Ari Emanuel speaks onstage during the 2017 LACMA Art + Film Gala Honoring Mark Bradford and George Lucas presented by Gucci at LACMA on November 4, 2017 in Los Angeles, California.
Stefanie Keenan | Getty Images Entertainment | Getty Images
Endeavor Group Holdings, the talent agency and sports company run by Ari Emanuel, said Wednesday it would start exploring strategic alternatives, which could mean a potential sale.
The stock jumped more than 20% in after-hours trading.
“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,” Emanuel, CEO of Endeavor, said in a news release.
The move comes weeks after French billionaire Francois-Henry Pinault agreed to buy a majority stake in Endeavor rival Creative Artists Agency. The deal was reportedly worth $7 billion.
Endeavor’s market value, likewise, was $7.79 billion as of Wednesday’s market close, having declined 21% so far this year.
Notably, Endeavor said it wouldn’t consider unloading its interest in TKO Group Holdings, the newly formed combat sports company that includes Vince McMahon’s WWE and Dana White’s UFC. Endeavor owns 51% of TKO, which began trading on the New York Stock Exchange last month.
–CNBC’s Alex Sherman contributed to this report.
Source: https://www.cnbc.com/2023/10/25/ari-emanuels-endeavor-says-it-will-explore-strategic-alternatives-stock-pops-11percent.html
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