>> live from pier 3 from san francisco, welcome to late edition of "bloomberg west." we cover the global media and technology companies that are reshaping our world. i'm emily chang. our focus is on innovation, technology, and the future of business. let's get straight to the rundown. the value of the bitcoin is falling fast, now cut nearly in half from its recent $1200 high. we look at why, and where you can even use it.

mark zuckerberg and andreessen are cashing out millions of their facebook shares. selling the stock as part of a secondary offering. is it time to end the blackout world that keeps sports games off tv? the nfl says no. former oakland raiders ceo amy trask is here to explain why. first, to the lead. the spread of the digital currency bitcoin is causing governments around the world to pay attention. that has set the value of bitcoins tumbling. the currency is hovering around $700 from a high of $1200 in recent weeks. the latest plunge coming after china's biggest bitcoin exchange was forced to stop deposits. in europe denmark has become the , latest nation to propose standards to protect consumers from what it calls the risks of bitcoin. joining us from new york is matt miller, who is conducting a series, the 12 days of bitcoin.

matt, you are on day number nine. let's talk about what countries around the world are excepting -- accepting bitcoin these days. >> if you want to talk about who is accepting bitcoin, i want to go to the coinmap.org chart. it is a different map. it has a bunch of little dots over it. this is where you can take your bitcoin and pay. these are brick and mortar stores. the internet obviously takes it .oin all over the place 99 in new york, 78 in san francisco, 75 in san diego. in europe, you can see the map is covered. you can even pay for things in bitcoin in china, south korea, and thailand. it is not about paying for things that is a problem it is about conducting business. take us back to the other map, and i will show you where the regulations have really crushed the value of bitcoin. china has had two weeks of

basically slaughtering the currency. the first thing, the banks can't use it, then saying third-party software providers cannot help merchants take bitcoin, then shutting down btc china, which had quickly become the biggest bitcoin exchange in the world. you can still pay some individual people -- if i wanted to send somebody in china a million dollars in a bitcoin, i could do it and it would happen almost instantly and for free, but what would you do with it when you are in china, that is the problem. around the globe regulators have , been coming down with different verdicts. i have marked in green countries that are particularly accepting of bitcoin, france loves bitcoin. canada. there is even an atm in vancouver. certain countries have struggled with how to classify it. is it a commodity, is it an asset, a currency? they want to tax it in germany, like they want to tax everything they can in germany. the question is, will denmark

and germany follow norway and -- in taxing actual purchases of bitcoin? if you pay with your fiat currency, do you have to pay a vat tax for buying that bitcoin just like you are buying software or anything else? in the u.s., regulators have come down hard on people who want to be exchanges. operating a bitcoin exchange means you have to register in each different state as a money transaction company. 47 states, so it will cost you millions of dollars around the world. i found over the last nine days you can pay for virtually anything with bitcoin. i have lived on it for the last two weeks, only using dollar bills for tips. >> it is crazy to think how much the value of this has fluctuated in the nine days you have been covering it. we will be closely watching the next few days as well. >> i do want to point out that we join together with network media all the way down to npr in sensationalizing this $1200 price.

yes it went to $1200 because one or two people bought it for $1200 in a 10-minute period. it has been hovering around the $1000 mark and down to the $700 mark. with the exception of the big speights we have seen -- big spikes we have seen. two months ago, this was trading for less than $200. it has really come up in value. >> we will be watching. thank you. federal prosecutors are accusing a senior microsoft manager and his friends of insider trading. that brought the pair more than $393,000 in profit. the sec and government attorneys based in seattle are pointing to brian jorgensen, a member of microsoft's corporate finance and investment division. they allege that he tipped off a friend ahead of company announcements. our editor-at-large, cory johnson, is in new york. what do you make of this, cory, someone inside microsoft

participating in insider trading? >> this guy jorgensen was a certified financial analyst, and his job was to analyze likely market impact of coming microsoft announcements. his job was to do sensitivity analysis to figure out what would happen with microsoft stock price. he wasn't supposed to tell anybody about it and make illegal trades. the sec alleges he had a joint brokerage account with somebody else, and that i would make -- and that guy would make these trades, and their goal was to open their own hedge fund with these games. they get caught in the process. >> we talk about insider trading a lot. how common is something like this, really? >> insider trading may be very common. what we know in terms of statistics is that when the sec goes after these things -- when i was a money manager, you would see some things that were egregious. the number of sec prosecutions of insider trading have fallen quite a bit trip they only

