With dual strikes reverberating through the entertainment ecosystem — and actor and writer deals off-limits for much of 2023 — Hollywood dealmaking has been more challenging than ever. Still, there were multiple billion-dollar mergers, a flurry of acquisitions by representation and content companies, and opportunities for talent in podcasting and endorsements. Meet the lawyers, bankers, reps and execs who negotiated some of the year’s most interesting and multi-figured pacts.
Profiles by Winston Cho, Erik Hayden, Caitlin Huston, Georg Szalai, Etan Vlessing and Alex Weprin.
Sky-high interest rates, geopolitical instability, recession anxiety and heightened scrutiny from federal antitrust enforcers have made this a choppy year for corporate dealmaking. Against this backdrop, the first half of 2023 saw a notable drop-off in premerger filings compared to 2021 and 2022, when M&A activity reached record levels.
The year was anchored by a few megadeals, including Microsoft’s $75 billion purchase of Activision Blizzard to become a gaming monolith, and Endeavor’s $21 billion merger of UFC and WWE in a bid to create TKO. Add in Lionsgate’s $500 million purchase of Hasbro’s Entertainment One film and TV business, and KKR’s $1.62 billion acquisition of Simon & Schuster, and Hollywood’s top wheelers and dealers were kept pretty busy.
There’s optimism in the M&A headwinds. Kirkland’s Jonathan Davis says, “There has been a noticeable uptick in activity over the last few months … across a wide range of industries and coming from both financial sponsors and strategics.” Simpson Thatcher’s Marni Lerner agrees. “As market volatility continues to decline, concerns about a possible recession have weakened and there is less valuation disconnect between potential buyers and sellers, I think it is likely that dealmaking will pick up in the new year,” she notes. “In particular, there remains a significant amount of dry powder that private equity has accumulated and will continue to look to deploy.” — W.C.
Jonathan Davis & Ed Lee
Partners, Kirkland & Ellis
Amid a sluggish year for dealmaking, Davis and Lee guided the merger of Endeavor Group Holdings’ UFC and WWE for Vince McMahon. The megadeal presented complex legal issues that involved renegotiating media rights agreements and installing McMahon as executive chairman of the newly created firm. “It was at once fascinating and challenging to guide industry legends like Mr. McMahon and Ari Emanuel through a massive $20+ billion deal,” says Lee, who called it a “once-in-a-lifetime merger” that “reshape[d] an entire industry.”
The key to success in Hollywood in 2024 will be … Lee: “[Being] nimble and open to change (potentially significant and strategic). The industry is going to continue to innovate and change rapidly.”
Linda Giunta Michaelson
Partner, Sheppard Mullin
Giunta Michaelson played a pivotal role in Lionsgate’s purchase of Hasbro’s Entertainment One film and TV business for $500 million, as well as Sony Pictures’ joint venture with Great American Media. While some are optimistic about 2024, she’s wary of “multiple wars, high interest rates, capital constraints and other challenges to dealmaking that will carry over from 2023.”
One trend in 2024 will be … “Continuing consolidation and activity in both the talent management and talent agency businesses and, as we’ve seen, continuing interest from private equity investors. I think we will continue to see increased activity in live events, including sports and music, and we will of course see increased prominence of AI.”
Justin Hamill & Rick Offsay
Partners, Latham & Watkins
Eyeing the intersection of sports and media this year, Hamill and Offsay were in Endeavor’s corner of the UFC-WWE merger. They also tag-teamed in repping Skydance in its joint venture with the NFL to create a sports arm and Mediawan in its acquisition of Brad Pitt’s Plan B Entertainment. Separately, Hamill advised Endeavor in its sale IMG Academy for $1.25 billion, while Offsay guided the Houston Rockets in their partnership with the Houston Astros to buy AT&T SportsNet Southwest.
One trend in 2024 will be … Hamill: “Deleveraging and selling non-core assets.”
A key lesson from the strikes was … Offsay: “Seeing the significant benefits of having a diversified production slate – non-scripted and scripted, international and US productions.”
