Endeavor Group Holdings Inc., the owner of talent agency WME-IMG and fighting sports league UFC, has lowered the price range of its shares ahead of its much-anticipated initial public offering, according to a Thursday regulatory filing.
The Beverly Hills company expects to offer 15 million shares at $26 to $27 each, raising up to $405 million, the filing said. Endeavorraising as much as $619 million by selling more than 19 million shares for $30 to $32. Endeavor, run by Chief Executive Ari Emanuel, appears to be adjusting expectations for its Wall Street debut on Friday, given challenges in the market.
Peloton Interactive Inc., a company that sells technologically advanced indoor exercise equipment, on Thursday saw its stock drop more than 8% from its offering price in midday trading after pricing shares at $29, which was on the high end of its projected range.Some analysts have questioned whether Endeavor, which has taken on substantial debt to pursue acquisitions including UFC and is in the midst of a, is a good bet for investors.
Endeavor is expected to become the first talent agency to go public, making it the subject of much speculation in Hollywood. The company carries long-term debt totaling $4.6 billion with liabilities of $7.2 billion and cash on hand of $830.9 million, according to recent filings.
You’re a talent agent and you have a duty to put your clients first — how is that compatible with being a shareholder-owned company. Get real.
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