Endeavor’s IPO prospectus indicated it will offer 21.3 million shares for sale to the public, projected to be priced at $23 to $24 per share. Shares will trade under the symbol “EDR” on the New York Stock Exchange. Emanuel and Whitesell will control a combined 37.6 million of Endeavor’s 429.7 million shares. The investment firm Silver Lake is the other controlling shareholder. Emanuel, Whitesell, and Silver Lake hold 89% of the voting control of the 26-year-old company. If Endeavor hits that $24 a share price, Ari Emanuel and Patrick Whitesell would have a combined net worth of around $900 million. That’s enough to make them vastly richer than the majority of the acting and athlete clients. They will be the richest talent agents of all time. In a separate deal, Endeavor raised $835.7 million to take full control of the UFC. They also have arranged $950 million to be used as working capital for the sports league. Endeavor acquired a majority interest in the UFC in 2016 in a deal that paid brothers Frank and Lorenzo Fertitta $4 billion. This isn’t the first time Endeavor has planned an IPO. The company backed out of a 2019 IPO at the last minute after it received a cold reception from investors. Endeavor is the parent company of WME (William Morris) and IMG. The IPO filing reveals the company has $5.92 billion in debt if the shares debut at $24 per share and the full buyout of the UFC goes through. The company has a cash balance just below $2 billion. The IPO filing also revealed that Endeavor purchased Reigning Champs, a college athlete preparatory business for $200 million, and Flight Scope – a production, data, and tracking firm in the golf and tennis event industry – for $35 million. Endeavor also added Elon Musk to its board of directors. The pandemic-related shutdown of production and sporting events led Endeavor to post a net loss of $625.3 million in 2020. CEO Ari Emanuel started his career in the CAA mailroom before becoming a talent agent at ICM. Tom Strickler co-founded Endeavor with Emanuel after a career at CAA and ICM. Patrick Whitesell joined from CAA several years later. In 2009, Endeavor merged with William Morris Agency, in a deal spearheaded by Emanuel.
