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Please welcome to the stage Willow Bay, Dean of the USC Annenberg School for Communication and Journalism and controlling owner of Angel City FC, for a live taping of the Deal with Bloomberg's Jason Kelly and Alex Rodriguez.

All Right, welcome, Thank you.

But that was a very quiet response from this audience.

I know.

I mean, are there any Angel City fans in the house?

Ah?

There we go.

All right, Well, we're so excited to have all of y'all here for a live taping of the deal, and we're especially excited to have Willow here with us.

So we're going to talk about lots of different things.

For talk some hoop, We're going to talk some soccer obviously, but I want to start with your day job if we can.

Willow, as you were introduced dean the Edinburgh School.

Over at USC, we're at the Screen Time Conference.

Clearly, there has been a lot of talk today every day these days, it seems around the First Amendment, free speech.

You're living this every day.

Yep.

What are you saying to your students?

What are they saying to you?

Yeah, So let me just start with one thing.

Which is Day one Fan of the Deal.

Thank you, Day one fan of the Deal.

So thank you for having me.

So yeah.

Free freedom of the press, free speech, free expression, which encompasses all of them, their core and central to what we do at USC, and what we do certainly at USC Andnenburgh where we teach journalism, public relations, communication, and public diplomacy.

And related to that is academic freedom right, which is the freedom to teach research and study free from interference.

And my day job is to protect all of those things for our students and for our faculty.

We're not an ivory tower institution.

We're deeply connected to our industries or practice.

So when something hits the news, whether it's Jimmy Kimmel and ABC, whether it's the Compact for Academic Excellence, which is the letter that the Department of Education has sent to a number of schools of which we are among them, or even the anniversary of October seventh when we had student protests on campus, the news of the day is what informs what goes on in the classrooms.

Our faculty toss out the agenda, they toss out their sillaby for the day, and they get into it.

And I think at this moment, our students are really hungry for that.

They're asking powerful questions and we don't have the answers.

But it is so clear that right now, at this moment, when we are commodifying outrage, and all we hear is shout that we create these spaces where people across our university and certainly in our classrooms can come together and wrestle with these issues in thoughtful ways.

Yeah, I appreciate your thoughtful answer.

Now I'm going to undertake what we call in this business a hard pivot.

But one of the places that does feel mostly safe.

I think you're degreed partner is sports.

You know that we can disagree, we can disagree, and I think you're familiar with people disagreeing about sports, Alex.

So let's go back, if we can, to your career.

Let's talk some hoop.

So the first time I heard about Willow Bay was I'm going to take you back to the great nineties, where such a fun era, and I saw you for the first time, and my buddy Amad Rashad on inside stuff and in a funny way now being an NBA governor, that's really when I first started fell in love with the NBA.

It made a huge impact on me.

It started my passion.

Did you understand the impact that would make on that community and fan base that still looks back at this shows a big pivotal point.

Look, I can't pretend to know the impact it would have decades later.

I knew that it was an incredible moment, an incredible front row seat to what was going on.

My first day on the job was the day that Magic Johnson announced he was HIV positive.

That was the first day.

That was my first day, my first show that happened.

We actually had taped the show and we had to redo it, and it was that was my first indication that buckle up.

You know, we're we're really in for a profound kind of cultural journey as much as we were a sports journey.

And you know, when I look back on it now, the two things were clear.

David Stern hired me the NBA commissioner, and Adam Silver, current commissioner, was just starting so kind of grew up alongside Adam, who quickly became my boss.

But you know, the two things that David was really clear about with that show was expanding the fan base.

Right to your point, that was the first time you saw it.

And that's why there was a woman sitting there at the desk weekend and week out, and not as a sidekick, but as a partner, because you wanted to open the sport up to young people and certainly to women.

And the other piece of it, which is the more I think obvious piece of it, was it was really the first time on a weekly basis we told the stories of players in their lives off the court.

We had great highlights and great music.

It was really a cultural moment too.

But when you look at the through line between those stories, that was the only way you got those stories.

It was the way other players got those stories right.

It wasn't just the audiences to today's era of you know, the athlete as communicator in chief right of their own brand.

You really see just what a wise soul David Sterne.

Was because I would imagine and it changes the way you think about media as an athlete.

Is that a fair assessment if you're watching that and you're seeing these players, because just a couple of years after that you're a professional athlete, how did it change you?

Yeah?

I mean I go back again to the nineties.

I grew up with Mel Allen and This Week in Sports, and you get one opportunity on Saturdays to get a recap of a whole week while we're all watching, you know, the score boxes, and we remember those days when we would like get the paper, see what Keith Nanders and Dryl Strawberry did and inside stuff was that.