prosecuted 44 cases in the last fiscal year. the prosecutions of insider trading have really fallen off quite a bit. when they look for them they find them. we can look at those numbers from the sec and it suggests they are not looking for them like they used to. >> we will continue to follow the story. the secret service says it's investigating a major credit card breach at target or if the retail chain warns hackers gained unauthorized access to about 48 million credit and debit cards between november 27 and december 15. in a statement to bloomberg news, the ceo of target said that target's first priority is preserving the trust of our guests, and we have moved swiftly to address these issues so guests can shop with confidence. we take this matter seriously responsible to justice. and are working with law enforcement to bring those customer names, credit and debit card numbers and security codes

are at risk, stolen from point- of-sale credit card swipe machines at target stores across the country. jason glassberg joins us via skype from seattle. jason, first of all it is unusual the way this happened. it wasn't online it happened at it happened at the pos , terminals. explain how you think this happened. >> that is what makes this attack unique. we expect these kinds of things to happen through web vulnerability, and it appears that the point-of-sale terminals, the machines we swipe the cards, were the ones that suffered the vulnerability. >> how can a company protect against something like that? how is it different from protecting against online breaches, for example? >> you would think the company would have more control over the access to these point-of-sale devices.

they should not be available on the web, they should not be accessible from the web. it points to some inside phone vulnerability or exploitation whether it was an inside job or , someone had inadvertently allowed some religious software to run and gain access into the company. >> why would the secret service be investigating this? >> it certainly is alarming. this is not the kind of attack one normally expects, especially of this scale. what makes this so interesting is the fact that it appears to have attacked all of the target stores at one time. you can see where someone can go into an individual store, replace the card reader, and be able to get credit cards off that one store. it appears that the entire target point-of-sale infrastructure was exploited. >> in that case, what do you think happened?

>> it would appear that somehow, someone was able to get control of some centralizing updating facility, where he was sending down code or programs or some kind of updates to these point- of-sale boxes, and in that update was the malicious code. from one central location it was able to spread out to all of target's mortar and brick stores. >> what can consumers do, what should consumers do now if they shop at target? i was one of them. >> as were we all. there's not a lot you can do as a consumer. this is something that needs to be handled at the corporate level. you can talk about patching computers and running the latest versions of operating systems and browsers, but this is something generally outside of the consumers control. at this point, you have to take a more reactive step, monitoring your credit card balances and statements to make sure there is no illicit activity. there is nothing proactive you

can do. you go up to a machine and you expect to swipe your card. there is not a lot of protection you can put in place. >> what is the likelihood that you think this was an inside job? >> it's hard to say. we do a lot of work with security companies in the security field, do a lot of work with companies -- in the scheme of security, the human user is always the weakest link. whether he was someone who did it intentionally, maliciously, or whether it was someone who might've gotten some e-mails that contain malicious code they clicked on -- it is hard to say. one way or the other, there is obviously going to have to be some kind of human element involved in this. >> jason glassberg, thanks so much for weighing in. we will continue to follow this story as it progresses. 18 months after he went public, facebook is planning its secondary offering. worth nearly mark zuckerberg and

$4 billion. mark andreessen are taking part. that is still ahead on "bloomberg west. o ♪

>> this is "bloomberg west." i'm emily chang. facebook is offering its second public offering since going 18 public months ago. facebook joins the s&p 500. cory johnson is back with more. how big a deal is this? >> it's a great question. i don't have a great answer for you. you have got andreessen horowitz really taking a lot of the table here, taking some profits with the share prices. rebounded quite a it and by many ratios is a very expensive stock. on the other hand, i think that what mark zuckerberg is doing in his sale is giving exact opposite message, where you see

him selling so much and you think, what is this guy doing, he says he's selling it for a tax bill. what he's really doing is exercising a number of stock options. it's only bullish. it's only a bet on the company that it will be worth a lot more later, so he wants to take the tax hit now to avoid the tax hit later. would you look at what mark is doing as part of this, it is something where he's really betting on this thing for the long term. >> is it really all about paying taxes? >> we don't know what charity, it could be a charitable trust. you will put the money in a trust now, spend that money over years to come, or someone will get a nice check for christmas. mark has taken the idea that his facebook shares will be a lot more valuable in the future, and you will take the short-term hit by exercising the options now.

