years, the typical activist deal, they needed to buy it at stake to have influence. It could be apple, microsoft, the biggest companies. Icahns stake in apple and the number of the countries has in a number of the companies has been miniscule, but hes gotten results. They have gotten results, smaller. 1 or even do they come to Companies Like<\/a> yours for advice . Some of them do. We have a policy and we dont advise activists on anything. Of a majorf view Corporate Board<\/a> on the one hand or an activist shareholder is so dramatically different and its very hard to advise folks will stop we work only with the companies. Its only a rumored deal. We do get quite involved in a lot of clients didnt realize for some time is what is called the rhyme Brokerage Department<\/a> at the big banks is really the Hedge Fund Service<\/a> part of their business. It is a huge moneymaker and some of those are the top clients at the bank am so why would you want to go to them for device question mark the activist maybe one of their top clients will stop im curious up elbow role of the tech focused in San Francisco<\/a> and it was so dominant in the last bubble. All gone, all acquired by the other companies. The collapse of those businesses is part of the spread. Certainly firms like ours can be very helpful in technology situations. The reason is because weve had such a cash balances that the main focus was pay as out that cash. , it wasnt aple very complicated message. It was you have huge amounts of to use. Are not going return to shareholders in dividends and buybacks. You are right. They all got bought. Very much. U coming up, dont hate the player, hate the game. We will hear more about the notion of washington is rogan. The author of the rules of nobody when we return. Welcome back. This is taking stock. Cory johnson and i are filling in for pimm fox. Scrutiny, author Philip K Howard<\/a> is here. Thank you for being here. This is building on your success, this is more common sense, which is the government is broken, partly because people dont feel like they have the authority to do anything and one of your solutions is give them a chance to do something and empower them. What has happened is over the laws piled up like a sediment in the harbor. It takes a decade to approve a new infrastructure project. Its impossible to allens the budget because its all set in legal concrete. Aboutl us a little bit some of these crazy things going on . A tree fell in the creek in franklin township, new jersey. They got it back owed to pull it out in the lawyer said that is a to get one creek indian formal approvals to remove a natural obstacle. It took 12 days and 12,000 is to get approval to pull the tree creek. Last month, the white house issued a report on the results of its 800 billion stimulus lamb. Would recall the great purpose was to rebuild americas infrastructure. How much did they build . It turned out buried in the fine print in the bottom, three percent of the money went to rebuild transportation infrastructure. President ,was the even the president doesnt have approve they to projects. Are there simple fixes . Justice stevens had a book out making similar suggestions. He admits these are never going to happen. Xmen thing is lyrically feasible. Congress can barely raise the debt ceiling to avoid national default. But what social Scientists Say<\/a> eventually causes the branch to break. The truth is most of these things are really easy to fix. He just had to give somebody in the epa authority to say when theres been enough environmental review. You could have review done in a year instead of a decade. Measures are just to authority to make judgments about how to do things, but it is going to require higher prices before we get to that point. Make such good sense, but what has been the reception . People say its great, lets do it or we cant get anything done . The books just came out and all the reviews are great. Will happen,hat and im talking to some senators about introducing legislation on improving infrastructure. Somee also talking about legislation to scrape away the bureaucracy in schools, for example. Empowering people to make decisions. Basically, what you need to do is not do away with government, keepeed to create you most of the goals of government but make law into more of a corral or assets old but people are free day today to make choices to make rings happen. We still have a difficult unemployment situation and make the government job look different and their willingness to stand out on that limb more difficult because they want above all to keep their job. Theres a problem in the way we have organized the government. The president doesnt have authority to follow people and to fire people who wont follow orders. Over 20 Million People<\/a> in this country work for the government. Sensibly, theyed cant be fired, they can be managed at all. Thats one of the many things. We will have to have a dramatic Spring Cleaning<\/a> because you could have got elected resident and he could make the choices needed to fix the government because its all encased in all of this accumulated wealth. We could keep talking about this for an hour, but weve got to go. Thank you for coming in will stop the author of the new book the rule of nobody parco rule of nobody. Edward snowden is making news again, putting questions directly to Vladimir Putin<\/a>. , nextgo behind the scenes on taking stock. Welcome back. And i are in for pimm fox. Edwards and keeps popping his head up on the national stage. He asked Vladimir Putin<\/a> of moscows buys on its citizens. Newton rep lied that russia could not afford broad spying. The question was made to the question was made to leader unaccustomed