Talent and management agency was to begin trading on Friday
Getty Images
Endeavor has pulled its IPO, one day before it was set to start trading on the stock market, a spokesman for the company confirmed.
Earlier Thursday, Endeavor lowered its expected share price and reduced the volume of shares it’s making available, which the company said in an SEC filing. The entertainment and talent management company is lowering the estimates on the share price to $26-$27 a share, down from a previous estimate $30-$32 per share. Endeavor has also reduced the number of shares for sale to 15 million, from 19.4 million.
Endeavor, led by CEO Ari Emanuel and executive chairman Patrick Whitesell, was set to begin trading Friday on the New York Stock Exchange under the ticker EDR.
The news was first reported by The Wall Street Journal.
This is not the first time that the company has scuttled plans for a public offering. Endeavor had planned for its IPO to list this summer. That, however, was pushed in August to accommodate the company’s acquisition of live-events company On Location Experiences LLC for as much as $700 million.
Endeavor is the combination of sports, events, fashion and talent-management IMG and the agency WME. WME purchased IMG in 2014 for $2.3 billion. WME itself was the combination of the legendary William Morris Agency and Endeavor.
Source: Read Full Article