Alan Klein & Marni Lerner
Partners, Simpson Thacher
No deal this year made a bigger splash than client Microsoft’s $75 billion acquisition of Activision Blizzard — a record-setter in the games industry that was shepherded by Klein, who also advised computer networking giant Cisco in its largest-ever acquisition (of cybersecurity software company Splunk). Despite tough regulatory headwinds that have had a particularly forceful impact on private equity, Lerner advised KKR in its $1.62 billion purchase of Simon & Schuster from Paramount Global. She notes, “Having the opportunity to partner with a longstanding client on such a marquee deal was deeply gratifying.”
The key to success in Hollywood in 2024 will be … Klein: “There has been a re-setting of corporate valuations due to a reduction in the appetite of investors to absorb losses arising from investment in growing new lines of business. We are also in a world where debt is no longer free. Companies need to manage these challenges in order to be successful.”
Lerner: “Like artists that create classic movies that stand the test of time and are still a part of culture decades later, the goal is to always think creatively, help our clients see around corners and provide them with commercially-minded advice that positions them for long-term success. This approach never goes out of style.”
Sonia Nijjar
Partner, Skadden
Nijjar navigated intense regulatory scrutiny to close the largest-ever all-cash public company merger with Microsoft on behalf of Activision Blizzard. Nijjar says, “We had to apply novel legal concepts and continuously analyze the deal through an antitrust lens,” which included committing to keeping Call of Duty on a competing platform for 10 years and reaching a labor neutrality agreement with the Communications Workers of America. She also advised Visa in its $1 billion acquisition of cloud-based processing platform Pismo and Intel Corporation in a massive $30 billion co-investment with Brookfield Infrastructure Partners in the semiconductor industry.
One trend in 2024 will be … “We may see more bundled offerings from streaming providers, partnerships between platforms, or even aggregator services that bring together content from different sources. This trend reflects the ongoing evolution of the entertainment industry as it adapts to changing viewer preferences and competition in the market.”
The CAA building in Century City.
Courtesy of CAA
With dealmaking for actors and writers halted during the 148-day WGA strike and 118-day SAG-AFTRA strike, major agencies took a hit as a chunk of their representation revenue dried up and layoffs and belt-tightening ensued. With talent deals on hold during the labor standoff, firms looked to diversify revenue streams.
After a nearly 10-year run under private equity firm TPG, a majority stake in the Bryan Lourd, Kevin Huvane and Richard Lovett-led CAA was sold to Artémis, the investment firm controlled by François-Henri Pinault. Rival Ari Emanuel may steer Endeavor (and WME) in a new direction as its major shareholder, Silver Lake, explores a proposal to take the company private again. WME itself snapped up two music-focused boutiques as touring revenue soared, as well as literary boutique Ross Yoon Agency. Meanwhile, the Jeremy Zimmer-led UTA which opened London and Atlanta offices this year and launched a fashion division, also added executive search firm James & Co. and literary agency Fletcher & Company, after securing private equity investment in 2022.
Outside of the Big 3, there were notable moves too: Gersh, run by co-presidents David and Bob Gersh and Leslie Siebert, landed major private equity backing from Crestview Partners, giving the agency more ammo to make acquisitions and compete. APA merged with touring firm Artist Group International to form Independent Artist Group, led by Jim Osborne. And mogul Casey Wasserman took a big leap into Hollywood with the acquisition of Brillstein Entertainment Partners, led by co-CEOs Cynthia Pett and Jon Liebman, bringing Wasserman deeper into film and TV production and into greater competition with other relatively new entrants in the sector, like Range Media Partners (est. 2020), that have aggressively grown their business through hires and acquisitions. — E.H.
Jim Burtson
President, CAA
Just a year after CAA reshaped Hollywood’s agency landscape and closed a deal that valued ICM at $750 million, it sold a majority stake to Artémis, the investment firm controlled by Pinault. That deal, which Burtson spearheaded, values the agency at $7 billion and marks a new chapter for the Century City-based giant. The exec says “there were fewer deals” in general made in 2023, citing higher interest rates, but the “deals that did happen were much more based on fundamentals and asset quality.”
One trend in 2024 will be … “More consolidation across traditional media.”
Alan Epstein
Partner, Willkie Farr & Gallagher
Epstein repped Brillstein in its sale to mogul Casey Wasserman, and also worked with Ryan Reynolds as the star’s minority stake in Mint Mobile was sold to T-Mobile as part of a deal that could value Mint north of $1 billion. He expects continued consolidation and says that private equity-backed firms “will look for selective roll-up and acquisition opportunities so as to leverage their sizable investment.”
