Nobody was talking about 1% of the total valuation. The only thing mentioned was profits. A lot of media outlets were saying "1% of the Longhorn Network". To me, that doesn't imply 1% of profits; it implies an equity stake. The media in general, and the sports media in particular, is horrible when it comes to specific language related to business issues. I would have to imagine it would be a profit-sharing situation, as an actual equity stake in a television network is an entirely different beast. Sure, but when we're talking about figures already as large as $100m, 1% of profits from LHN is more of a throw-in than a deciding factor. Seems silly to offer. ETA: And by that I mean, I expected some sort of game-changing offer akin to what ther Angels tried to do with Pujols.