Endeavor Group Holdings, a global entertainment production company and talent agency, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise more than $500 million.
The Beverly Hills, CA-based company traces its roots to 1898, when William Morris Agency was founded. Endeavor Agency was founded in 1995, and in 2009, the two merged. In 2014, the company acquired IMG Worldwide for a reported $2.4 billion, and in 2016 it acquired the Ultimate Fighting Championship (UFC) for $4.1 billion.
Endeavor booked $3.9 billion in sales for the 12 months ended March 31, 2019. It plans to list on the NYSE under the symbol EDR. Goldman Sachs, KKR, J.P. Morgan, Morgan Stanley and Deutsche Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
