Endeavor (company) explained

Endeavor Group Holdings, Inc.
Type:Public
Industry:Talent and literary agencies
Foundation:
in Beverly Hills, California, United States
Location City:Beverly Hills, California
Location Country:United States
Revenue: (2023)
Operating Income: (2023)
Net Income: (2023)
Assets: (2023)
Equity: (2023)
Num Employees: (2023)
Footnotes:[1]

Endeavor Group Holdings, Inc. (formerly William Morris Endeavor and WME-IMG) is an American holding company for talent and media agencies with its primary offices in Beverly Hills, California.[2] [3] The company was founded in April 2009 after the merger of the William Morris Agency and Endeavor Talent Agency. Endeavor represents artists in film, television, music, theater, digital media, and publishing.[4] It also represents the NFL and NHL.[5] Endeavor owns Professional Bull Riders (PBR) and is majority owner of World Wrestling Entertainment (WWE) and Ultimate Fighting Championship (UFC) through TKO Group.[6] In collegiate athletics Endeavor-Learfield IMG represents The American, A10, Big 12, Conference USA, Horizon League, MAC, MEAC, OVC, SEC and WCC.

The group additionally owns a 20% stake in film and television production company Fifth Season (formerly Endeavor Content), with the remaining 80% owned by South Korean entertainment and retail company CJ ENM. Endeavor is headed by CEO Ari Emanuel and executive chairman Patrick Whitesell.

In April 2024, Silver Lake announced a deal to take Endeavor private, offering $27.50 per share in cash, valuing the company at $13 billion.[7]

History

Beginnings

See main article: William Morris Agency and Endeavor Talent Agency.

The Endeavor Talent Agency launched in 1995.[8] By 2009, it was one of the fastest-growing Hollywood talent agencies, with The New York Times singling out its reputation for "quick thinking, ferocity and barely bridled ambition".[9]

William Morris Endeavor

On April 27, 2009, William Morris Agency (WMA) and the Endeavor Talent Agency announced that they were forming William Morris Endeavor, or "WME".[10] Endeavor executives Ari Emanuel and Patrick Whitesell were widely seen as the architects of the merger and quickly became the Co-CEOs of WME.[11] After the official announcement of the merger, nearly 100 WMA employees and former board members were let go. One of those leaving was Jim Wiatt, who came to WMA in 1999 from International Creative Management, where he was vice-chairman. He had joined WMA as president and co-chief executive officers, and had risen to board chairman.[12] After the merger, WME moved its headquarters into the offices of Endeavor at 9601 Wilshire Boulevard in the heart of Beverly Hills.[13]

In 2011, Emanuel was quoted in a Financial Times profile about the company saying, "We built a culture where people are rewarded for taking risks."[14] Emanuel and Whitesell implemented several leadership strategies to boost the productivity of their agents, most notably, the "Farmhouse" training program.[15]

In September 2022, Richard Weitz and Christian Muirhead were named Co-Chairmen of the agency.[16]

Expansion

Endeavor grew to include several subsidiary companies and expanded divisions. Fortune named co-CEOs Ari Emanuel and Patrick Whitesell to their 2010 "Businessperson of the Year" list, acknowledging their corporate growth strategies.[17] Emanuel had previously been recognized as a 21st-century "super agent" by both The Wall Street Journal and The Guardian, as well as an Advertising Age "Influencer."[18] [19] [20] In July 2011, the company and its foundation created Camp Summer Eagle, which provides donations and activities for schoolchildren at Foster Elementary in Compton, California.[21]

Shortly after the merger, WME helped launch the investment group Raine,[22] which aligned the company with properties like Vice Media and Zumba Fitness. In 2010, WME partnered with RED Interactive,[23] a digital advertising agency. Two years later, they formed an alliance with the social media management firm TheAudience,[24] partnering with digital entrepreneur Sean Parker and executing social campaigns for properties like the Seth MacFarlane motion picture Ted and the Coachella Music Festival.[25] 2013 brought a strategic partnership between WME and creative music agency Jingle Punks, which creates, publishes and licenses music. WME is also an investor in the e-commerce platform [OpenSky], which was named one of America's "Most Promising Companies" by Forbes.[26] In 2013, Whitesell and Emanuel were profiled in Fast Company, highlighting the company's digital growth.[27]

On May 2, 2012, WME and Silver Lake Partners, a technology-focused private equity firm based in Silicon Valley, signed an agreement for Silver Lake to acquire a 31.25% minority stake in the agency for $250 million.[28] A new executive committee, consisting of Co-CEOs Ari Emanuel and Patrick Whitesell and Silver Lake Managing Director Egon Durban, was formed to lead the company's growth strategy and investment activities.[29] [30] In July 2013, WME acquired a minority stake in the creative agency Droga5. The partnership combines the companies’ advertising and entertainment resources.[31]

WME-IMG

On December 18, 2013, WME and Silver Lake announced the acquisition of IMG for $2.4 billion.[32] WME’s Ari Emanuel and Patrick Whitesell took over as co-CEOs. On January 21, 2015, it was announced that WME had acquired Global eSports Management (GEM), an international agency representing various esports and professional video game players and personalities.[33] In April 2015, they bought the Professional Bull Riders.[34] On September 23, 2015, it was announced that WME-IMG would be partnering with Turner Broadcasting to create a televised esports league, the ELeague.[35]

On September 14, 2015, WME-IMG acquired from Donald Trump the Miss Universe Organization, which produces the Miss Universe, Miss USA and Miss Teen USA beauty pageants and related content. The organization sells television rights to the pageants in other countries. Financial details were not disclosed.[36] Softbank and Fidelity Investments in early 2016 invested in WME-IMG. The company formed a joint venture in June 2016 for China with Sequoia Capital, Tencent and FountainVest Partners.[37]

