Ann: Application for quotation of securities - 5GN, page-58

Don't forget that yesterday they relaunched the WME brand. Which was doing about $20M in revenue when they acquired it, in FY22 did $1.7M and FY23 did $1.3M (~30% YoY contraction). Pretty representative of how they've destroyed value across every acquisition they've made.

The problem they have is no-one in the industry trusts them or treats them seriously. So convincing any potentially seller they are a good home for an acquisition is going to be impossible. Small sellers they promise bucketloads of shares and executive roles to get micro deals done.

My prediction they'll keep trying to muddy the waters with dodgy small deals and it'll be death by a thousand cuts for all involved.