We've Got Hollywood Covered

Endeavor Sets IPO Date for Thursday to Raise $511 Million

Ari Emanuel-led company will debut on the NYSE and seeks a $10 billion valuation

Endeavor is ready to go public, for real this time. Ari Emanuel’s company will launch its IPO on the New York Stock Exchange on Thursday.

The listing for the company, whose assets include the Ultimate Fighting Championship, the marketing firm IMG as well as the Hollywood talent agency WME, is posted on the NYSE website here.

This is Endeavor’s second go-round at an IPO following a botched attempt in the fall of 2019.

Endeavor is looking to score a valuation of $10 billion when it makes its Wall Street debut. According to the filing, the Beverly Hills-based entertainment company plans on offering 21.3 million shares priced between $23-$24 when it goes public, aiming to raise a little more than $511 million.

Another key point from Endeavor’s SEC filing: The firm is looking to buy out the remaining 49% of the UFC by raising an additional $1.8 billion through selling preferred shares. Endeavor said it will trade on the New York Stock Exchange under the “EDR” ticker symbol.

The company, spearheaded by founding partner Ari Emanuel, launched in 1995. Endeavor recently shared that it made $3.5 billion in revenue in 2020 — down from $4.6 billion the year prior — while also racking up losses of about $1.2 billion over the last two years. In its filing on Tuesday, Endeavor said the COVID-19 pandemic has had a “significant” near-term impact on its business, leading to its revenue drop last year.

Endeavor, which became WME after the 2009 merger with the legendary William Morris Agency, has been on an acquisition spurt in recent years. The company purchased IMG in 2014 for $2.3 billion, and then took a majority stake in the UFC in 2016. It also owns Miss Universe and the Professional Bull Riders tour. In 2017, Endeavor launched Endeavor Content, which it says has financed and/or sold more than 100 films and TV shows.

In 2019, the company’s attempts to go public were partially hampered by the WGA’s dispute with the top four agencies over packaging fees for movies and TV as well as agency-owned production companies like Endeavor Content. Last year, the guild won major concessions from the agencies, including WME, limiting their ability to profit off packaging and production.