to being challenged. This amazing story in vanity fair. Its incredible. Its a journey to verify what snowden said. Its captured in the latest issue of energy fair. Thank you for coming in. Its an incredible story. Its very enlightening. Even if youve followed this loosely, the idea that its all in one place, its a long read but a great read. Out that we find didnt already know . We started out with the idea there had been a great deal written about the program, the surveillance smit the Surveillance Program<\/a> and theres ray little about what motivated him, who he was and how did he find himself . He was one month shy of his 30th birthday, and leaving everything his life kind, his home, his country, his girlfriend and career. There is a sense of terror that goes through the piece. It has that ticktock sense of whats going to happen next. At some time, it seemed like he had a plan, but at other points, he didnt. Thats a good question. One of the things that astonished me was that i dont think he had a plan b. I think he got on the plane, left everything behind, had several flash drives in his suitcases and tens of thousands of documents outlining this countrys topsecret and his iny goal was to get these the hands of journalists who would publish them and may be kind of go to hong kong. That was it. I think he knew right away very early on it he would reveal his identity. Isobviously the key to this getting the cooperation of the other journalists. It was very touch and go throughout. That they dides not take him seriously. Am going to tuba horn here for someone who has not had her horn tutored enough. I dont know if we would have heard of Edward Snowden<\/a> if it wasnt for laurel. Wast Lynn Greenwald<\/a> first to be contacted but he adored him for months. But healled him and wavered and wanted to know. He was soon wanting to come to hong kong and he wouldnt. Laura stuck with them from the moment she heard from him in this mysterious email tom i will make this worth your while in february. Now that these journalists have been awarded blitzer prizes, does that confer on snowden a sense of legitimacy . Is he no longer a traitor because the journalist received the ultimate prize in journalism . I think absolutely they should have gotten may prize on the grounds that this is the biggest journalistic story of the year. Maybe even the decade. Was it the most difficult story for the journalists . They are not the most sophisticated deal. If Edward Snowden<\/a> took all the risk and when he was very courageous, does it reflect on him, i its going to be viewed by different people. I dont think he was a traitor and its never we have to look at every angle, but for some people, i dont think you will change anybodys mind. In fact, it could inflame representative keating. He said the Pulitzer Committee<\/a> should drop dead. Let me ask you how you broke down the work. How did you break down the different pieces of this or was it just all hands on deck western mark it started out with expertise in the media. She wrote about Rupert Murdoch<\/a> and wikileaks. Allink above all and under and around all, the individual is the most important. I did his whole life, so i did the nsa and cia. Brian did everything else. Great stuff and traffic story. Everyone should read that one. More taking stock after this. This is taking stock in for pimm fox today. But get a look at the markets and headlines after about. On the deal now about valiant pharmaceuticals and a black man the two are teaming up to offer a cash and stock bid for allergan, reversing a 21 rhenium. Shares are surging in extended trading and it would include about 15 billion in cash on a a person close to the matter said. Withrmal talks were held astrazeneca about buying the londonbased drug company according to people with knowledge of the matter. The talks are now discontinued and that companies are not negotiated. The First American<\/a> male in 31 years to win the Boston Marathon<\/a> today. Its one year after a pair of andmade alms killed three injured 260 more at the finish line. Those are the top headlines. King world productions, one of the most Successful Companies<\/a> in the history of television that distributed inks like the Oprah Winfrey<\/a> show and wheel of fortune. Newest caine, the ceos boards venture is king boxing. Theng has fallen out of pantheon of Great American<\/a> sports. Why boxing . First of all, sports is the most important programming and television. And a Television Guy<\/a> broadcast executive. I believe when you look at how Major League Baseball<\/a> and the nba and nfl, at one point, boxing was far bigger than any of them. Roger and i and my brother bobble is look for distress properties will stop when we picked it up wheel of fortune and jeopardy, they were Distressed Properties<\/a>. Jeopardy was on the shelf for yet 96 ofand americans watched it on three different networks. They were all pretty distress and we looked and analyzed it and answered the question why isnt it working better . We answered those questions and then decided to put the show into syndication, but then we locked both of them up for 50,000. What is it about that where you see the value, things are stressed for a reason. What the characteristics of rock thing that looked like other Distressed Properties<\/a> youve looked at in broadcast . When you look at all the other sports, nfl, nba, major areue a small, they organized by a major, sophisticated league. In boxing, they dont have that. They have a lot of great people, but they have not been working together properly. Them are entertainment people, so i believe although theyve done some great things, even though its running into some problems, they generate hundreds of