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Hollywood mogul Ari Emanuels Endeavor valued at $ 10 billion




The owner of Hollywood talent agency Endeavor raised $ 1.9 billion through its public listing and a concurrent private placement of its shares on Wednesday, valuing the company at just over $ 10 billion and cementing the wealth. of its founder Ari Emanuel.

He sold shares at $ 24 each, at the high end of the range he set earlier this month.

Emanuel and Patrick Whitesell, executive chairman of Endeavor, along with other executives, will hold a pot of 37.7 million shares of Endeavor 429.7 million, a stake of more than $ 900 million at the price of Initial Public Offering.

Emanuel founded Endeavor in 1995 as a talent agency and the company has grown and diversified through a number of acquisitions, buying rival agency William Morris and sports agency IMG and adding the Ultimate Fighting Championship and the Miss Universe beauty pageant to his wallet.

Endeavor raised $ 511 million from stock investors during the IPO and an additional $ 1.4 billion through a concurrent private placement of its shares. Investors in the private placement include New England Patriots owner Robert Kraft, Abu Dhabi State Fund Mubadala, and Elliott Investment Management.

KKR, which bought a share of the UFC in 2016, also raised around $ 437 million from the sale of its stake in Endeavor through the concurrent private placement.

Endeavor was hit hard by the pandemic last year, after live events were halted and film and television productions were shut down. Losses widened in 2020 to $ 625 million on revenue of $ 3.5 billion.

UFC, the mixed martial arts franchise that Endeavor bought in 2016 in partnership with private equity groups, has been a more reliable part of the group’s business. While the UFC has also been affected by event cancellations, the company is relatively stable thanks to a long-term licensing deal with Disney, earning it $ 300 million per year for streaming UFC events on. ESPN and its streaming service.

Endeavor plans to use some of the proceeds from the IPO to buy the remaining 49.9% of CFUs it does not already own.

He had previously tried to float in 2019, as he sought to raise as much as $ 712 million for a valuation of $ 8 billion, before putting the plan on hold due to limited investor appetite.

Morgan Stanley, Goldman Sachs, JPMorgan Chase and Deutsche Bank advised the 2021 offer.

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