The key to success in Hollywood in 2024 will be … “Patience and creativity. The playing field keeps changing — those who can adapt will be in the best position for success.”
Peter Micelli, CEO
Jack Whigham, President
Range Media Partners
The duo, who left CAA and launched Range in 2020 during the pandemic, are quickly establishing a foothold in Hollywood. They’ve done so through hires of veteran agents from major firms and acquisitions, including production shingle Automatik (to build its film and production division), media rights firm Claygate Advisors, athlete marketing firm Stoked Management and golf-focused Makers Sports Management. In expanding its offerings, Range also opened a Nashville office and launched a music publishing division. “I spent a lot of time this year working with our teams to unearth new opportunities while they felt stagnant and stifled by the shutdowns,” amid Hollywood’s dual strikes, Micelli says. “My core message to them was about finding growth in the chaos.”
A key lesson from the strikes was … Whigham: “The importance of variety — in every sense of the word as it relates to business. As a representative, create variety in your client list; as an artist, create variety in your skill sets and ways one pursues their creativity; as a company, create variety in revenue streams; and, as an advocate, create variety in how you think of your individual clients.”
Matthew Thompson
Partner, Sidley Austin
The veteran dealmaker worked with Gersh to sell a 45 percent stake in the agency to investor Crestview Partners as the Beverly Hills-based talent firm eyes acquisitions. Thompson’s busy year also included the launch of Call Her Daddy host Alex Cooper’s media company Trending. And he was involved in the bidding process for two assets as HarbourView Equity Partners chased an acquisition of BET from Paramount and exec Darren Throop bid for production house eOne. (In those cases Paramount took down the “for sale” sign for BET and eOne was sold to Lionsgate.) He notes this year’s deal landscape was “tough, but with plenty of opportunity.”
The key to success in Hollywood in 2024 will be … “Resilience and the willingness to take calculated risk.”
Casey Wasserman
Chairman and CEO, Wasserman
Amid a flurry of six acquisitions this year to snap up boutique agencies (including U.K.-firm CSM Sport & Entertainment Agency and NFL agency Caric Sports Management), the mogul’s namesake company took a big step to expand beyond sports talent representation, lifestyle marketing and music booking with a major deal for pioneering firm Brillstein Entertainment. The move, which gives Wasserman a foothold in the film and television production space, and brings over clients like Brad Pitt, Florence Pugh and Tiffany Haddish, “significantly puts us at the center of the entertainment management and content business,” he says.
A key lesson from the strikes was … “Solving for the unknown is complicated.”
With acting deals off the table for much of the year, stars like Matthew McConaughey (pictured with wife and partner Camila Alves) turned to ventures like Pantalones Organic Tequila.
Gary Miller/Getty Images
Brand partnerships represent a huge growth engine in entertainment and sports — especially with actors out of work for months — but trading cash for endorsements is so pre-pandemic. As stars look to follow billion-dollar brand builders like Rihanna with her Fenty cosmetics line, equity for endorsements is the flavor of the month for Hollywood’s would-be business moguls. That has talent agencies and other Hollywood firms steering A-listers and top pro athletes with name recognition to money-making brands across the beauty, food, clothing and spirits sectors especially. “With the ever-evolving and crowded marketing landscape, it’s critical to think outside of the box both in terms of deal structure and creative concept,” notes agent Todd Shemarya. And industry shutdowns, first with the pandemic and then the dual Hollywood writers and actors strikes, have highlighted the importance of being diligent and realistic about business opportunities out there. “Get diversified. Be involved in international markets,” says talent lawyer Kevin Yorn of how to succeed in the year ahead. “Appreciate each day that the business is moving and not at a standstill.” — E.V.
Michelle Dawson, Head of Business and Legal Affairs
Adam Lilling, Founder and Managing Partner
PLUS Capital
This private equity fund and advisory firm helps Hollywood clients like Nicole Kidman and Lily Collins invest in startups via cash and equity deals. The duo structure investments around a client’s social media, original IP and other assets to boost upside gain and reduce downside risk for talent including Henry Golding, Laura Dern, Matthew McConaughey, Ellen Pompeo and Taika Waititi.
The deal (I wasn’t involved in) that I find most interesting this year is … Lilling: “Kim Kardashian’s new private equity firm, SKKY Partners. We’re big believers in artists and athletes being the tip of an ownership group.”
