Private Equity Experience

EA Sports' $55B PE Acquisition: The WORLD'S BIGGEST Gaming LBO Explained!

• Emily Sander • Season 1 • Episode 23

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Breaking news! Electronic Arts (EA) – the studio behind FIFA, Madden, and Battlefield – is being acquired in the largest-ever private equity buyout ($55B! Katie stuns at the size of the deal). In this episode, we break down:


✅ How Leverage Buyouts (LBOs) work (Rory’s $500k house analogy!) ☑️ The players: Saudi Arabia’s Public Investment Fund + Jared Kushner’s PE firm + Silver Lake
✅ EA’s $5B revenue surge, subscription model, and eSports addiction
✅ The real question: Do investors see a $55B gaming empire or a ticking time bomb?
📜 Regulatory delays (deal closes in 2027!) 🔍 Future predictions: 7-10 year hold + IPO exit
⚠️ Red flags: Can debt kill creativity? 

  • EA’s hook: Recurring revenue + eSports + global hits keep it debt-friendly 🚀
  • Saudi’s strategy: Diversify from oil + dominate global sports**:SG 🏆**
  • PE reality: "They’ll get creative fees" – but can they stomach $1.3B/year debt?
  • Gamer sentiment: Questionable. “They’re brutal public!”

👉 Subscribe for more private equity deep dives!
👉 Drop your thoughts in the comments: Will gaming be the next trillion-dollar industry?

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Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

Through the Private Equity Experience Podcast, our book On‑Ramp to Exit, and a library of free tools and templates, we share real‑world stories, practical strategies, and insider insights to help you navigate every stage of the PE journey — whether you’re leading a portfolio company, joining a deal team, considering PE, or just PE‑curious.

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emily-sander_1_10-22-2025_150243:

Alright. So we're doing a quick hit of an article we came across that goes back to one of our previous episodes. So here's the title of this article, video Gamer Electronic Arts to be bought in largest ever Private Equity buyout. Valued at 55 billion with a B

rory-liebhart_1_10-22-2025_150243:

With a

emily-sander_1_10-22-2025_150243:

is like that sounds like a lot to me. Is this a lot of money we're talking about in PE Land.

rory-liebhart_1_10-22-2025_150243:

it's a big one. It's a big one you got, but you got some big hitters at the

emily-sander_1_10-22-2025_150243:

Okay, break someone. Break this down. Gimme like the little primer overview of what, what this is.

rory-liebhart_1_10-22-2025_150243:

Well, EEA Sports, I think a lot of people know they're, um, they're a gaming company and, you know, they've, they've continued to evolve their business over the years into more sort of live experience. Uh. Uh, what is it, you know, uh, game sports or electronic sports, that's like becoming a really big industry. And, their, their stock had actually been doing pretty well over the last year. I think it's, uh, you know, p 500 by like, you know, 15% or something significant like that. So it's, it is a business that has been doing well. Um, but also ripe for, you know, some, um, private company takeover. So they, they decided to sell to a consortium of private equity buyers. Um, most significantly is kind of been in the news. the public investment fund of Saudi Arabia is a, is an investor, and they've been an investor up to this point. They've been almost a 10% stakeholder, but they've. Increase their position. Um, and Silver Lake Partners. Another really big PE group that, uh, is big in tech and gaming as well. And not last but not least, uh, Jared Kushner's private equity fund. son-in-law of, uh, potus, uh, they're in the, in the mix too, probably some others as

emily-sander_1_10-22-2025_150243:

I just like as a reminder for people leverage buyout.'cause someone just like briefly summarize.

rory-liebhart_1_10-22-2025_150243:

Ed, you take that one.

eddie_1_10-22-2025_150242:

Yeah, so a leverage buyout essentially says it's when you buy a house, you're doing a leverage buyout. Essentially you're saying, okay, my house is gonna cost half a million dollars. I'm gonna put.$250,000 down and borrow 250,000. That's all that's leverage. That's the debt. And so a leverage buyout like this would be a situation where they go, the purchase price might be 55 billion and they're gonna put 11 billion down in cash and borrow the remaining$44 billion in a series of bonds or private placements so that that way they can pay that off over time with the cash flow from the business.

emily-sander_1_10-22-2025_150243:

Okay.

