Sports content has a very limited shelf life, so unlike the evergreen Disney flywheel content, ESPN cannot build durable long-term value from its original programming.

(03:34:07) to watch Manning cast at Monday Night Football. It is the thing I look forward to from uh I don't know, July 15th onward. >> They really are the best of the best at high quality content production around sports. However, this is not the same as Disney. Sports have a very limited shelf life. You are not going back and watching Manning cast episodes from last season. [laughter] >> The flywheel does not apply here. So,

(03:34:37) you can't build long-term value around that original content. You know, sure you can with like 30 for30 and stuff like that, but that's so small a niche at ESPN. The vast majority of the production that ESPN is making has very very limited shelf life. >> That's so interesting because the content has very limited shelf life, but they've locked up these incredibly predictable revenue streams. Yeah, there's ad sales. They have to figure

(03:35:03) out how they're going to do in the ad sales, but that's plus or minus a few percent. They know a few years from now how much free cash flow they're going to get from ESPN in a way that they have no idea from their movie slate. It has been this stabilizing force. >> Oh yeah. The beauty that we've talked about on this episode that Iger ended up

(03:35:22) realizing of of having these two businesses together was take that stable cash flow and use it to invest in the Disney flywheel. >> Right. >> I'm just making the point that it's not like as ESPN has come under this pressure that they could start building their own flywheel here. It's like no no this is a declining asset. >> Right. Right. Right. All right. So take us forward. How does Disney Plus go? How