November 6, 2025 • 25 mins
In this episode of The Deal, Alex Rodriguez and Jason Kelly talk to Angel City FC controlling owner Willow Bay about how she sees her investment giving back to the community. They discuss how Bay helped change sports media culture when she hosted “NBA Inside Stuff,” how her work as dean of the USC Annenberg School for Communication and Journalism inspired her to acquire a team in the National Women's Soccer League and why team ownership is unlike anything she ever imagined.
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Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:08):
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.
Speaker 3 (00:34):
All Right, welcome, Thank you.
Speaker 1 (00:36):
But that was a very quiet response from this audience.
I know.
Speaker 3 (00:39):
I mean, are there any Angel City fans in the house?
Speaker 4 (00:42):
Ah?
Speaker 3 (00:43):
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
(01:04):
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?
Speaker 1 (01:20):
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.
Speaker 3 (01:28):
So yeah.
Speaker 1 (01:29):
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
(01:53):
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
(02:15):
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
(02:37):
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,
(02:58):
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.
Speaker 3 (03:10):
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,
(03:33):
if we can, to your career. Let's talk some hoop.
Speaker 4 (03:36):
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
(03:57):
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.
Speaker 1 (04:07):
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.
Speaker 3 (04:24):
That was the first day.
Speaker 1 (04:25):
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
(04:45):
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
(05:05):
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
(05:29):
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.
(05:54):
You really see just what a wise soul David Sterne.
Speaker 3 (05:58):
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?
Speaker 4 (06:13):
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.
Speaker 3 (06:30):
But people are googling right now. They're a scorebox. It
just kind of opened it up.
Speaker 4 (06:36):
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.
Speaker 1 (06:48):
You are the media now, remember, yeah.
Speaker 3 (06:50):
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?
Speaker 1 (07:06):
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
(07:29):
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
(07:52):
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.
Speaker 3 (08:14):
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
(08:36):
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?
Speaker 1 (08:59):
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
(09:19):
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
(09:40):
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
(10:02):
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
(10:23):
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.
Speaker 3 (10:40):
And husband and husband, Oh.
Speaker 4 (10:42):
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
(11:03):
you just think that this could be a three or
four x in the next five or ten years.
Speaker 1 (11:06):
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
(11:28):
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
(11:51):
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.
(12:14):
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.
Speaker 3 (12:28):
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.
Speaker 1 (12:35):
It happens every once in a while.
Speaker 3 (12:37):
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.
Speaker 1 (12:51):
Of money, and a community perspective because you're getting to
know a new community.
Speaker 4 (12:55):
Also, how'm going to end up getting a double teamed
here the other way?
Speaker 3 (12:58):
Two journalists, I think, well.
Speaker 4 (13:00):
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
(13:24):
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,
(13:45):
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.
Speaker 3 (14:01):
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?
Speaker 1 (14:20):
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,
(14:42):
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
(15:06):
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
(15:27):
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
(15:47):
allow them to compete at the at the highest level.
Speaker 4 (15:50):
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.
Speaker 1 (16:06):
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
(16:28):
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.
(16:49):
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.
Speaker 3 (17:02):
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?
Speaker 1 (17:22):
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
(17:42):
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
(18:04):
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
(18:27):
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.
Speaker 4 (18:49):
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.
Speaker 1 (19:05):
Parker moderated, so it's already like a Luminaries.
Speaker 4 (19:09):
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.
Speaker 1 (19:22):
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,
(19:44):
and we need a very robust talent pipeline entering all
of these teams and leagues to really help us propel
that growth.
Speaker 3 (19:52):
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.
Speaker 1 (20:03):
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
(20:25):
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.
Speaker 3 (20:35):
On the job. All right, So we're going to do
our rapid fire.
Speaker 1 (20:52):
I would lose on Jeopardy, So don't make them too rapid, because.
Speaker 3 (20:55):
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?
Speaker 1 (21:03):
Deliberate?
Speaker 4 (21:04):
What's more important to you? Gut or data?
Speaker 1 (21:07):
Gut?
Speaker 3 (21:09):
Who's your dream deal making partner?
Speaker 1 (21:11):
Bob By her.
Speaker 3 (21:14):
Mine too.
Speaker 4 (21:17):
He paid me very well well.
