Two years ago, Ari Emanuel's entertainment conglomerate Endeavor debuted on the public market, becoming the first Hollywood talent agency to do so. The initial public offering was seen as a test of the brash Hollywood superagent's long-term vision for the Beverly Hills firm — that pairing live events businesses like Professional Bull Riders, New York Fashion Week and Frieze London art fair with talent representation giant WME would create an 'Endeavor flywheel.
In order to succeed on the public market, Endeavor needed to convince investors that putting all these entertainment and live events-related companies together under one group would create a virtuous cycle of A-list talent, brands and events that was more valuable than its pieces. It also would have to overcome doubts about the talent business, which is notoriously unpredictable, something Wall Street doesn't usually like.
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