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$Endeavor Group (EDR.US)$, a veteran American sports and entertainment company based in Los Angeles, announced its IPO plan again, which was tried but shelved in 2019. The company owns UFC (Ultimate Fighting Championship), WME (sports and modeling agency) and IMG (sports, entertainment and media company).
According to the prospectus, we also found that Elon Musk was nominated as a member of the company's board. The following will bring you to know Endeavor.
Sports and entertainment giant Endeavor's second attempt to go public
Endeavor was founded in 1995 by Ari Emanuel who left ICM, a well-known Hollywood agency. Then it gained scale in representation by merging with the venerable William Morris Agency to form WME in 2009, which was followed by the acquisition of IMG in 2014, adding marketing and licensing, events, media production and distribution, and the sports training institution, IMG Academy. The acquisition of a controlling interest in the UFC in 2016 served as a major step forward in the transformation of the business.
Endeavor was founded in 1995 by Ari Emanuel who left ICM, a well-known Hollywood agency. Then it gained scale in representation by merging with the venerable William Morris Agency to form WME in 2009, which was followed by the acquisition of IMG in 2014, adding marketing and licensing, events, media production and distribution, and the sports training institution, IMG Academy. The acquisition of a controlling interest in the UFC in 2016 served as a major step forward in the transformation of the business.
This is Endeavor's second IPO try. It initially planned to go public in 2019 but withdrew IPO in October 2019.
According to the prospectus, the company is going to add Tesla's CEO Elon Musk to its board.
Elon Musk leads SpaceX, Tesla, Neuralink and The Boring Company.Mr. Musk was selected to serve on our board of directors because of his professional background and experience running a public company, his previously held senior executive-level positions, his service on other public company boards and his experience starting, growing and integrating businesses.
-Endeavor's prospectus
Financial performance and IPO overview
For the year ended December 31, 2019, we generated $4,571.0 million in revenue, net loss of $530.7 million, Adjusted Net Income of $240.9 million and Adjusted EBITDA of $733.5 million.
For the year ended December 31, 2019, we generated $4,571.0 million in revenue, net loss of $530.7 million, Adjusted Net Income of $240.9 million and Adjusted EBITDA of $733.5 million.
For the year ended December 31, 2020, we generated $3,478.7 million in revenue, net loss of $625.3 million, Adjusted Net Income of $95.8 million and Adjusted EBITDA of $583.6 million.
It is worth noting that as of December 31, 2020, the company still has huge debts and contracts to perform. The total principal and interest of long-term debt are more than $7.1 billion.
Endeavor sold 21.3 million shares priced at $24 each, the top of its pricing range of $23 to $24, raising $511 million. The debut will be on April 29, 2021. In addition, the company is also seeking a separate private placement of $1.8 billion, most of the proceeds will be used to acquire the remaining 49.9% stake in UFC.
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Riding the IPO wave, and find the new bull!
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