Speaker 1 (21:19):
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.
Speaker 4 (21:24):
I love it, I love it, I love it.
Speaker 3 (21:26):
It's working.
Speaker 4 (21:27):
What's the best piece of advice you ever received on
deal making or business?
Speaker 1 (21:31):
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
(21:53):
and tear on everybody.
Speaker 3 (21:57):
What's the worst advice you've been given?
Speaker 1 (22:00):
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.
Speaker 4 (22:11):
Must have been in the seventies. What's what's a deal
you wish you had done?
Speaker 1 (22:17):
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.
Speaker 3 (22:32):
I think it. You know I'd like the idea of
Angel City as your family business. Yeah, I do, two
sons of it.
Speaker 4 (22:38):
I do too.
Speaker 3 (22:39):
Who was your favorite interview from NVA Inside Stuff?
Speaker 1 (22:42):
Never given that one up, And they were all my favorites.
I loved each and everyone the same.
Speaker 3 (22:47):
Wow.
Speaker 4 (22:47):
Okay, all right? What's your hype song before a big
meeting or negotiation?
Speaker 1 (22:53):
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.
Speaker 4 (23:07):
We gotta go see that.
Speaker 3 (23:08):
Yeah, they gotta do it. I know somebody. You can
only watch one sport for the rest of your life,
what is it.
Speaker 1 (23:15):
It's kind of a tie soccer, women's soccer, but basketball
basketball edges out just a little bit more.
Speaker 4 (23:24):
All right. So we usually ask if there's one team
that can want a title, which one would it be?
Speaker 1 (23:29):
We will We know what that would be. We're gonna win, angel.
Speaker 2 (23:33):
Is.
Speaker 4 (23:34):
What's the first thing you would do after you win
a title?
Speaker 1 (23:37):
Oh, that's so bad.
Speaker 3 (23:38):
That was gonna be invite football.
Speaker 1 (23:40):
That was such a softball.
Speaker 5 (23:42):
You know that.
Speaker 3 (23:43):
I don't.
Speaker 1 (23:43):
We're gonna go to Disneyland. I like that, And yes
you are invited.
Speaker 3 (23:50):
Yeah, all right, will obey. You're a treasure. Thank you
so much, Thank you everyone.
Speaker 5 (24:03):
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
(24:26):
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,
(24:52):
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,
(25:18):
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.
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:08):
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.
Speaker 3 (00:34):
All Right, welcome, Thank you.
Speaker 1 (00:36):
But that was a very quiet response from this audience.
I know.
Speaker 3 (00:39):
I mean, are there any Angel City fans in the house?
Speaker 4 (00:42):
Ah?
Speaker 3 (00:43):
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
(01:04):
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?
Speaker 1 (01:20):
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.
Speaker 3 (01:28):
So yeah.
Speaker 1 (01:29):
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
(01:53):
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
(02:15):
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
(02:37):
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,
(02:58):
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.
Speaker 3 (03:10):
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,
(03:33):
if we can, to your career. Let's talk some hoop.
Speaker 4 (03:36):
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
(03:57):
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.
Speaker 1 (04:07):
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.
Speaker 3 (04:24):
That was the first day.
Speaker 1 (04:25):
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
(04:45):
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
(05:05):
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
(05:29):
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.
(05:54):
You really see just what a wise soul David Sterne.
Speaker 3 (05:58):
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?
Speaker 4 (06:13):
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.
Speaker 3 (06:30):
But people are googling right now. They're a scorebox. It
just kind of opened it up.
Speaker 4 (06:36):
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.
Speaker 1 (06:48):
You are the media now, remember, yeah.
Speaker 3 (06:50):
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?
Speaker 1 (07:06):
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
(07:29):
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
(07:52):
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.
Speaker 3 (08:14):
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
(08:36):
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?
Speaker 1 (08:59):
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
(09:19):
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
(09:40):
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
(10:02):
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
(10:23):
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.
Speaker 3 (10:40):
And husband and husband, Oh.
Speaker 4 (10:42):
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
(11:03):
you just think that this could be a three or
four x in the next five or ten years.
Speaker 1 (11:06):
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
(11:28):
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
(11:51):
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.
(12:14):
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.
Speaker 3 (12:28):
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.
