Revenue Above Replacement

Ken Belson covers the business of professional sports, focusing on the teams, personalities, and complex issues that shape America’s most popular form of entertainment — from finances and stadium development to medical issues and major lawsuits. He rejoined The New York Times Business section in 2023 after 14 years in Sports, where he primarily covered the N.F.L. His earlier reporting at the Times included coverage of New York City transportation, economics, and energy for the Metro section, as well as media and telecommunications for Business. From 2001 to 2004, he was based in Tokyo covering the Japanese economy. In 2011, Belson was part of a Times team that was a finalist for the Pulitzer Prize in International Reporting for its coverage of the Japanese tsunami and Fukushima nuclear disaster. Before joining The Times, he reported for Bloomberg, Reuters, and Business Week in Tokyo. A graduate of Columbia University’s Graduate School of Journalism, Belson attended on a Japan-America Friendship Commission Fellowship and received the Pulitzer Traveling Scholarship, which he used to report from the Cook Islands on the economic aftermath of national bankruptcy.

In the fifth season premiere of Revenue Above Replacement, Adam and Brice reflect on five years of conversations at the intersection of sports, business, and innovation. From the early discussions on COVID-19’s impact to today’s debates around AI, real estate, and media disruption, the duo explores how the sports industry has transformed — and where it’s heading next. They kick off the episode with a look back at how the show has grown and evolved, highlighting the unique access it provides to experts shaping the sports landscape. The conversation then dives deep into several major themes that will define the season ahead.

In this season finale of the Revenue Above Replacement podcast, hosts Brice and Adam reflect on a dynamic year of conversations across the sports business landscape. From the rise of sports-anchored mixed-use developments and the evolving role of private capital to the explosive growth in women's sports and new monetization strategies for content creators, the episode dives into key themes that defined the season. Brice and Adam revisit highlights from interviews with top industry professionals, including insights into NIL, digital fan engagement, sports sponsorship amid economic shifts, and how content—like Benny the Bull’s TikTok dominance—is shaping brand and fan acquisition strategies. They also discuss the economic and cultural impact of rising stars like Caitlin Clark and the crossover appeal of women’s sports. As always, the conversation comes back to the importance of relationships in sports—whether it's building lasting industry connections or creating authentic bonds with fans. Join us as we wrap up a standout season and look ahead to what's next in sports business. As always, thank you to the listeners for the continued support.

CJ O’Brien is the co-owner of the Chicago Union, a professional ultimate frisbee team competing in the Ultimate Frisbee Association. A lifelong athlete with roots in football, CJ discovered ultimate frisbee while attending the University of Illinois, where he became a standout player and competed at the national level. After college, he entered the consulting world but remained closely tied to the sport, ultimately transitioning from player to part-owner of the Chicago franchise. Since 2016, CJ has been instrumental in transforming the Union from a niche club team into a growing professional sports organization. He has worn nearly every hat—player, marketer, operations manager, and community builder—investing both time and resources into the long-term vision of the sport. Under his leadership, the team has focused on grassroots fan engagement, youth programming, and creating a family-friendly, hyper-local game day experience. CJ also works full-time in consulting, leveraging his skills in project management and strategic communication to support the Union’s growth. A passionate advocate for emerging sports and community-based entertainment, CJ is committed to expanding the visibility of ultimate frisbee while building a sustainable and inclusive model for professional sports. He lives in the Chicago area with his family and continues to champion the values of accessibility, participation, and purpose-driven growth in sports.

Jason Hartlund is the Chief Commercial Officer for the Buffalo Bills, where he leads the team’s commercial strategy, including corporate partnerships, premium seating, media sales, and all revenue-generating initiatives tied to the new Highmark Stadium. With over two decades of experience in the sports and entertainment industry, Jason brings a deep understanding of how to drive fan engagement, build long-term brand value, and create innovative revenue solutions. Prior to joining the Bills, Jason spent more than a decade with the Milwaukee Brewers, ultimately serving as Executive Vice President and Chief Commercial Officer. During his tenure, he played a pivotal role in securing one of Major League Baseball’s most high-profile naming rights deals with American Family Insurance and oversaw the successful integration of major concerts and events into the ballpark experience. He also held leadership roles in digital strategy, marketing, and ballpark operations, helping to shape a more personalized and data-driven approach to fan engagement. Jason’s career in sports began with the Green Bay Packers, where he helped grow the team's corporate sponsorship portfolio. He currently serves on the Executive Committee of Visit Milwaukee’s Board, where he continues to advocate for the role of sports and entertainment in regional economic development. A graduate of the University of Wisconsin–Eau Claire, Jason now brings his Wisconsin-rooted experience to Western New York, helping shape the future of the Bills organization and the broader NFL fan experience.