But people are googling right now.

They're a scorebox.

It just kind of opened it up.

When I came in, I led with fear with media because I didn't feel like I had the tools.

And as i've you know, the arc has gone to where, like I understand, the media could be an ally and it's very powerful tool.

And I think you started that.

You are the media now, remember, yeah.

You're the media.

You're sitting in the media.

You're on discouch now and yeah, well and to that point, just to go back actually to your day job sort of bringing it all together, you guys just did some work around this.

What did you find about athlete driven media?

I've been wanting to do an academic study on the phenomenon that we've all been watching unfold, which is athletes as creators, athletes creating their own content but also owning the IP and monetizing it.

So this is the first academic study to drop.

Academics don't really use the term drop, but I'm going to teach them how to do that.

And what it has demonstrated is this is reshaping the media ecosystem and the sports storytelling ecosystem in very profound ways economically and culturally.

Athlete owned media enterprises are driving billions of dollars of value and the athletes themselves as owners are benefiting.

It is driving innovation because they are using new platforms and new storytelling formats to connect with their with their fans in direct and immediate ways.

And you will appreciate this because now you are the media.

It puts the decision making authority in the athlete's hands.

They get to decide what stories they're going to tell, what platform they're going to tell it on, and how they're going to distribute it.

And so what I find so interesting about that is you guys are now both dealing with this as owners.

You know you you dealt with this as an athlete.

Now you have several very very famous in the news everyday athletes who play for your teams.

In Minnesota, Oh of any of his players made news no, just so a little bit.

I mean, I'll say their names out loud.

Anthony Edwards and Ifisa Kalier obviously are out there in a very big way.

You're now dealing with this as the owner of Angel City.

So let's talk about what the responsibilities are as an owner, and let's talk about you as an owner.

How did this deal?

This is the deal?

How did you come to this?

You know, I love a good story, even more so if it's a good business story and sits at the intersection of sports and culture, and Angel City is a phenomenal story and the way they captured not just Los Angeles' attention, but the world's attention with this mission to drive equity on and off the pitch.

I had never imagined right that I would be an owner.

You might have.

I certainly didn't.

And we made the decision really quickly, my co owner and I.

But I was the one in some ways who had the grounding because I used to take students there every year.

I teach a sports immersion class in the spring, and every year we would visit Angel City because I thought it was imperative that we make sure we were centering women's sports in the ray of sports entities that we were exposing students to.

So every year students would do a project for them, and so it was this very intense snapshot of a startup year by year and the decisions they were making from you know, who's the first player that we should hire to how can we develop our sponsorship partners in a way that aligns our community impact with our player interests and values.

And when the opportunity arose, I had that grounding combined with you know what we were watching happen with women's sports, both at the college level and at the professional level.

And you know, I literally said to Bob, do you have any interest in doing this?

And he did not even pause and said absolutely.

And there we were in the in the bidding process.

Bob Iger is my co owner and partner in this.

And husband and husband, Oh.

Right, husband, When you look at the deal and you acquired it for about two hundred and fifty million dollars, are you looking at this is a double bottom line?

Like what can you do also for the community or you just think that this could be a three or four x in the next five or ten years.

So community impact was embedded in the business model.

Look this was the biggest investment we've ever made personally, and I expect that it will continue that will hold firm for quite some time.

So what was so compelling was the purpose embedded in the business.

So one of the things that's different about Angel City is that their sponsorship model directly invest ten percent of sponsorship dollars into the community.

So that's not an add on or nice to have.

We didn't wait till we were profitable to do that.

That was very much built in to its business equity on and off the pitch.

And by the time we got there, they had invested roughly three million dollars in the community.

We're at nearly three million meals through door dash and sprouts our sponsors into the into the community to people in needs.

So this was a community This is a community asset.

I think it's a sort of jewel in the in the sports universe of Los Angeles.

And is there a bottom line?

Yes, Do we expect it to improve every year?

Yes?

Are we on the march towards profitability?

Heck yes, But this is really a community and entity with community at its core.

You know, it's interesting to have the two of you sit between the two of you.

I don't own any sports steams just just for the record, but you know, I know people who does.

It happens every once in a while.

Yeah, But like it's interesting to think about like that perspective because you now own basketball teams in the NBN, the w n A.

How do you think about it from a bottom line perspective because these are these are not small amounts.

Of money, and a community perspective because you're getting to know a new community.

Also, how'm going to end up getting a double teamed here the other way?

Two journalists, I think, well.

You said it beautifully and just to bring you back five years, I mean, this was the time right after COVID, which people thought we overpaid for one point five billion, and then you had obviously the George Floyd tragedy.