>> misses the question all -- this is the question all investors are asking. is he getting out because it's a good time? >> what you see from this company is they are quick turn to mobile, and the terrific success they're having with that has really accelerated revenue growth. as expensive as the stock might be, that accelerating revenue growth really suggests that things are going quite well at facebook. this may not mean the stock is worth the price today. >> cory johnson, thank you. coming up, more of "bloomberg west." government regulators say they want to and tv blackouts of games that don't sell out. the nfl opposes the move. we will discuss, coming up. ♪

>> this is "bloomberg west." i'm emily chang. in today's digital remix beyonce , surprised the world when she released a new album on itunes without any pre-promotion. the surprise record sold nearly 830,000 copies in three days, setting a new itunes sales record, and soaring to the top of the itunes charts in 104 countries. could this change the way that artists sell and promote their music in the future? i am a fan as well. i bought the album. i don't think i have bought an album in years. she's the only person who can also get me to go to a concert. how much do you like her? >> a lot. [laughter]

who doesn't like beyonce? >> everybody is saying, this is a model for artists. what other artists can pull this off? >> lady gaga. >> also in a league of her own. >> there are a lot of dj's who are big. there are a lot of artists who, if they became creative in making me buy the album, i would pay the money for it. somebody said on twitter that when you bought an album in the old days, there was the liner notes and there were pictures and there was the cover art and it created an emotional interaction with the album. i think if these guys want us to buy their albums, they have to create that emotional connection.

beyonce has the ability to i thinkbeyonce has the ability to create that emotional connection. not to mention she is kind of hot. >> what you are saying, it's not just about the music, it's about creating some sort of experience? >> it has always been about the experience. beatlesnot buy the because it was just great music. >> i never bought the beatles. i was too young. [laughter] >> some of us old people bought the beatles because we bought beatles' way of thinking and living. the same thing with -- bought into the beatles way of thinking and living. the same thing with elvis presley. they don't just buy the music. the music you get on radio. what you get with the album is an emotional connection. i think that is the opportunity. >> now that she has done this, and not that people are expecting it, but it has

happened before -- do you think other artists can be as successful? >> i think rihanna could be very successful. u2 could be very successful. bono talking about his work in africa, and with aids. all those add things to the album which lead to a better experience. i think bjork was the first one who explored beyond music ideas. i think there is an opportunity. this worked for beyonce, some people ought to think differently about how they're going to do their album. >> something you wrote about is the idea of not just creating an album, but an app-type experience. what do you mean by that -- app-

type experience. what do you mean by that? >> we used to buy cds. now we buy apps. the analogy now is apps. records, cd's, apps. if you're going to bake something, make an interesting app. it is not just music. we can't go back to, there is 12 tracks and you pay $15 for it, and that's the end of the story why can't it be an app that is living like the music is? the idea is to have an emotional interaction with the music. >> let's talk about itunes. this was a huge win for itunes as well as beyonce. itunes does not always do everything well. when they put attention on something, that thing blows up. they have that attention they

can focus. >> what do they need to do better? >> they need to learn how to use data better, how to target in a smarter way. if they know i have bought 10 albums of norah jones, maybe next time her album is coming out they should let me know. they need to learn how to use data more effectively. they need to stop being so manual as a company. >> what will be the music story of 2014? we just talked about spotify. they have been making changes. what will define the music industry in 2014? >> what will define music in 2014 is exactly what has defined music always, the experience. the concerts, how we engage with the artist.

i would say 2014 you will see more and more artists trying to do different things. >> we will be watching. a fellow beyonce fan -- i did not know until now. the nfl strongly opposes an fcc proposal to and blackout of games. ♪

strikes gold. that is one reason the ceo is looking forward to the new year. >> it is an opportunity for us, we will tell some great stories around the players. hockey is also thriving in northern california. find out how the san jose sharks have become one of the coolest success stories. >> our fan base is very sophisticated. they have discretionary income that they can spend on hockey. >> college football, is the bowl half-empty or half-full?