Keith Friedenberg serves as Chief Analytics & Insights Officer of Endeavor Group Holdings, Inc. which owns and operates Ultimate Fighting Championship (UFC), World Wrestling Entertainment (WWE), William Morris Endeavor (WME), IMG, 160over90, On Location, and OpenBet/IMG Arena. Keith is founder of Endeavor Analytics, LLC, a global knowledge and insights company that provides strategic consulting, media intelligence, valuation services, and consumer insights. Endeavor Analytics boasts a global team of 80 who leverage AI & machine learning and third-party data providers to inform decision-making across media & sports properties, talent & athletes, and Fortune 500 brands. Prior to joining Endeavor in 2008, Friedenberg spent eleven years with Warner Bros. Media Research & Insights, where he supervised consumer, media and brand research operations for divisions including domestic television distribution, gaming, consumer products and emerging technology. Keith is an alumnus of the Marshall School of Business, University of Southern California.

On this episode of the Revenue Above Replacement Podcast, Adam and Brice take a break from the great guests and dive deep into Adam’s newest venture, ROAR (Revenue Over and Above Replacement). Built from insights gained through his past experiences at Block Six Analytics and Excel Sports Management, Adam shares his innovative approach to breaking down industry silos across technology, advisory services, and sales within sports business. The discussion explores the critical role of fan engagement, leveraging AI and data analytics to create meaningful connections and drive revenue, and reveals strategies to maximize partnership value. Brice and Adam also discuss the realities and challenges of entrepreneurship, sharing personal stories about the excitement and anxieties of building businesses from the ground up. The episode further touches on emerging industry trends, such as sports-anchored mixed-use developments, media rights monetization amidst fragmented viewership, and the impactful integration of artificial intelligence and agents in the fan experience. Listeners will gain actionable insights into the rapidly evolving landscape of sports business, partnership valuation, and innovative strategies to navigate technological disruption effectively.

Katie Morgan is the Vice President of Business Analytics and Ticket Strategy for the Texas Rangers. Katie has held various positions beginning as an Inside Sales Representative, transitioning in the CRM & Database Manager, and now as the Vice President of Business Analytics and Ticket Strategy. Prior to her time with the Rangers, she played college basketball and spent a year coaching. Katie loves working for a baseball team and enjoys using analytics to help bring the experience of a Rangers game to fans throughout the area.

Luka Dukich is the Vice President of Content for the Chicago Bulls, where he leads the teams responsible for content strategy, creation, and distribution - including video, design, social media, international content and digital partnerships. With more than 45 million fans across social platforms, the Bulls are one of the most followed sports teams in the U.S., and Luka’s team plays a central role in storytelling and building the team’s brand with this global audience. Recent wins include: Sports Business Journal’s “Best in Sports Social Media” Nominee (2025)- Hashtag Sports “Most Creative Partnership” Award Winner (2023)- Brand Innovators Midwest 40 under 40 (2018)- Sports Business Journal’s “Best in Sports Social Media” Award Winner (2017). During his tenure with the Bulls, Luka also spent two seasons (2021-22) in a consulting role with the Chicago White Sox, helping to build out their digital content team and overall content strategy. Prior to his time at the Bulls, Luka also spent five years working in public relations and sports marketing at United Entertainment Group, a DJE Company. Luka graduated from Valparaiso University, earning a bachelor’s degree in public relations & business administration. Born in Belgrade, Serbia, Luka now resides in the Chicago suburbs with his wife and son. He loves reading, movies, and sports, with a particular passion for basketball, boxing, and soccer.