A key lesson from the strikes was … Dawson: “The conversation around AI is far from over. Across their entertainment and business ventures, we see how fundamental it is to our clients to have control over the use of their name, image and likeness. But they also see the opportunity of AI and want to be a part of the new frontier in a smart, equitable and innovative way.”
Todd Shemarya
CEO, Shemarya Artists
Shemarya’s boutique agency matches A-listers and brands for endorsements and ownership stakes in startups. Matthew McConaughey and Camila Alves launched Pantalones Organic Tequila with Davos Brands, while Jennifer Aniston partnered with Pvolve fitness for its global ad campaign and her LolaVie hair-care line hit Ulta stores, after previously being direct to consumer.
A key lesson from the strikes was … “No matter how much you plan ahead, you still have to be nimble and be ready to pivot.”
Kevin Yorn
Founder and Managing Partner, Yorn Levine Barnes Krintzman Rubenstein Kohner Endlich & Gellman
Entertainment attorney Yorn has been busy enabling stars to grow their personal brands and reach a wider consumer market. In the past year, his firm did deals for Alix Earle, Hailey Bieber, Matthew McConaughey, Jonah Hill and the D’Amelio family — “all with big brands for cash and equity,” Yorn adds. A highlight of his year was “observing faith in the human spirit” through clients, friends and family who responded to tough times “with grit and grace.”
One trend in 2024 will be … “Sports-related, live action, unscripted deals as the profit margins will be more attractive to the public markets.”
Alex Cooper and Jay Shetty
Todd Owyoung/NBC/Getty Images; Araya Doheny/Getty Images
Fears of a recession impacted the advertising market, which, in turn, hit the podcasting sector hard in late 2022 into 2023. That downturn saw major companies shifting away from a spending push, cutting staff and ending major exclusive deals with talent. The focus then became on efficiency and continuing to improve podcasting margins, while still making deals with top names, but at a slower pace than before and not always exclusively. Among the key deals in the new landscape: What Now? With Trevor Noah debuted Nov. 9 on all platforms; Stephen Colbert, Jimmy Fallon, Jimmy Kimmel, Seth Meyers and John Oliver launched Strike Force Five on Spotify to raise money during the writers strike; and iHeartMedia brought Jay Shetty’s top-charting On Purpose With Jay Shetty under its banner. — C.H.
Brandon Bauman, Global Head of Original Content, Legal
Jean Chi, Global Head of Business Affairs, Content
Spotify
The two Spotify execs navigated a tough landscape with deals including Trevor Noah’s new podcast and Strike Force Five, while launching the second season of Case 63, starring Oscar Isaac and Julianne Moore, and partnering with Dax Shepard on his Formula 1 podcast series eff won with DRS, and with Alex Cooper and her company The Unwell Network.
The key to success in Hollywood in 2024 will be … Bauman: “Strategic agility. For creative and forward-looking dealmakers, there’s great opportunity in a few key areas — post-strike motivation from talent and studios, leaning into the modern audience’s cross-platform consumption habits; and leveraging untapped revenue sources for creators and platforms derived from significant advertising and e-commerce tech innovations.”
Danny Passman
Partner, Gang Tyre Ramer Brown & Passman
Passman negotiated Jay Shetty’s “substantial” deal, which sees iHeartMedia handle the ad sales for the popular advice podcast and creates a path for more collaboration down the line. The deal was significant not only because of the popularity of Shetty’s podcast, but also because it came at an “otherwise fallow time” for the industry, Passman notes.
The key to success in Hollywood in 2024 will be … “Flexibility. We need to be the reed that bends. I think we’ll see pressures from many directions and, with that, lots of opportunity for talent and the businesses around talent.”
Oren Rosenbaum
Partner & Head of UTA Audio, UTA
Rosenbaum and the UTA audio team were on Alex Cooper’s side of her deal with Spotify, as well as YouTube star Emma Chamberlin’s. They also brokered a new pact between SiriusXM and podcast company audiochuck, and its founder Ashley Flowers, for an exclusive channel featuring flagship show Crime Junkie and other related content. The team also helped MrBallen launch a management company for YouTube creators looking to looking to expand into TV, film, audio and more.
