Ari Emanuel’s Endeavor is considering selling some of its assets
By Samantha Delouya, CNN
New York (CNN) — Endeavor Group Holdings, led by the high-power agent to the stars, Ari Emanuel, said that it is considering a sale of some of its assets.
On Wednesday, Endeavor announced it would undergo “a formal review to evaluate strategic alternatives for the Company.”
“Given the continued dislocation between Endeavor’s public market value and the intrinsic value of Endeavor’s underlying assets, we believe an evaluation of strategic alternatives is a prudent approach to ensure we are maximizing value for our shareholders,” said Ariel Emanuel, Endeavor’s CEO, in a statement.
The sports and entertainment company’s stock has taken a hit, falling more than 30% in the past six months. But Endeavor’s shares jumped in after-hours trading Wednesday, up more than 11%.
Endeavor owns global sports agency IMG, art media company Frieze, and WME, a talent agency that has represented mega-stars like Dwayne “The Rock” Johnson and Matt Damon.
In the announcement, Endeavor specifically said it would not consider the sale or disposition of its stake in TKO Group Holdings as part of the review. Earlier this year, Endeavor, which owns mixed martial arts company UFC, merged with World Wrestling Entertainment to create TKO Holdings. Endeavor is the majority owner of TKO, and Emanuel serves as CEO.
Shares of TKO Holdings, which is a separate publicly traded company apart from Endeavor, climbed nearly 2% in after-hours trading Wednesday.
Endeavor’s announcement of a strategic review comes less than two months after French billionaire Francois-Henri Pinault purchased a majority stake in WME’s talent agency rival, CAA.
The-CNN-Wire
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