Back for a second time, Katie Krall is an adjunct lecturer at Northwestern in the Master’s of Sports Administration Program teaching “Sports Business: Finance, Accounting, and Economics,” “Sports Organizations: Leadership Theory and Application,” and “Sports Performance and Front Office Operations” and at Medill where she teaches “Sports Marketing.” Katie was previously the Senior Product Manager of Global Baseball Strategy at Hawk-Eye Innovations, a division of Sony Sports Business where she spearheaded development of new products that leveraged biomechanics, player tracking, bat, and ball flight data. Krall spent 2022 as a Development Coach with the Boston Red Sox where she oversaw pitch design, advance scouting and integrating data into player plans. She also was part of the Global Strategy team at Google focusing on Google Workspace after two seasons with the Cincinnati Reds as a Baseball Operations Analyst, a position that combined the worlds of roster construction, analytics, and scouting. After receiving her undergraduate degree at Northwestern, Katie worked for a year and a half at Major League Baseball in the Commissioner’s Office in New York City as a League Economics & Operations Coordinator. At MLB, Krall advised Clubs on 40-man roster management, MLB rules and compliance, major league administration, and salary arbitration. In addition to her academic work at Northwestern Katie received her MBA from the University of Chicago’s Booth School of Business.

Kern Egan is the founder and CEO of Multiplier, an agency that shapes culture to build brands. Multiplier manages the cultural marketing initiatives for a roster of world-class brands, including Bridgestone, Caterpillar, Chase Sapphire, Invisalign, JP Morgan Payments, On Running, PitchBook, Winnebago, and Wyndham Hotels, among others. Multiplier Ventures is a limited partner in Sapphire Sport Ventures and Elysian Park Golf Ventures and has made direct investments in Leeds United, Overtime, and TMRW Sports, among others. Kern is an advisor for Cal-Berkeley's SkyDeck technology accelerator and is the founder and chairman of Dallas Influencers in Sports and Entertainment (DISE), the area's leading industry nonprofit, granting over $1,000,000 to 46 local youth charities. He is also the former Chairman of the Heart of Dallas Bowl at the historic Cotton Bowl Stadium and served on the North Texas Super Bowl XLV Host Committee. Kern, a graduate of Indiana University, was named a Forty Under 40 honoree by both the SportsBusiness Journal and Dallas Business Journal.

Nick Bernabe is the Assistant General Manager with the Gwinnett Stripers, the AAA affiliate of the Atlanta Braves. Nick’s path through baseball has been nothing short of fascinating—from his beginnings with the Arizona Fall League, described as one of baseball’s best-kept secrets, through impactful experiences internationally in the Dominican Republic, and roles with prestigious organizations including Major League Baseball, the Minnesota Twins’ AA affiliate in Wichita, and overseeing operations with both the St. Louis Cardinals and Miami Marlins organizations. Nick has a bachelor's degree in international business from Eckerd College and a master's of sports administration from Northwestern University.

Mark Cuban sold a 72.3% ownership stake of the Dallas Mavericks to the Adelson family in December of 2023. While a substantial amount of money, the $3.5 billion that Cuban reportedly secured from the Adelsons potentially undervalued the team. When asked why Cuban sold the team when he did and for a “discounted” price, Cuban stated, “And so you see other teams in all sports…talking about doing real estate development. That’s just not me. I wasn’t going to put up $2 billion to get an education on building. If we’re able to build a Venetian-type casino in Dallas with an American Airlines Center in the middle of it, the valuation is $20 billion. But I own 27% of that.” What Cuban is outlining is the growing importance of sports-anchored districts (SADs). Sports venues that “anchor” surrounding commercial, residential, retail, infrastructure, and community developments have the potential to fundamentally change the sports industry generally and sports teams specifically. In a special episode Brice interviews Adam about his contribution to a paper he authored in conjunction with Klutch Sports Group and Royal Bank of Canada (RBC) about The Rise of Sports Venue Builds and Sports-Anchored Districts.