Speaker 1 (12:35):
It happens every once in a while.
Speaker 3 (12:37):
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.
Speaker 1 (12:51):
Of money, and a community perspective because you're getting to
know a new community.
Speaker 4 (12:55):
Also, how'm going to end up getting a double teamed
here the other way?
Speaker 3 (12:58):
Two journalists, I think, well.
Speaker 4 (13:00):
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
(13:24):
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,
(13:45):
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.
Speaker 3 (14:01):
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?
Speaker 1 (14:20):
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,
(14:42):
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
(15:06):
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
(15:27):
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
(15:47):
allow them to compete at the at the highest level.
Speaker 4 (15:50):
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.
Speaker 1 (16:06):
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
(16:28):
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.
(16:49):
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.
Speaker 3 (17:02):
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?
Speaker 1 (17:22):
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
(17:42):
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
(18:04):
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
(18:27):
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.
Speaker 4 (18:49):
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.
Speaker 1 (19:05):
Parker moderated, so it's already like a Luminaries.
Speaker 4 (19:09):
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.
Speaker 1 (19:22):
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,
(19:44):
and we need a very robust talent pipeline entering all
of these teams and leagues to really help us propel
that growth.
Speaker 3 (19:52):
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.
Speaker 1 (20:03):
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
(20:25):
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.
Speaker 3 (20:35):
On the job. All right, So we're going to do
our rapid fire.
Speaker 1 (20:52):
I would lose on Jeopardy, So don't make them too rapid, because.
Speaker 3 (20:55):
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?
Speaker 1 (21:03):
Deliberate?
Speaker 4 (21:04):
What's more important to you? Gut or data?
Speaker 1 (21:07):
Gut?
Speaker 3 (21:09):
Who's your dream deal making partner?
Speaker 1 (21:11):
Bob By her.
Speaker 3 (21:14):
Mine too.
Speaker 4 (21:17):
He paid me very well well.
Speaker 1 (21:19):
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.
Speaker 4 (21:24):
I love it, I love it, I love it.
Speaker 3 (21:26):
It's working.
Speaker 4 (21:27):
What's the best piece of advice you ever received on
deal making or business?
Speaker 1 (21:31):
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
(21:53):
and tear on everybody.
Speaker 3 (21:57):
What's the worst advice you've been given?
Speaker 1 (22:00):
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.
Speaker 4 (22:11):
Must have been in the seventies. What's what's a deal
you wish you had done?
Speaker 1 (22:17):
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.
Speaker 3 (22:32):
I think it. You know I'd like the idea of
Angel City as your family business. Yeah, I do, two
sons of it.
Speaker 4 (22:38):
I do too.
Speaker 3 (22:39):
Who was your favorite interview from NVA Inside Stuff?
Speaker 1 (22:42):
Never given that one up, And they were all my favorites.
I loved each and everyone the same.
Speaker 3 (22:47):
Wow.
Speaker 4 (22:47):
Okay, all right? What's your hype song before a big
meeting or negotiation?
Speaker 1 (22:53):
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.
Speaker 4 (23:07):
We gotta go see that.
Speaker 3 (23:08):
Yeah, they gotta do it. I know somebody. You can
only watch one sport for the rest of your life,
what is it.
Speaker 1 (23:15):
It's kind of a tie soccer, women's soccer, but basketball
basketball edges out just a little bit more.
Speaker 4 (23:24):
All right. So we usually ask if there's one team
that can want a title, which one would it be?
Speaker 1 (23:29):
We will We know what that would be. We're gonna win, angel.
Speaker 2 (23:33):
Is.
Speaker 4 (23:34):
What's the first thing you would do after you win
a title?
Speaker 1 (23:37):
Oh, that's so bad.
Speaker 3 (23:38):
That was gonna be invite football.
Speaker 1 (23:40):
That was such a softball.
Speaker 5 (23:42):
You know that.
Speaker 3 (23:43):
I don't.
Speaker 1 (23:43):
We're gonna go to Disneyland. I like that, And yes
you are invited.
Speaker 3 (23:50):
Yeah, all right, will obey. You're a treasure. Thank you
so much, Thank you everyone.
Speaker 5 (24:03):
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
(24:26):
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,
(24:52):
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,
(25:18):
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.
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