One trend in 2024 will be … “Companies will double down on talent and there will be a stronger push for clients to build into new areas of the business, whether it’s launching a media company with a specific POV or taking their audience to new heights with live, publishing, video, traditional film and TV, or other business ventures outside of entertainment.”
RedBird Capital backed Ben Affleck and Matt Damon’s Artists Equity and its first film, Air.
ANA CARBALLOSA/AMAZON
In a year marked by strikes and shutdowns, the market for premium content was still strong. With most film and TV productions impacted by the WGA and SAG-AFTRA strikes, companies with expertise in the unscripted space were as busy as ever, and those that could secure interim agreements with the actors union took full advantage. And, of course, companies that were struck worked to figure out a deal with the guilds to get all of Hollywood working again.
Companies that rolled up content studios and started new ventures were all the rage, with The North Road Company acquiring stakes in Peyton Manning’s Omaha Productions, and Questlove and Black Thought’s Two One Five Entertainment. RedBird Capital launched Artists Equity’s first film Air, in conjunction with Ben Affleck and Matt Damon, as well as RedBird IMI led by Jeff Zucker, and cut a deal to merge the XFL and USFL.
But there was also a robust market for new ventures with household names at the center of them. SpringHill (founded by LeBron James) cut deals for its own content, but also incubated and spun out a content studio from tennis star Noami Osaka.
And in the scripted space, studio executives worked to come to deal terms with the unions, and some indie studios struck out on their own, securing permission to keep their productions going. Agencies, of course, kept busy (both before and after the strikes), cutting deals for their clients. — A.W.
Dan Aloni
Partner, WME
Oppenheimer has been a bright spot in 2023 — grossing $900 million-plus at the box office — and Aloni repped not only Christopher Nolan but also producers Emma Thomas (Nolan’s wife) and Chuck Roven on their deals for the film. Other high-profile pacts include new films in popular franchises: Shrek 5 and 6 for Mike Myers and Sonic the Hedgehog 3 for Jim Carrey. He also advises companies like Picturestart, Makeready, Ubisoft and Atlas Pictures. He predicts “more collaborative ventures between studios and streamers, including growing the theatrical window, when appropriate, to maximize box office potential and profit for studios and adaptive streamers.”
The key to success in Hollywood in 2024 will be … “To leverage packaged original IP controlled by creators. It will continue to be increasingly tough to make fair deals for artists on studio and streamer controlled IP, but by creating a market for original ideas, we can transfer the ownership and leverage position — both financially and creatively — to the artists, while simultaneously birthing a new generation of film for audiences to fall in love with.”
Gerry Cardinale
Founder & Managing Partner, RedBird Capital Partners
RedBird Capital, led by Cardinale, established a content roll-up venture with RedBird IMI (headed by former CNN and NBCU chief Jeff Zucker). It also forged the merger between the XFL and USFL — a deal that “will anchor the future of spring football,” Cardinale says — and launched Ben Affleck and Matt Damon’s Artists Equity and its first film Air as well as EverPass Media, which will sell live sports broadcasts to commercial venues.
The deal (I wasn’t involved in) that I found most interesting this year is … “The creation and listing of the TKO Group, which highlights a new form of sports leagues built around live event entertainment and vertically integrated ownership of franchises.”
Lauren Goldberg, Partner & General Counsel
Darian Singer, CFO
The North Road Company
Peter Chernin’s content roll-up, led by David Nevins, had a blockbuster year, acquiring stakes in Peyton Manning’s Omaha Productions, and Questlove and Black Thought’s Two One Five, as well as entire companies like Turkey’s Karga Seven Pictures and Jason Hehir’s Little Room Films. Goldberg and Singer note, “As platform budgets are rationalized, there will be a natural sorting of businesses in the industry that could result in increased opportunities for partnerships between content producers.”
One trend in 2024 will be … Both: “It feels like ongoing consolidation in the industry is likely. As platform budgets are rationalized, there will be a natural sorting of businesses in the industry that could result in increased opportunities for partnerships between content producers.”
Devin Johnson
President, The SpringHill Company
SpringHill, founded by LeBron James and Maverick Carter, has become a sports and culture powerhouse. The company, led by Johnson, has launched programming, like “The Shop” alternate broadcast for Amazon Thursday Night Football, and has also served as an incubator for new media companies, beginning with Naomi Osaka’s Hana Kuma, which spun out of SpringHill this year.