rory-liebhart_1_10-22-2025_150243:

well in this case they, they went a little bit heavier on the leverage. They went 36 billion in equity, uh, most of which funded at close and, uh, 19 billion in debt provided by JP Morgan Chase. So you think about that as like your, your leveraging, leveraging, you know, 34% of the purchase price is, is, uh, funded by

emily-sander_1_10-22-2025_150243:

Just for reference, like what's average. What's an average percentage?

rory-liebhart_1_10-22-2025_150243:

Hmm.

eddie_1_10-22-2025_150242:

What I, what I've seen on the tech enabled services side has generally been closer to what Rory just said, about a third to 40% might be debt, and the rest of it's gonna be equity. Because you still need, and this is I think, gonna be one of the challenges with this investment, not only is it large, but you still need cash flow to reinvest in product because technology goes stale very quickly.

rory-liebhart_1_10-22-2025_150243:

Yeah, that's right.

eddie_1_10-22-2025_150242:

so you're gonna continuously need cash flow that. You know, with a RJR Nabisco, let's say, when they went private on a leverage buyout back 40 years ago, they were just cashflow rich and they, they use

emily-sander_1_10-22-2025_150243:

Hmm.

eddie_1_10-22-2025_150242:

pay the debt service. Something like ea they're gonna have to reinvest in new, in new

emily-sander_1_10-22-2025_150243:

Why did they do this?

rory-liebhart_1_10-22-2025_150243:

Variety of different reasons. I think, um, you know, some of the things I've read is, has been around, know, when you take yourself out of the public sphere. less managing quarter to quarter, you're able to, you know, have a bit longer term vision, you know, presumably more patient capital if you will. Um, and, you know, their, their model is changing. And so there, you know, there's, there is a lot more product development to be had and, and some of that has longer time horizons on it. And so, you know, the other, the other element too is. Um, you know, from a buyer standpoint, you know, they paid a 25% premium on the stock price, uh, per share. But, uh, if you look at the information, there's even more upside that they believe. So, um, purely a really good financial play. And you know, what I've read as well about EA sports is their revenue mix has moved more towards reoccurring, you know, kind of what Ed would kind of agree with here is that that kind of a revenue mix allows you to take on. More debt, it's more predictable, um, less seasonal so you can support more debt. You know, basically return higher value to your equity

emily-sander_1_10-22-2025_150243:

So, are Saudis like big gamers or did I miss something? How, what is happening?

rory-liebhart_1_10-22-2025_150243:

Well, um, what I don't pretend to be a geopolitical expert or, you know, geo, you know, foreign investment expert, but what is a fact is that. Middle Eastern kingdoms and countries and governments and um, uh, sovereign wealth funds have really got involved in sports

emily-sander_1_10-22-2025_150243:

Huh.

rory-liebhart_1_10-22-2025_150243:

and among other things, of course, I mean, not just sports, but some of the more higher profile investments in like F1 and, and, uh, football teams and, you know, just all sorts golf. Yeah. They, they, they, they basically staked the entire lived golf experience. To mixed to mixed results. Um, but eSports is considered a sport in a lot of places and, and ea ea sports themselves are going deeper into this world. So, you know, if you're really bullish on sports in general, in, in any form globally, I think that's a big part of it. Um, yeah, makes a lot of sense pre presumably.

eddie_1_10-22-2025_150242:

Yeah. I think the other part is these petro, kind of petro empires, Saudis, even like Norway, are looking at a time horizon, which is somewhat finite for the ability to really capitalize on their. Their petrochemical income,

rory-liebhart_1_10-22-2025_150243:

Yeah.

eddie_1_10-22-2025_150242:

so they're also looking for ways to diversify

emily-sander_1_10-22-2025_150243:

Hmm.

eddie_1_10-22-2025_150242:

perspective so that that way their, their societies can continue to flourish after oil may, you know, decline in importance and in price.

emily-sander_1_10-22-2025_150243:

Wow. So we're talking like a, a diversification of natural resources. Long, long term. We're talking about.

eddie_1_10-22-2025_150242:

Yeah, certainly, certainly a diversification from the standpoint of, what, what is it gonna take for this country, um, to continue to be economically successful, at which time, a hundred to 200 years from now, maybe that oil is no longer driving our. Underpinned economy, and so they're looking at, okay, can I make long-term investments to really secure the future of my country, which has largely been based upon oil

emily-sander_1_10-22-2025_150243:

So are,

rory-liebhart_1_10-22-2025_150243:

Yeah.

emily-sander_1_10-22-2025_150243:

it's one way to interpret that, that yeah, Rory's dog is not happy about this deal. Um, uh, I have questions as well. Um, I have questions as well. One is like,

rory-liebhart_1_10-22-2025_150243:

Actually very happy. It's

emily-sander_1_10-22-2025_150243:

happy, happy barking.

rory-liebhart_1_10-22-2025_150243:

Yeah.

emily-sander_1_10-22-2025_150243:

are you, so are they betting that like gaming is gonna be around for 200 years or is that just like the, the dividend, like the results revenue we're gonna get from that are gonna set us up so well for the next two.

rory-liebhart_1_10-22-2025_150243:

Well I think it's just the, the, the strategy of. Moving away from, you know, really a, a singular source of income, not singular, but a very significant source into just

emily-sander_1_10-22-2025_150243:

Okay.

rory-liebhart_1_10-22-2025_150243:

of investments. Make no mistake, this is a private equity investment. So we've talked about, private equity doesn't mate for

emily-sander_1_10-22-2025_150243:

Mm.

rory-liebhart_1_10-22-2025_150243:

So this will either be re iPod eventually, or sold again or what have you. It's probably, it's not like a hold for the lifetime type of deal because they, you know, they, I say, you know, generally any. Private equity group has LPs they need to, to answer to. So, you know, whether that applies specific, I don't know, may, maybe there's like a different view from, the, the Saudi piff versus like Silver Lake for example. But, you know, eventually these deals

emily-sander_1_10-22-2025_150243:

Who, who are the LPs in this situation?

rory-liebhart_1_10-22-2025_150243:

Hmm. Well, like, I mean, each different investor has maybe the same l some of the same LPs, but they have their own LPs. So like if you talk about Silver Lake, it's gonna be probably your pension funds, endowments, you know, insurance companies. Really big institutional investors. And far as like the Saudi Piff, uh, boy, I think that that's from. Royal, the, the royal family

emily-sander_1_10-22-2025_150243:

Well. Well, because in previously you said that like, Hey. LPs could be a sovereign wealth fund such as Saudi Arabia, and in this case, are they acting as both or is it separate entities?

rory-liebhart_1_10-22-2025_150243:

Hmm. Could be, could be. I don't, I don't know a ton about, about the Sovereign Wealth Fund, uh, space. It's, it's really intriguing actually.

eddie_1_10-22-2025_150242:

Yeah. A lot of times the sovereign wealth funds do kind of two things. They, they serve similar roles to like a college endowment where they, they've got a perpetual life or an expected perpetual life, and a portion of the. Proceeds are spent every year, let's call it 3%, 4% of the total balance is, is spent every year and c diverted back into, um, the government's, usually the government's, um, budget. And so what that allows the government to do is obviously either do more or tax less or both. And so that's the. So there you think about a sovereign wealth fund really as like a college endowment, which is why the private equity angle is consistent with kind of that long-term we've got. We don't need immediate liquidity. We could put a chunk of our money into these private equity type investments, run it for the long haul, and then be able to cash out because we have other diversified investments just like a college endowment would. That allows the, the Sovereign Wealth fund to get its cash needs met, which are only, you know, three to 5% of the the. Principal amount, the corpus amount every

emily-sander_1_10-22-2025_150243:

So I have a double barrel question. So what do you think the play is from this PE group? Like what do you think they wanna do to get their return out of ea? And then do you think we're gonna see more of these big mega. PE deals.

eddie_1_10-22-2025_150242:

Hmm.

rory-liebhart_1_10-22-2025_150243:

I will answer the second question first. Yes. I think you're gonna see more of these types of deals in the future almost definitely. Yeah. Yeah, no question about it.

eddie_1_10-22-2025_150242:

I, I actually question whether, but again, every time I question one of these, I lose'cause I all, I wonder why people pay as much as they do. But this is one where I don't know, is if I see, you know, normally private equity is looking for a 15, 20% return on equity on an annualized basis, you know, over a five year time horizon at doubling. And I just. I feel challenged to see how that works in this particular investment.

rory-liebhart_1_10-22-2025_150243:

Hmm.