millions of dollars a year now. When we picked up wheel of fortune, it did not generate much money. Jeopardy was on the shelf. Just like with wheel and jeopardy, we made a deal that was very low because no one else was interested in the property. Deald always said make a both parties walk away smiling. Merv griffin owned the majority, and although he did not get much money as a guarantee, he became a billionaire off of it. We did the same with opera. We found her on a local show called am chicago. To followas looking us in game shows and the number one game show company decided to move into a new genre, and that was talk. To mean fort going the american viewer . Are we going to see friday night at the flight friday night at the fights or boxing back on the Television Customer<\/a> tell us what to expect. I think you should see all of the above. There was a time when the United States<\/a> olympic team and the u. S. Team, you sought on abc networks and the wide world of sports all the time. The truth of the matter is the boxing industry has left the broadcast community and theyve gone with payperview. Payperview generates tremendous revenue for a few fighters that it doesnt build stars. What i would like to see is i would like to see a lot more boxing on the commercial networks, basic Networks Like<\/a> espn, and i would like to see havef the above where we amateur competitions and a great weekly show. And of course, mohammed ali became a superstar in prime time on abc and made Howard Cosell<\/a> a star. Superstars in boxing should be in prime time. Periodically, they do a payperview. Opera launches the road network. But i wonder, the notion of what is prime time and what is a network and what isnt is very different now, but for a lot of reasons you know better than i. Cable, timeshifting and the way people watch things. And talk to me about what hasnt worked with the own network. First of, opera is a fantastic talent. She is driven, she loves television. She loves producing shows. Years andd after 25 our company distributed her show from the first show all the way through to the last show and it was a great relationship. We still get along but i cant comment because i dont know what they are doing. But i will tell you this. If anybody is going to succeed, its going to be opera. Just getting back to boxing for a minute, do you think networks are prepared to have boxing as a controversial sport with concussions being a prevalent topic . American viewers ready to embrace boxing like they once did . I dont think there is any question. Are a lotll, there less injuries in boxing today than in football, but that doesnt make it right. The truth of the matter is, what king sports wants to do is our number one priority is to help the athlete. That means we are never going to put an athlete in the ring unless hes capable of competing hethe level of talent and has to be 100 physically and mentally prepared as well. Havenk a lot of people been injured in this sport because theres not enough oversight. Football and at some of the other sports, athletes are primarily injured in training. When you are a boxer preparing for a 10 round fight, that fight might not last more than one round, but they have to fight 100 rounds to care for that. I think there should be a lot more oversight in the training and there should be more oversight in some of the previous fights that theyve had and should not allow some fighters to fight if they have had a really difficult fight within three or four weeks. A big story tomorrow, the Supreme Court<\/a> is talking about area know and its important deal for the smaller stations and this indication. What is your take on this will and fighting for the right to broadcast local jails . Say this hasnt been my battle because i havent been working on the Network Level<\/a> for a while. But i have to say from what i understand, they are trying to pick up all the programming for zero money, zero license fees. I think thatsf fair, i say hell no. Held though it is. Very much. Can i just say one thing . , isother gentleman washington broken . Yes it is. I would like to see michael bloomberg, bob iger, eric schmidt, jeff raises, always geniuses who are Great American<\/a>s, why dont we ring them into the cabinet like the business cabinet and allow these Great American<\/a>s to clear out some of the terrible mismanagement and dysfunction because its rogan. Indeed. Thank you very much. The new york rangers playing in the playoffs will stop next, we will talk about the business of hockey. Later, Stephen Marley<\/a>, son of music legend bob marley speaks about his new album and the business of reggae. This is taking stock. Im cory johnson, in for pimm fox today. The stanley cup playoffs are underway. The rangers are playing the philadelphia flyers. Rangersere with a legend. More goingbeard has on than yours. I only started hers day when the playoffs started. We played really well that game and one. I guess the sharks clinched earlier, slight a head start on my ear. It sounds like things are going well in the league. Absolutely. Cap, they the salary reinstated the fact that most things are equal and there is a lot of parodies and any team can beat any team. There are two or three teams that have separated themselves this year. Anaheim, the avalanches are a surprise, but its going to be and and exciting layoffs. Moret know, do you know than pimm fox because every time i come every year. We grew up with hockey. Aboute talking concussions and boxing. An issueind of thing in hockey . Are people worried about that, is that part of what makes it such great year or is that something we need to worry about like the all . In the 70scerned with the flyers and that got six will