Endeavor looks to raise $700m ahead of Autumn flotation

Killing Eve

Hollywood agency Endeavor, whose distribution arm is behind shows such as Killing Eve and The Night Manager, could raise around $700m through its initial public offering (IPO) set for this autumn.

The flotation could value Endeavor at around $8bn, with just under 20 million shares expected to be made available, priced at between $30 and $32, according to details revealed in an IPO filing to the Securities and Exchange Commission on Monday.

The company, whose IPO plans first emerged over the summer, is headed by CEO Ari Emanuel and owns the Miss Universe franchise and the Ultimate Fighting Championships. It is also behind sales arm Endeavor Content and was created almost a decade ago when William Morris Endeavor merged with Endeavor Talent Agency.

The company said it would use the funds raised to pay off debt and could potentially look at acquisitions. The planned IPO follows the long-running clash between talent agencies and Hollywood writers in the US, with the agencies’ move into production a central bone of contention with writers.

At its IPO filing in May, Endeavor said that in the financial year until December 2018, it reported $3.6bn in revenue, with net income of $231.3m. The company reported adjusted net income of $100.1m for the year.

Some 70% of its revenue, $2.27bn last year, came from entertainment and sports content and events, according to its filing. Talent representation accounted for $1.31bn.

More recently, its revenues hit $2bn in the first six months of 2019, up almost 40% on the same time in 2018. Losses were down from more than $400m in June 2018 to $192m at the same time 12 months later.

Read Next