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00:00And there's a new partnership with Meadowlark Media and DraftKings, so it seems like they're diving into the future here.
00:06I'm sort of familiar with this because, again, being in South Florida and that whole group is from South Florida, too.
00:11Maybe you want to expand a little bit more as to what it necessarily means, if there's any wrinkles or anything different than the previous agreement that they had several years ago.
00:19Yeah, certainly, Craig.
00:20Meadowlark Media was one of the original DraftKings content partnerships back in 2021 when Levitard founded the company with John Skipper, who is the former president of ESPN.
00:31DraftKings was actually one of the original investors, and this agreement just renews the same partnership they've had for several more years.
00:40Financial details haven't been disclosed, but the last agreement was about three years and $50 million, I believe.
00:46So I have to imagine it's similar figures, if not better.
00:48But I think the really interesting thing here is it comes at a time when DraftKings specifically has been very vocal about not getting a lot of value out of these kind of partnerships.
01:00If you listen to any of their earnings calls, their CEO, Jason Robbins will talk about one of the ways the company plans to make and save money is having these partnerships fall off and not renew them.
01:08So the fact that they did renew this partnership, I think, speaks a lot to just how beneficial, not only, you know, not how great that MetalArk Media is obviously doing, you know, with their venture, but how beneficial these partnerships can still have for a company like DraftKings.
01:24Of course, if they're working out the right way, DraftKings just sold VEASAN, the Vegas Sports Information Network, back to its original founders after owning it for about four years.
01:36So we see, you know, while one deal goes, this deal is renewed.
01:41And, you know, meanwhile, companies like BetMGM and Caesars have been fined with letting their media deals drop off.
01:47They've looked at that as a way to save money and, you know, insurance profitability.
01:51Then on the flip side, you have FanDuel, which has really gone the other way and invested in their own network.
01:57DraftKings, it doesn't seem like, wants to have their own television network, their own media empire, maybe yet.
02:02So maybe one of the ways they're going to keep kind of trying to expand the space is through deals like this.
02:06And you have to think that it's working out really well for them if they renewed it, especially at a time, you know, when they're letting everything roll off.