all this and a look back at the year in sports business. "sportfolio" starts right now. hello i'm rick horrow and welcome to "sportfolio." what an incredible year it's been for the nhl. when it started, there was a work stoppage that threatened to wipe out the whole season. all signs indicate that the league is back at full strength. last month, the nhl announced a deal with rogers communication 12 year that will bring in $5.2 billion for its canadian media properties. and will operate the digital rogers will hold all the national tv rightsand will operate the digital services. rogers will also take control of

the iconic hockey night in canada franchise on the cbc for at least the next four years. >> it is a remarkable revenue boost for the nhl. it is also three years into a 10 year $3 billion contract with nbc sports. their chief operating officer john collins joins us now on "sportfolio." that canadian tv deal is $5 billion for the league. i assume you are happy with it. what you going to do with it? >> it is a great deal for our clubs. it is a validation for how good the game is. it is a strategy that we have put in place a couple years ago. it is a way to have fans and sponsors activate around the league, as opposed to the club level. it it is a good strategy that is a validation of that strategy. has been well received. >> for the commissioner, it is a major validation for the nhl

basically coming home to canada. >> never underestimate the passion for canadians around hockey. fundamentally, what gary has done is change the business model for the league. it was a business that even seven years ago, when we were a $2 billion industry, 95% of net revenue was driven through the clubs. looking forward, we will be a $4 billion industry. more of our revenue will come from the national league level. >> let's talk about how that revenue is divided, 50-50 with the players. it is groundbreaking and incentivizing everybody. and you are leveling the playing field with the larger and smaller markets. >> national revenue is split 50- 50 with the players. that is where it really comes in. with the salary cap system, more national revenue can be shared

equally among 30 clubs, the better the system is. that is why we have had such good buy in and success with the good clubs. >> the winter classic started off as a one-off and then an experiment. now it is significant. the commissioner talked about making sure he did not dilute that classic. now we have six, there may be 60 who knows what the number is? but it is an amazing event for a lot of reasons. >> the winter classic, the event strategy was a big cornerstone of how do we begin to activate trends and sponsors at the national level? our partner nbc was all in with us at the time. they saw a gap -- as we know around new year's day where there are a lot of college bowl games, but the biggest games have moved off of that window. it was a great opportunity for us to come in and do something on the national level, not just to core hockey fans, but to court casual sports fans. from that moment on, people

viewed the winter classic and these outdoor games as a different kind of property. a property that could really engage the casual sports fan. nfl has first call on meteorology for whether. what would you do if it snows on february 2? >> we have the same guys on retainer. the weather channel guys have been here. >> is it an example of leveraging your tv partners for maximum benefit? >> my history is with nfl films. they have done a good job of telling those stories. they had a heavy hand in shaping the image of the nfl. with hockey, we have so many of those stories. our athletes are phenomenal guys. once fans get to know who they are, they will really like them. we have been doing hbo 24/7 now for three seasons. the opportunity with the outdoor games in l.a. and new york and chicago and vancouver, along with the sochi olympics, created some great opportunities for us to tell stories about these players.

>> you will come out of the olympics with some very good benefits, i assume. >> hockey is a global sport. the nhl wants to have a global business. the olympics is a great platform. there probably isn't a bigger platform. we think we're going to use it more effectively this year. ultimately, i think part of the answer for us is to have our own world cup. a world cup of hockey, which is a big tradition in hockey and has been very successful. whether that is something we do parallel to the olympics or instead of the olympic is something for the commissioner and the ownership to figure out. others see a big opportunity from a business stand point for the nhl. >> $3.3 billion and you are now publicly stating that $4 billion is a legitimate benchmark. >> i think the rogers deal starts to get us there. we have some maturation of some of the platforms, the event platforms. our digital media platforms

begin to do it. i think international really gets us there. >> everybody might argue that there were some challenges about the rapid growth of the nhl a couple of decades ago. it is reasonable growth in the future. how do you keep the kansas citys, houstons, quebec citys, and similar areas happy? do you talk about expansion in the near future? do you still continue to grow your minor league system? what is the answer for reasonable growth? >> the commissioner has said that expansion is not on the horizon. he is open and he is listening. for us, the growth of the business has been at a good annual clip on a national level. we think that is sustainable. we are constantly introducing new media platforms and ways of bringing our product to fans.

the rogers deal in canada will be a big part of that. digital media and the ability to target fans, not just in north america, but internationally, will grow us in the future. >> good luck with the stadium series and good luck with the winter classic. good luck with the stanley cup and everything else you do. >> thank you, rick. >> hockey is clearly hitting on all cylinders internationally. with 12 nations set to compete in the upcoming winter olympics at sochi. coming up, we will go to the heart of silicon valley. the san jose sharks have gone from start up to success story. what is their secret? >> their popularity over time transcends hockey. >> stay with us as "sportfolio" rolls on. ♪