So when we acquired this team, it was a pivotal moment in Minnesota that kind of moved around the world and we thought, I've seen for thirty years how sports can transform communities.

And look, the truth is when the Dodgers win, LA feel is a little bit more chipper.

So there's not too many businesses like when your Amazon stock goes down, you're not like depressed well, you don't say we, You just say my Amazon stock is depressed.

But when the Yankees the Dodgers lose, you say we lost or we won.

So I have a good understanding, and I think knowing players, having empathy for players, understanding how difficult it is to be an athlete in twenty twenty five, far greater, far harder than when I started in nineteen ninety four with all the social media.

My god, I got enough trouble without social media.

And so for you Willow, you know this is yes, it's a community asset.

There are deals to be made, you know, there are players that you have to negotiate with, there are sponsors that you have to take care of.

There's a community.

So when you think about the most important deals that you've done so far, the ones that really stick out in your mind, what jumps to mind?

I think, Look, obviously, you know, being in the privileged position to acquire angel City first and foremost and taking on that extraordinary opportunity and extraordinary responsibility.

But then I think about what we did when we first arrived, which is it was very clear that we had not invested enough in our people and our products, specifically our athletes, so we opened a brand new, state of the art training facility, which when we did it was kind of the biggest invest there was.

I'm really hoping that's changing because with every one of these step ups, others follow, which is what we desperately need, right we need we need a significant level of investment in women athletes and in their ability to perform.

So we did that, and then we got to work on the sporting side, right hired a new GM and a new coach because Alex, we would love to make La chipper the way a Yankees win makes New York chipper, and by bringing a championship to the city, So that is one of the primary goals.

But also thinking about our athletes, as I know you do with with the links you know we have.

We have underinvested in women athletes for far too long, and this is the opportunity, this is the moment to change that by making sure we are supporting them the way we support all of our world class athletes and allow them to compete at the at the highest level.

So well, take this room into the governor's room, the boardroom with with with your league.

Are you a newer owner that kind of pounds a table and screams or are you kind of an owner that listens, ask more questions or yeahs all us about your style as a board member.

What's really fascinating is the NWSL has a lot of new owners, so there are a lot of new voices and wildly impressive voices in the room.

And what's interesting is there's a breadth of perspectives, and I think it is clear that some of us have lanes and mine is at least initially media and how we think about our media partners, how we think about our new deals, how we think about really working with the players, the teams and the leagues to be in alignment on our marketing and storytelling strategies, because there's a lot of dis alignment is easy.

Alignments alignment's pretty hard, even today in kind of an always on twenty four to seven media environment.

So I think there's a lot of very spirited discussion around the table, but a fascinating number of perspectives and areas of expertise come to bear, a lot of them from outside the world of sports.

And so what are the deals that you think the league and the sport need to make.

I mean, this has been a league that's been on the move for the past few years.

You have investment in Europe coming, you have a rising tide, But how do you maintain what has been true that this is the best women's soccer league in the world.

What do you need to do?

I mean, first of all, we need to make sure that we maintain our stature as the best women's soccer league in the world.

And the reason that it's the best women's soccer league in the world is because of the level of our talent, which remains superior.

So we have to continue to ensure that we are the best place for players to come and that's certainly salary, but it's also all the other things we do, like the requirements that we've put in place to have the kind of training facilities, to have the kind of technical teams and support staff in place that we're creating opportunities for them off the pitch, something that we really do at scale, and obviously something is somebody who really cares about the talent pipeline.

I'm also doing at a team level and an individual level.

So first and foremost thinking about our our athletes and making sure that they have the resources they need to compete, but also making sure that we're the most attractive place in the world for those for those players to come.

And the other is the I mean, I think other on the agenda, very high on the agenda is you know, our media rights deals, making sure we're driving the kind of tune in that we need to be driving that people understand where to find us on the array of networks, which I know is a theme that that that I'm gratified by the fact that the relatively small and WSL and the massive NBA are also having those conversations around what's the right number of platforms to put our games on.

So I know we've run out of time, but I have one selfish question I want to ask you because as a father, you recently had a panel with yourself with Charlotte Jell from the Cowboys, Jeanie Buss from the Lakers, and some of my favorite people, Kandas Parker and Us.

Parker moderated, so it's already like a Luminaries.

We also need more representation of women and people of color in the owner's room executive level.

What advice would you give some young ladies that want to be like you or like Jeanie or Charlotte to have more representation in this room.

The doors are wide open, please come on through.

And then it's up to us on the other side of those doors to make these environments welcoming, productive places to learn and grow and develop.