stop you mean the violence. The flyers actually won two stanley cups in the 70s. I was a recipe of that violence. I didnt like it and i got switched to faster. Andthe game is really fast little players can play. St. Louis played tampa bay last have the grill up on our team and he is excellent. They fly and the game is much more open and fun. Last week, i was flipping the channel and there was a slap shot it reminded me of hockey when i grew up. Guys were not wearing helmets and it was a different kind of game. That movie was written by a woman. She lived through the experience of seeing terrible violence. The rangers would not let me come on it and they said this is ridiculous. Film and you the failed to see that its slapstick comedy. Rex we had the Rochester Americans<\/a> when i grew up, a aaa team. It was a great him a young team. But the notion was when the game tv viewers would follow. Now you have this ongoing thing, has that played outdoors that continue to bring more interest question were i think of rot more interest. And theh vigor audience players like you. They remember when they were and i froze my fingertips and my nose. Do you miss the game at all . Yes. Unfortunately, i missed it right off the bat. When i retired, i stayed with it for a long time stop i went to coach in new haven and certainly missed it but i stayed involved , like even now, with Madison Square<\/a> garden, doing all of their promotions and community relations, in charge of the alumni association. , butven some good teams the team has fallen on hard times. The long island nets are playing. Brooklyny end up in and how is it different when you have that like in new york . They are committed to moving to brooklyn. They will play not this season, but the following season. That might take a different aspect. How is the business different in a big city like new york, not in suburban long island or some of the other places weve seen hockey struggle . New york is new york. You got all of these people ,oming from different cities and once they come to new york city on business, they want to go to the game. Its a different comparison to others. You got that fourday growth owing, tell us about the rangers beard off on. Its the tradition now, is the third year you can pledge to donate money to the foundation was helps children less fortunate. It has been successful every year. We have people generous enough to support the foundation, but also, the rangers are implicating the fans this year. We formed it called ranger town hockey house. They took a whole store next to Madison Square<\/a> garden and you go in there and you can take photos, they recreated the locker room. You can test your slap shot. Thank you very much. We are going to talk to Stephen Marley<\/a> and little but about his new music and his tour and is famous reggae father. Thats up next at on taking stock. This is taking stock im cory johnson. The music of reggae legend bob marley is loved around the world and his children are carrying on the tradition. Stephen marley is touring around the u. S. And has a new album called revelation part two. Great to see you. Youve won a grammy for every record you put out. But so far, yes. What do you try to do with your music . To shed light, to carry on this great tradition i was born into, music is our weapon. Is there a theme to your new album . What is your new album out . One, calleds a part the root of life will stop that was roots reggae music in part one. This one is the evolution of the music will stop other influences that influence reggae music. Its always fun or a nightmare to describe, describe roots reggae and how its different, how the instrumentation is different . With roots reggae, it comes from the foundation of reggae music. Is what i call a one dropped, where the drum, the on the the. He that is roots. Thats where reggae music starts from. Not just the music, but the integrity. Reggae music is known for. Reggae music is known to up lift beats and with positive vibes. Ints important to put that the music, a positive vibe, not just playing music, but a purpose. You are part of an amazing family. Your brothers have accomplished so much. What was it like growing up in that family . What was it like growing up with bob marley as your father . Wonderful. Legacyorn into such a and such strong parents, its a wonderful thing. Business of reggae, the Music Industry<\/a> has changed so much and so much more revenue is on performance them recording, that could be a benefit, yes . Definitely. We come from an organic place with music. Donther would say you play music and think about that you think about it and the music wont work. We come from an organic place with the music. Is left on the tour . We have about five more weeks. Its a beautiful tour and i have a lot of guests having. Tomorrow is boston. Thank you very much. Thank you very much, pimm fox is back tomorrow. Have a good night. Live from pier 3 in San Francisco<\/a>, welcome to the late edition of bloomberg west, where we cover the Global Technology<\/a> and Media Companies<\/a> that are reshaping our world. Im emily chang. That flex is raising prices for new members, during to up the price even after the huge clash it faced when i prices by 60 . We will get to that in a moment, and also using 3d and Virtual Reality<\/a> to make her movies. Find out why interactive is one of the big trend at tr","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia802209.us.archive.org\/22\/items\/BLOOMBERG_20140421_210000_Taking_Stock_With_Pimm_Fox\/BLOOMBERG_20140421_210000_Taking_Stock_With_Pimm_Fox.thumbs\/BLOOMBERG_20140421_210000_Taking_Stock_With_Pimm_Fox_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240619T12:35:10+00:00"}