>> welcome back to "sportfolio." in the 1990s, the nhl added new franchises. many of them to southern and western united states. the so-called "sunbelt" teams near the bottom in

revenue with one notable exception. the san jose sharks are the 13th most valuable franchise. they raised just outside the top 10 in revenue last year. most impressive, san jose is one of four nhl franchises that carries zero debt. the other three are the new york rangers, chicago blackhawks, and detroit red wings. so have the sharks outperform their cousins in the business arena? the chief operating officer told me that it all began with clever packaging. >> the focus of the managing team at the time was to educate fans on the game of hockey and to create a uniform and a logo that people can associate with. we created a logo that was somewhat friendly but intimidating at the same time. it is a logo where a five-year- old child would not be afraid of the logo, but it reflects a fast and aggressive hockey team. that is what the sharks have become over the years. we were also the first major team of the four major sports to

call san jose home. our popularity over time transcends hockey, it is a very popular sport here, we have san jose in our name. >> you have been open publicly about operating losses over the last couple years, but now you have zero debt. that gives you a lot of liquidity and options. how does that help you going forward? >> it goes back to our ownership mantra. we have a corporate philosophy, our corporate goals if you will, to win the stanley cup each year. it is the same for every hockey club. but that means you need the resources financially to meet those goals. the majority owner is committed to putting a high-quality team onto the ice. he wants to make sure that that product remains competitive on the ice. we do not have any debt. our owners paid capital each year to get us to break even. we have some flexibility to grow

our brand as needed. >> unlike some nhl teams, the sharks do not own or operate a television network. there parent company does own the city managed sap centered. . they have responsibility for the facility, and they maximize the assets in their portfolio. >> we have the arena and our minor league team in massachusetts, but we also manage recreational ice facilities here in the bay area. we have three different locations. >> let's talk about the building. describe the current naming deal and the evolution from the previous one. >> quite simply, hp was looking to get out of their deal. everyone is aware of their financial situation. sap was looking to get more active in the sports marketing and sponsorship business. basically, sap was willing to

take on the last two years that remained on the hp agreement and extended for an additional three years. we expect them to activate on their sponsorship very regularly over the next five years. >> it is a global and somewhat iconic company. that helps parallel with your brand. and you would argue that that is a global and iconic brand. >> it parallels very well for us. we have a lot of popularity worldwide and it has been accentuated this fall with the emergence of our star rookie player. it extends our brand even further. >> give us an anecdotal example about how your rookie assists in your marketing strategy. how do you take advantage of that worldwide? >> the magnificent goal that thomas hertl scored on october 8 had 5 million page views on our website the next day. it had the highest number of usage on nhl.com. you need a product that wins and

at the end of the dayyou need a product that wins and plays well competitively. >> developing winning products has been the hallmark of silicon valley over the last two decades. the sharks have adapted well to the region's culture of innovation. is it fair to say that you grew up with silicon valley? >> we did grow up with silicon valley and we work well with them. we have a number of vibrant partners on the tech side who are sponsors of the sharks. brocade andke rotated barracuda networks and the like. furthermore, our fan base is very sophisticated and they have for the most part discretionary income that they can spend on hockey. that is a benefit of being in the bay area. even our sharks' ice facilities have the highest number of registered adult hockey players in the u.s. we have over 5000 registered u.s. hockey players. -- the brand as well. people get to experience the

sport and then hopefully they buy jerseys at the end of the game. >> the sharks have played 28 100% capacity games in their home arena each of the five seasons. last year, they were the only member of their sunbelt expansion cohorts to pull off that feat. coming up, football fans are heading to warmer climates for their teams. what is the business climate in 2013? our next guest offers a forecast. and this week "sportfolio" stumper concerns nhl expansion. can you name the first team out of the league's original six to win the stanley cup? we will give you the answer ♪ when "sportfolio" returns. ♪