Because Alex, You're absolutely right, I think not only do we need to make sure the opportunity is there for women, but we have massive growth potential ahead of us, and the trajectories are really steep, and we need a very robust talent pipeline entering all of these teams and leagues to really help us propel that growth.

Before we get away from the owner's box, the owners, you know, the governor's table, as it were what you expected it would be being an owner.

Because I never dreamt of being an owner.

I'm not sure I had enormous expectations.

And look, I've had the privilege of knowing and working with a number of commissioners, so I sort of have seen the world through their lens, and I've seen the world through the media partner lens.

But I've you know, never been in the room before, and it is it is fascinating.

The challenges come at you fast and furious as you're seeing and it's a It is a learning experience each and each and every day.

And you know, I think I'm grateful at this age I can still be learning.

On the job.

All right, So we're going to do our rapid fire.

I would lose on Jeopardy, So don't make them too rapid, because.

All right, we're going to bounce it back and forth.

I'll start and then Alex will pick up.

What is one word to describe your deal making style?

Deliberate?

What's more important to you?

Gut or data?

Gut?

Who's your dream deal making partner?

Bob By her.

Mine too.

He paid me very well well.

We had our thirty year anniversary.

We had the Yankees game at the table on our wedding night.

We had the Yankees game on the television.

I love it, I love it, I love it.

It's working.

What's the best piece of advice you ever received on deal making or business?

So on deal making, don't squeeze your partner dry, leave something.

Let everybody walk away from the table with their heads held high.

And then related to that is, therefore, don't start at the extremes.

Start a little bit closer in and at a more realistic place, so you save wear and tear on everybody.

What's the worst advice you've been given?

That I needed to change my name if I was going to be taken seriously in business by somebody that I adore?

Who was just giving me some constructive That.

Must have been in the seventies.

What's what's a deal you wish you had done?

Oh?

The deal I wish I had done?

Well, Look, my kids would tell you any NBA team that comes on the market that we didn't actually buy, not that we could afford it, we should have gone for and didn't.

So you know, I'm failing them left and right.

I think it.

You know I'd like the idea of Angel City as your family business.

Yeah, I do, two sons of it.

I do too.

Who was your favorite interview from NVA Inside Stuff?

Never given that one up, And they were all my favorites.

I loved each and everyone the same.

Wow.

Okay, all right?

What's your hype song before a big meeting or negotiation?

Beyonce?

If I were a boy number?

But close second is is the Leslie Powell Angel City walk on song?

Here They Come.

It's one of the best.

I think it's the best in sports.

We gotta go see that.

Yeah, they gotta do it.

I know somebody.

You can only watch one sport for the rest of your life, what is it.

It's kind of a tie soccer, women's soccer, but basketball basketball edges out just a little bit more.

All right.

So we usually ask if there's one team that can want a title, which one would it be?

We will We know what that would be.

We're gonna win, angel.

Is.

What's the first thing you would do after you win a title?

Oh, that's so bad.

That was gonna be invite football.

That was such a softball.

You know that.

I don't.

We're gonna go to Disneyland.

I like that, And yes you are invited.

Yeah, all right, will obey.

You're a treasure.

Thank you so much, Thank you everyone.

The Deal is a production from Bloomberg Podcasts and Bloomberg Originals.

The Deal is hosted by Alex Rodriguez and Jason Kelly.

This show was produced by Annamazarakis, Stacy Wong, Lizzie Phillip, Eden Martinez, and Tom Gibson.

Original music and engineering by Blake Maples.

Jason Brandt was our sound operator.

Our booker is Paige Keffer.

David E.

Ravella is our managing Editor.

Our executive producers are Jason Kelly, Amy Keene, Jordan Oplinger, Trey Shallowhorn, Regina Delia, Kelly Laferrier, and Ashley Hoenig.

Sage Bauman is our head of Podcasts Special thanks to Rachel Carnivale, Elena Los Angeles, Nick Silva, Chelsea Hoon, Adrian Toscano, Jared Sinclair, Stephen Fossberg, and mikeah Rondo.

Joshua Devaux is our director of photography.

Rubob Shakir is our creative director.

Art direction is from Jacqueline Kessler.

Technical direction by Matt Prophet.

Justin Gonzalez was our video engineer.

Camera operation by Don Downie, Emmanuel Moran, Matt Tomlin, Douglas Higginbotham Patrick Morrissey, Alan Thoroughgood, and Cameron Wallace.

Katia Vanoy is our video editor and Will Connolly is our assistant editor.

You can listen to the Deal on Apple Podcasts, Spotify, or wherever you get your podcasts.

You can also tune into The Video Companion on Bloomberg Originals and on Bloomberg TV.

Thanks for listening.