Noah Sacco
Head of Film, A24
After the runaway success of Everything Everywhere All at Once, Sacco led the team behind the Sundance pickup of Talk to Me — now A24’s highest-grossing horror film and a budding franchise. The indie also stayed at the forefront with a flurry of SAG-AFTRA interim agreements, including one for Celine Song’s buzzy Past Lives, allowing actors to promote their work during the early weeks of awards season.
Savalle Sims
Executive VP and General Counsel, Warner Bros. Discovery
At Warner Bros. Discovery, navigating the complicated year in labor was the top priority — but 2023 was also big for its sports and news properties; each made the jump to the Max streaming platform, setting up transformational changes in distribution deals. Notes Sims, “[We] look forward to getting back to creating the diverse and compelling content our audiences crave.”
The deal (I wasn’t involved in) that I find most interesting this year is … “The Disney/Charter deal because it reinforces that there are still creative, mutually beneficial distribution arrangements that can be reached.”
At the center of just about any Hollywood deal is an investment bank guarding the bottom line.
Carlos Jimenez, Managing Director & Head of Entertainment
Navid Mahmoodzadegan, Co-Founder & Co-President
Moelis
Quiet deal year? Not for Moelis. Mahmoodzadegan and Jimenez early in the year helped Brad Pitt’s Plan B Entertainment close its sale of a majority stake to France’s Mediawan. Then they landed a knockout with one of the largest media deals of the year: advising World Wrestling Entertainment on its merger with Endeavor’s UFC to form a global live sports and entertainment powerhouse. And they advised Brillstein Entertainment Partners on its September takeover by Wasserman Media Group.
Also advises UTA, 3Arts, Oprah Winfrey, Dr. Dre, Macro
One trend in 2024 will be … Jimenez: “Streamer consolidation. Too many players losing too much money. Something has to give.”
Mahmoodzadegan: “2024 will be extremely active across all sports, media and entertainment verticals. I suspect much activity both across large and small companies.”
Erik Hodge, Partner & Head of Entertainment
Joe Ravitch, Partner & Co-Founder
Raine
Raine has been on a hot streak in sports over the past couple of years, helping explore deals involving such European soccer clubs as England’s Chelsea FC and Manchester United, Italy’s Inter Milan and France’s Olympic Lyonnais. The firm also worked with sports entertainment titan World Wrestling Entertainment on its merger with Endeavor’s UFC. And, in April, it also expanded its Silicon Valley expertise, acquiring Code Advisors, which specializes in M&A and capital-raising for tech firms.
Also advises Endeavor, Quality Control, DraftKings, Fifth Season
The key to success in Hollywood in 2024 will be … Hodge: “Recognizing that the environment we’re working in still has challenges and adapting to get things done.”
Ravitch: “Media rights for streamers. I believe that streaming will take over broadcast numbers and media rights. Sports teams will start selling a third media rights package to streamers, and streamers will pay significantly more for rights than the existing linear carriers. Sports are the only kind of content that people want to see live, they have a global audience and are highly sticky.”
Jake Donavan, President EMEA
Ehren Stenzler, Co-Founder & Managing Partner
LionTree
LionTree, founded in 2012 by analyst-turned-banker Aryeh Bourkoff and fellow UBS alum Stenzler, is a key player on the media, sports tech and telecom deal scenes. On the international side, Donavan made a big splash in early November, leading a 22 billion euro deal by private equity giant KKR to buy Telecom Italia’s grid. And adding to its work with Hollywood giants, such as advising AT&T on the deal that created Warner Bros. Discovery and MGM on its sale to Amazon, the bank served as exclusive financial adviser to Paramount Global on its $1.62 billion Simon & Schuster sale to KKR this summer.
Also advises Professional Fighters League, Vox Media, Liberty Global
One trend in 2024 will be … Donavan: “I expect larger media groups will continue to seek opportunities to de-leverage their balance sheets through strategic asset sales. This should create opportunities for creative combinations and investments in new standalone businesses.”
Stenzler: “I expect 2024 to be a year of assets finding their rightful homes, in some cases with businesses coming together and in other cases broken apart. I also expect private equity to be a key participant in the asset clean-up process.”
A version of this story first appeared in the Nov. 29 issue of The Hollywood Reporter magazine. Click here to subscribe.