>> here's the answer to the stumper. the nhl had only six teams for its first 50 seasons. the first expansion team to win the cup was the philadelphia flyers. they won the championship in 1974. the flyers are owned by comcast, one of the largest sports and entertainment firms. among its subsidiaries they also work with a number of clients to provide marketing services and develop revenue streams. the president of front row marketing talks to us about a particular area of marketing,

the marketing of college football bowl games. 35 of them. week. 2.5s now bold 2.5 is it too many or the right number? >> you think there might be some bowl fatigue in there with 35 games, but what you have is a content game. if content is the new oil, then certainly attendance and the ratings are stalwart. these things are interesting and people watch them. >> looking at last year's attendance, some of the games were hot tickets. others drew very modest crowds, including a record low attendance for the sugar bowl in new orleans. should we be looking at attendance as an indicator of health? >> you always look at attendance. without attendance, you do not have the ability to get sponsors. television comes first, with their ability to put multiple games on over the weekend. it gives a platform to partners. television comes first. attendance come second and

localized and national sponsorship is third. >> all the games are important to us. clearly, the fiesta is our most bowl game. the most important bowl games are the sponsorship games. >> and they are important alumni? >> there are groups that spend the money to generate the ad time. schools have complained about not having ticket sales and unsold tickets. is that a big issue? >> 11,000 ticket commitments by certain schools put them at the max. they turned to groups like ourselves and we do a good job of marketing the teams and the games. you have to look at attendance and you have to look at where you are drawing the crowd from. every city has to be honest about whether or not they are a destination city. >> if they have a shortfall, i assume they factor that in as a cost of doing business.

next year, the college football playoff goes into effect and it could be argued that those lesser bowls may be even less relevant. what say you? >> a rising tide raises all ships. there will be some challenges, but what does the fan base do if you are alabama? do you go to both games or do you go to one? you will see a rise in attendance and a rise in interest level for three weeks where national partners can actually own the college layoff system. if you took the super bowl from the nfl and asked, what could you redo -- now you have the college football system. they will struggle to a degree in finding the partnerships that they have. but if there with good conferences and there are good teams, they will be fine. >> i believe that is the key. -- they were in the semifinal. they will be ok. is it really just a conference alliance between those minor bowls?

how are they proactive to make sure they will be ok? >> i think now more than ever management of the bowl names will be even more important. even with a you will have teams big conference that may not have -- may not do well with their football background. what do you do with a great kentucky basketball team, but the football team does not travel as well? >> thank you for your insight. i will go to a lot of those games. see you there. "sportfolio" is still far from done. coming up we will assemble a , panel of experts to discuss the most important people, deals and stories in 2013. keep it here. ♪

>> welcome back to "sportfolio." as we come to the end of the year, we thought we would reach out to some of our regular contributors to get their nominations for the most significant people, deals, and stories in the sports business of 2013. we asked longtime sports media executives, sports columnists, and the legacy agency ceo to weigh in on several different categories. the first is sportsperson of the

-- sports business person of the year. surprisingly, there was some consensus. two people chose the outgoing nba commissioner. seth told us he believes stern has changed the sport more than any other individual in his sport. he made the nba a globally relevant property. the authors of the book "league of denial" brought football concussion issues into focus. as for me i would split the , award between two men who managed to crack a labor deal -- craft a major labor deal that may have saved their sport. we asked our panel to select the sports business deal of the year. one columnist chose jay-z's roc nation of sports. one person voted for the agreement between the big east basketball school that led to the creation of a new and powerful college basketball

league. i will take an international perspective and pick the $100 million partnership between the yankees and manchester city. it is a transformative deal for soccer and brings together two of the greatest sports brands in the world. there was much to choose from. jason collins became the first athlete in a major sport to say that he is gay. one man declined to highlight a specific story. fox1 also changed the competitive nature of sports media rights. my choice? the response of the boston sports teams to the the tragic bombing at the finish of the boston marathon. sports businesses can be

essential to the communities in which they work. finally, we asked each of our contributors to predict a trend in sports business in the year ahead. for seth abraham, it is continued debate over performance-enhancing drugs. some consumers are taking advantage of mobile platforms to customize their sports experience. we also see sponsors' names on jerseys. i think 2014 will be the year as for me that the business , model for college sports changes forever. pay for play, i doubt it. but i predict that the power will continue to shift away from the ncaa. it will be interesting to see how it all plays out. that will do it for this edition of "sportfolio yuriko our thanks to all of our contributors and all who participated in this week's show. keep an eye on bloomberg.com during the winter holidays for more bloomberg sports business coverage and more "sportfolio" coverage. i'm rick horrow. thanks for watching.

see you next time. ♪

>> a blow for europe as standard & poor's cut the european union's rating. >> chinese stocks slump for a ninth day. the bank of japan stays put with its stimulus program. >> fly high like michael jordan, nike beats estimates. >> the countdown to christmas begins with five days to go. we're live from london's oxford street.