Mike Walsh is the Senior Director of NIL Partnerships and Strategy at ONIT Athlete, a leading company reshaping the NIL landscape through innovative partnerships and collectible trading cards. Mike brings a wealth of experience, having spent over a decade in collegiate athletics, notably at Boise State, where he was instrumental in building one of the nation's most successful NIL programs. Mike's journey into sports began with a passion for journalism, evolving into leadership roles across sports information, media relations, and strategic communications at institutions like Washington State, University of Idaho, and Boise State. Mike has a bachelor’s degree in communication and journalism from Washington State University and a master’s degree in education, curriculum, and instruction from Boise State University.

Lindsay Barnett founded Playground Productions after she spent close to a decade teaching second grade in a Chicago Public School in addition to manufacturing educational products. She gained national attention, as a semi-finalist on Live with Kelly and Ryan’s Top Teacher Search. Now, she has curated a slate of IP in the children's space and collaborates directly with authors and writers to ensure that Playground’s content will make families proud and kids love learning. Lindsay received her Bachelor of Science in Communications: Radio, Television, and Film as well as an Interactive Arts and Entertainment Module from Northwestern University. She then earned her Master of Science in Education in Elementary Teaching at Northwestern.

Jenny Haskel is a former Division One soccer player at Northwestern University whose lifelong commitment to athletics informs her professional approach and growth mindset. Currently Jenny is the Knowledge and Insights Lead at Deloitte Sports Business group. In her role she works with investors, governing bodies, national associations, clubs and other sports organizations around the globe driving valuable and actionable insights. Prior to her role at Deloitte Jenny was at Morgan Stanley where she led marketing and communication for a Wealth Management team leading their financial planning efforts. She also drove marketing for Morgan Stanley's Global Sports and Entertainment division, leveraging her deep industry relationships. Previously, Jenny gained valuable experience at the Chicago Bulls (NBA) and Chicago Fire (MLS), managing comprehensive marketing strategies, digital content, and fan engagement initiatives. Jenny did her undergraduate work at Northwestern where she has degrees in Economics and Journalism.

John Brody is a Board Member, Consultant, and Advisor to various Private Equity firms, brands, agencies, and start-ups. Prior to his current role John was the Chief Revenue Officer for Learfield who is a leading media, data, and technology services company with an unparalleled footprint in college sports and live events. In his illustrious career John has held roles with the WWE, The National Football League, Wassermann Media Group, Major League Baseball, and the Boston Celtics. In this conversation Adam and John discuss his career journey, hit on the key lessons learned at each stop, and John gives his insight on what it takes to grow a career in sports. Adam and John also hit on sales and marketing strategies in sports and delve into how technology, data, and analytics are shaping sports today.

Jordan Pink is the Strategic Development Manager at Tradable Bits - a role he recently evolved into. Tradable Bits is a fan data company that provides partners with tools to acquire, analyze and activate data. Prior to his time at Tradable Bits Jordan was an account executive at Canuck Sports and Entertainment. Jordan did his undergraduate work at Simon Fraser University in British Columbia, Canada, has a certificate from the University of Houston in the math behind moneyball, and earned a masters of sports administration from Northwestern.

Jeff McDaniel is responsible for Basketball Operations at Superior Sports and also a member of the board of directors. Superior Sports is a boutique athlete representation agency. Superior provides a holistic approach to building athletes brands while supporting on-court development. They focus on college athletes and provide NIL Marketing & Collective Negotiation, Professional Contract Negotiation, Endorsement & Sponsorship Marketing, Post-Career Management, Pre-Draft Training, and On-Court Performance Development. Jeff did his undergraduate work at Chapman University in Southern California and has a masters of sports administration from Northwestern.

Mike Morris is a seasoned technology leader whose impressive career has taken him from rigorous software engineering at EDS to consulting at PwC and transformative roles in sports technology. Mike notably served as the Chief Technology Officer at Major League Baseball, where he played a critical role in driving the analytics revolution, centralizing MLB systems, and launching MLB Advanced Media and MLB Network—two game-changing initiatives that revolutionized how sports content is consumed today. He also served as CIO at Legends Hospitality, navigating rapid growth and innovation in a fast-paced environment.