eddie_1_10-22-2025_150242:

now again, it, it may be when they throw the leverage on, but it's not heavily leveraged as Rory noted. And when they look at, well, you know, you've got a. Group of folks coming up that, you know, might be more in a gaming, but what I, what I see from a demographics perspective is you have, know, you have an emerging world that you know is growing, but the, the western world, the kind of northern hemisphere is not really the, is not really growing that fast. What we are seeing over the next, you know, five to 10 years is actually kind of another decline in, in, uh. Child in, you know, teenage populations. We saw that, you know, certainly when I was in the university setting, saw that we expected lower enrollments because you had lower, uh, graduating cohorts. So I don't know where the growth is gonna come from. Um, and so as a result, it may be some financial engineering that they're hoping for. They could put a lot of money to work and get a reasonably decent 10, 12% return. But I, I actually don't see. the rationale was for it other than it's kind of a sexy investment with a

emily-sander_1_10-22-2025_150243:

I was gonna ask is, is it for the splash? Like this is a news article, like is it for the, this is the biggest deal.

rory-liebhart_1_10-22-2025_150243:

think it's, it's got a few different motivations. I think there's a lot of money to put to work, um, with some of these, uh, sovereign wealth funds and other private equity funds that who knows what kind of. deal they have amongst one another. Don't know to be determined on that. More, more information will probably come out on that. But, I would say that there's probably some view that there will be growth, whether that comes from acquisition consolidations, um, you know, some, some, you know, heavy. Growth organically to be determined, but I do know that, you know, if you looked at this stock, it was tr it had been trending up for some time and outpacing the general market. So I think, know, some of the things I've read about it is, yes, they paid 25% premium on the stock price, but, uh, some would even argue it's maybe undervalued. I don't know the drivers to that, but I think there's a, there's a view that there's probably to unlock here, but I mean, that's easier said than

emily-sander_1_10-22-2025_150243:

Do you think that the gaming industry is just such, such on an upswing? It's just gonna fill that 25% and more? Or do you think the PE group is gonna be like, we have an idea of how to fundamentally change the gaming industry and we're gonna like 10 x this thing by doing this?

rory-liebhart_1_10-22-2025_150243:

Well, I think it's less about the group themselves, having the. The grand vision for that particular business. I think it's much more about like, what, what does that leadership team and

emily-sander_1_10-22-2025_150243:

Hmm.

rory-liebhart_1_10-22-2025_150243:

Believe is possible. And what has been constraining them to realize that, and maybe the, the funding coming from these, these different PE groups, um, in this deal maybe can help unlock some of that. Maybe it is expanding more into eSports, um, making, you know, kind of changing a paradigm, know, who knows what kind of, um, you know, AI and, you know, virtual reality type of plays you can make with this kind of fundamental game. don't know a lot of possibilities. I look forward to kind of seeing it roll out and play out. This won't be tracked pretty, pretty closely, I

emily-sander_1_10-22-2025_150243:

Do you think there're gonna be downstream impacts to the PE space in general because of this? No.

rory-liebhart_1_10-22-2025_150243:

I don't think so.

eddie_1_10-22-2025_150242:

as usual.

rory-liebhart_1_10-22-2025_150243:

Yeah.

eddie_1_10-22-2025_150242:

I mean, it's just bigger business,

rory-liebhart_1_10-22-2025_150243:

bigger business. Yep.

eddie_1_10-22-2025_150242:

think as Rory noted, I, and what might have been driving this MI think is the, it's a lot of money that they're able to put to work and sometimes it's difficult to find

rory-liebhart_1_10-22-2025_150243:

Yeah. There we

emily-sander_1_10-22-2025_150243:

Oh.

eddie_1_10-22-2025_150242:

to put money to work. So that's a big

rory-liebhart_1_10-22-2025_150243:

that's right.

eddie_1_10-22-2025_150242:

work. And you know, even if they don't, even if they don't really hit away. It's better. Again, they're now collecting their, their management fees. They've now, you know, done the LP capital call. They've got the money put to work. The LPs might think this is a, you know, sexy, high profile investment that they're now involved in. And so from a private equity perspective, you know, obviously they want to get their, their good returns. But putting 55 billion to work, you know, is, is uh, that's a nice, it's a nice fee base right there.

emily-sander_1_10-22-2025_150243:

Wow. I didn't think about it that way. It could be like, Hey, we gotta do something with this. It's just, it's just sitting there. So let's, let's,

eddie_1_10-22-2025_150242:

got commit, we got commitments sitting here and we might have, and we haven't found it, you know, we can't string together enough

emily-sander_1_10-22-2025_150243:

wow. Okay.

eddie_1_10-22-2025_150242:

actually get that deployed. Well, let's, let's put together a big splashy one and you know,

rory-liebhart_1_10-22-2025_150243:

Yeah, I, I'd be super interested to figure out, like where did the initial motivation come from? You know, I don't, I don't know if it was very much spearheaded by Saudi Piff and said, Hey, we, we need a couple of. You know, call it domestic backers to partner with us on this deal, um, for any number of reasons

emily-sander_1_10-22-2025_150243:

Interesting.

rory-liebhart_1_10-22-2025_150243:

But then what is the deal amongst those groups, you know, is there, is there economics being backstop? Is there, you know, um, structural things that make it so these, this, these particular group of lead investors came together on this particular deal. It's, it's intriguing stuff. I don't, I don't know. We'll, we'll learn more, I'm sure.

emily-sander_1_10-22-2025_150243:

Is this. Like a weird combination of PE investors or it's like, no, like this is just, you can podge, podge these things together in a whole bunch of different ways. This is just one

rory-liebhart_1_10-22-2025_150243:

I have to admit, this is the first time I'd ever even known that Jared

emily-sander_1_10-22-2025_150243:

Same, yeah. Okay.

rory-liebhart_1_10-22-2025_150243:

firm. So that one I would maybe even speculate is more for flash. I don't know. That's just me being speculative completely. Um, I, you know, why would his firm get a seat at that big table?

emily-sander_1_10-22-2025_150243:

Well,

rory-liebhart_1_10-22-2025_150243:

know,

eddie_1_10-22-2025_150242:

Father,

emily-sander_1_10-22-2025_150243:

yeah, connections.

eddie_1_10-22-2025_150242:

some

emily-sander_1_10-22-2025_150243:

got the connections.

rory-liebhart_1_10-22-2025_150243:

I mean, I could. Yeah.

emily-sander_1_10-22-2025_150243:

What things are you gonna be looking for as this one rolls out? Like what? Oh, like that's interesting. Or, Ooh, okay. That's how they're doing that one. Interesting. What kind of things would you look out for?

rory-liebhart_1_10-22-2025_150243:

Well, I'm gonna look out for, you know, what happens with the, with the business, you know, is it gonna go do different, bigger

emily-sander_1_10-22-2025_150243:

Yeah.

rory-liebhart_1_10-22-2025_150243:

first, first and foremost. Um, I think that's the biggest one for me.

eddie_1_10-22-2025_150242:

Yeah, I'm gonna be looking for, you know, the gaming community and we're talking like the biggest. Gaming company or one of the biggest gaming

rory-liebhart_1_10-22-2025_150243:

Yeah.

eddie_1_10-22-2025_150242:

The gaming community is brutal public and they love to, you know,

rory-liebhart_1_10-22-2025_150243:

True.

eddie_1_10-22-2025_150242:

message boards

rory-liebhart_1_10-22-2025_150243:

Yeah.

eddie_1_10-22-2025_150242:

All that. So I'm, I'm curious to see over the next couple years whether the increased debt service, whether the private equity purchase impacts their creativity and the gamer's experience to where it goes to Rory's comment, I'm just being a little more specific, that the business doesn't perform,

rory-liebhart_1_10-22-2025_150243:

Hmm.

eddie_1_10-22-2025_150242:

way it has historically. Because instead of going, like Rory had mentioned, well, you know, this takes a quarterly pressures off and they're able to do things longer term. I, I will be curious to see if it doesn't go the other direction. And the private equity guys kinda strangle it a little bit on the creativity and development side.

rory-liebhart_1_10-22-2025_150243:

Yeah, that's right. Yeah.

eddie_1_10-22-2025_150242:

the, the who are current users of those products don't skate away somewhere else. So I'll be, I'll be curious to see what the gamers' reaction is to this in another 24 months or so, once the current pipeline

rory-liebhart_1_10-22-2025_150243:

Yeah.

eddie_1_10-22-2025_150242:

goes out and they've gotta refill the pipeline with new product.

rory-liebhart_1_10-22-2025_150243:

By the way, on that, we might have to wait a little while. I, I've read that to, uh, due to the, you know, big regulatory oversight on this one. You know, a deal might not even close till 2027 actually,

emily-sander_1_10-22-2025_150243:

Whoa,

eddie_1_10-22-2025_150242:

Wow.

rory-liebhart_1_10-22-2025_150243:

yeah.

emily-sander_1_10-22-2025_150243:

27. Why not?

rory-liebhart_1_10-22-2025_150243:

So, uh, I don't have the specifics on it, but I can only imagine that the, this being the first of its kind in, in the biggest of its kind, it's gonna have all sorts of, domestic and international eyes on it and

emily-sander_1_10-22-2025_150243:

I feel like, you know, in the Jurassic Park movies where it's like T-Rex was like the biggest dinosaur. It was like, oh my gosh, T-Rex. And then they had the megalodon or whatever that eats the T-Rex and then they had that one that jumps out of the water and eats the biggest. It's like, this is gonna get crazy. But um, yeah.

rory-liebhart_1_10-22-2025_150243:

yeah. I remember back in the day, like the RJR and dub biska was just like mind blowing in, in terms of its size at the time, and this is, I mean, this is. You know, deals are just getting

emily-sander_1_10-22-2025_150243:

Yeah,

rory-liebhart_1_10-22-2025_150243:

big. I mean, it just is. You, you look, you know, look at some of our biggest companies. I mean, they're literally a trillion dollar valuations plus, you know, and growing.

emily-sander_1_10-22-2025_150243:

Quick hit exit questions for you. How, how many years do you think this hold will be?

rory-liebhart_1_10-22-2025_150243:

I'm gonna say between seven and 10 years.

eddie_1_10-22-2025_150242:

I was right there with you. I was thinking seven

rory-liebhart_1_10-22-2025_150243:

one's a little special. I think it's gonna be a longer duration, I think. Yeah.

emily-sander_1_10-22-2025_150243:

Who do you think the next buyer will be?

rory-liebhart_1_10-22-2025_150243:

I'd say the

emily-sander_1_10-22-2025_150243:

Oh,

eddie_1_10-22-2025_150242:

Yep. Public market. It'll be an IPO.

rory-liebhart_1_10-22-2025_150243:

Yeah.

emily-sander_1_10-22-2025_150243:

how much money would you pay to be in the board meeting with all of those PE groups and the leadership meeting at ea?

rory-liebhart_1_10-22-2025_150243:

They need to pay me. I could

emily-sander_1_10-22-2025_150243:

That's right.

rory-liebhart_1_10-22-2025_150243:

of wisdom on this deal. I'm sure of it. You know,

eddie_1_10-22-2025_150242:

Yeah, I.

rory-liebhart_1_10-22-2025_150243:

I did. I'd least like need a, you know, um, you know, a coffee and a sandwich and compensation sitting there.

eddie_1_10-22-2025_150242:

I think EEA has been so corporatized over the last period of time, you know,'cause they are a huge public company that I think probably the board meetings will not be that much different. Under new ownership than they were under old ownership. I,

rory-liebhart_1_10-22-2025_150243:

Yeah.

eddie_1_10-22-2025_150242:

so I, I, especially with them being a public company, so I don't expect it's gonna, all of a sudden the are gonna be gone and, you know, gonna

rory-liebhart_1_10-22-2025_150243:

Right,

eddie_1_10-22-2025_150242:

the conference

emily-sander_1_10-22-2025_150243:

Any final thoughts on this one?

rory-liebhart_1_10-22-2025_150243:

No, super, super interesting. Um, I think, I think this is one where probably people have seen a lot of headlines, and maybe this is, this is something we can kind of break down a little bit. So hopefully, hopefully, hopefully, uh, the audience got a little

emily-sander_1_10-22-2025_150243:

Yeah,

rory-liebhart_1_10-22-2025_150243:

it.

eddie_1_10-22-2025_150242:

Cautiously skeptical.

emily-sander_1_10-22-2025_150243:

cautiously skeptical. Well, cool. We saw that news article. Wanted to break it down for for our listeners and we'll keep track of this one, so we might do kind of round two, round three and see what unfolds. Thanks, Rory. Thanks, ed.

rory-liebhart_1_10-22-2025_150243:

Thank you.