38% of Almost A Billion...

In the Golf World story on the new Tour TV deal, Stu Schneider writes:

The source said the tour would likely reduce its subsidy of purses from 62 percent to "somewhere in the 50s," putting pressure on tournament directors to get that revenue from other areas.

Now if 38% of the television money over the last four years stayed in Ponte Vedra, and it was valued at "almost" a billion dollars, would that mean the PGA Tour takes somewhere between $75-95 million a year for executive salaries, marketing and overhead?