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Endeavor Group Holdings' initial public offering will take place later than planned.
The IPO and entertainment giant's IPO will not happen before September at the earliest, confirmed the regulars. Variety Friday. Endeavor, created in 2009 through the merger of William Morris Agency and Endeavor Talent Agency, launched an initial public offering for savings in May and was to launch its IPO during the summer.
Variety confirmed that prior to the launch of the initial public offering, the company planned to purchase $ 700 million from Location Experiences LLC and report the results of the second quarter and renegotiated contracts. for football events in order to increase market valuation. The news was first reported by The Wall Street Journal.
Endeavor also owns the Ultimate Fighting Championship and Miss Universe. The Writers Guild of America West issued two investor alerts on the initial public offering and accused Endeavor of widespread potential conflicts of interest, alleging that the new public company's governance structure was significantly favoring the initiates, whose leaders Ari Emanuel and Patrick Whitesell. Endeavor's structure also includes "poison pills" designed to give insiders of the company indefinite control, he warned.
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The alert was referring to the current stalemate between the WGA and the WME. On June 21, the WGA canceled negotiations with the Association of Talented Agents for the continuation of one-on-one discussions with nine leading agencies, as it imposed a total ban on packaging costs. and badociated production for agents representing guild members. No new discussions have been scheduled.
The WGA issued a statement Friday afternoon that again struck the IPO, noting that 1,400 of its members fired their WME agents in April when the guild management asked the agencies to sign a new code of conduct so to represent its members.
"The IPO of Endeavor poses an unsustainable contradiction," said the guild. "One of the ways that the company proposes to maximize shareholder results is through conflicting business practices. This has already led to the rebellion of 1400 writers represented by the WGA who have left the talent agency WME. The IPO offers investors a business with conflicts of interest and risks ranging from extreme leverage to an irresponsible governance structure to possible legal liability for antitrust violations and obligations. Trustees. "
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