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Is There a Market for NFL Rights?
There's no more value in distribution and all the value is accruing to the content creator. You could make an analogy to the airline industry where no one was willing to pay for a better experience on a flight. All the airlines had to merge because you had to have massive, massive scale. That's also what happened to these media companies that are distributing the content. And it's pretty genius that the NFL doesn't do this themselves, that they rely on broadcast partners.