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Hollywood talent agency Endeavor files for IPO


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Hollywood talent agency Endeavor files for IPO

Hollywood talent agency Endeavor Group Holdings Inc. filed for an initial public offering of up to $100.0 million of its class A common stock.

The company plans to list its class A common stock on the New York Stock Exchange under the symbol EDR. Endeavor has not yet specified the number of shares or price range for the IPO.

Endeavor intends to use the net proceeds for working capital and general corporate purposes. The company may also use some portion of the proceeds to repay outstanding borrowings under its senior credit facilities or for acquisitions of complementary businesses or other assets.

For the year ended Dec. 31, 2018, Endeavor generated $3.6 billion in revenue, up from $3.02 billion in the prior year.

Endeavor owns several sports and entertainment properties. It was among a group of investors that bought the Ultimate Fighting Championship Ltd. in 2016 for $4 billion.

Affiliates of private equity firm Silver Lake Partners, together with Endeavor CEO Ariel Emanuel and Executive Chairman Patrick Whitesell and their affiliates, will control more than a majority of the combined voting power of the company's common stock, according to a filing.

Goldman Sachs & Co. LLC, KKR Capital Markets LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc. are underwriters for the offering.