On July 9, 2016, Zuffa, LLC, the parent company of Ultimate Fighting Championship, was sold to a group led by WME-IMG, its owner Silver Lake Partners, Kohlberg Kravis Roberts, and MSD Capital, for $4.025 billion, the largest-ever acquisition in the sports industry.[38] [39] On August 22, 2016, WME acquired the literary agency Rabineau Wachter Sanford & Gillett (RWSG); its co-founders, Sylvie Rabineau and Jill Holwager Gillett, head a division of WME involved in the coordination of screen adaptations of literature.[40] [41] WME/IMG purchased in August 2017 a majority stake in Bloom, a film finance and sales company led by Ken Kao and Alex Walton.[42]

Endeavor

WME-IMG reorganized in October 2017 with the parent company being renamed from WME-IMG to Endeavor. Ari Emanuel became Endeavor CEO and Patrick Whitesell became Endeavor executive chairman. The general talent agency retained the WME name as the sports agency retained the IMG name.[43] In October 2017, Endeavor Content was formed from the WME's and IMG's film financing and scripted TV sales units, WME's advisory group for film financiers and content producers and Bloom, which will continue to operate autonomously. Graham Taylor and Chris Rice were appointed as co-presidents and additional hires were Negeen Yazdi as senior vice president of film and Joe Hipps as senior vice president of television.[44]

On November 15, 2017, actor Terry Crews said on Good Morning America that Adam Venit, head of WME's motion picture department, had squeezed Crews' genitals with his hand at an industry party in February 2016. WME responded they had suspended Venit following an internal investigation,[45] on November 27, 2017, it was announced Venit would return to work after a month's unpaid leave.[46] On December 4, 2017, lawyers acting on behalf of Terry Crews filed suit against WME and Venit stating "It is now time to hold Venit accountable for his sexual predatory behavior and to hold WME accountable for its conduct in condoning, ratifying, and encouraging Venit's sexual predatory behavior".[47]

Endeavor acquired 160over90, a branding and marketing agency in Philadelphia for about $200 million in January 2018.The CEO of 160over90, John Campanella, said that Endeavor took less than two months to complete the purchase.[48]

Third Coast Content, a faith and family audiences production and publishing company, was founded in February 2018 by veteran film executive Ben Howard as CEO with Endeavor Content as an investor and as its provider of sales and advisory services.[49] In April 2019, Droga5 was acquired by Accenture.[50]

Initial public offering

On May 24, 2019, Endeavor filed forms for an initial public offering (IPO) with the Securities and Exchange Commission (SEC) that would have valued the company at $7.6 billion. The form detailed Endeavor's revenue was $3.61 billion in 2018 with a net income of $100.1 million after adjustments, and potential risks involved of being potentially sued “over alleged long-term neurocognitive impairment arising from concussions”, "collective bargaining to unionize the MMA athletes", and "five related class-action lawsuits filed against it alleging that UFC violated Section 2 of the Sherman Antitrust Act of 1890 by monopolizing the alleged market for elite professional MMA athletes' services".[51] [52] Also included in the filing was the statement that subsidiary WME Dragon Holdings LLC, which bought 49 percent of advertising agency Droga5 in 2013, agreed to sell its interest in Droga5 to Accenture Interactive for $233 million.[53]

On September 26, 2019, a day before it planned to go public, Endeavor Group announced that the IPO had been postponed in order to "evaluate the timing for the proposed offering as market conditions develop."[54] Contributing factors were reported to be the under-performance of the recent IPO for Peloton,[55] and an ongoing lawsuit with several former UFC fighters.[56]

On March 30, 2021, Endeavor Group announced a new planned IPO for later in 2021, with Elon Musk and Fawn Weaver nominated to join its board of directors.[57] [58] [59] On April 28, 2021, Endeavor Group went public on the New York Stock Exchange.[60] Endeavor subsequently used some of the proceeds from the IPO to buy out Zuffa's other shareholders at a value of $1.7 billion, making Zuffa a wholly-owned subsidiary of Endeavor. On July 19, 2021, Ursula Burns joined the board of directors.[61] On September 27, 2021, Endeavor announced that it would acquire OpenBet for $1.2 billion in cash and stock.[62] In March 2022, Musk resigned from the board.[63]

Divestment of Endeavor Content

See main article: Fifth Season (company). In 2019, the Writers Guild of America (WGA) filed a lawsuit against the four major Hollywood talent agencies, including WME, Creative Artists Agency (CAA), United Talent Agency (UTA) and ICM Partners, over their usage of packaging deals (under which a talent agency offers a production utilizing its represented writers, directors, and/or actors as a "package" to prospective studios),[64] which the WGA asserted to be an illegal conflict of interest under state and federal law.[65]

As part of agreements which would allow them to resume representing writers, the WGA called for talent agencies to reduce their interest in co-owned production companies, as they considered talent agencies owning their own production companies to be a conflict of interest.[66] In February 2021, Endeavor agreed to a new franchising deal with the WGA, under which it must cease the use of packaging deals, and not hold more than a 20% stake in production companies affiliated with the agency, thus necessitating that it divest at least 80% of Endeavor Content.[67]

On June 8, 2021, Endeavor began to seek a partner for the division in compliance with the agreement, with the whole sales team returning to the company to start the process.[68] [69] [70] On October 28, 2021, Endeavor started to solicit second-round bids for more than $750 million, with three equity firms and two strategic companies among those in the running.[71] On November 19, 2021, South Korean conglomerate CJ ENM reached a deal to acquire the stake for $775 million. The acquisition primarily covers the company's scripted business, with Endeavor retaining its non-scripted, documentary, and film consulting businesses. The sale is CJ ENM's largest acquisition to-date.[72] The $785 million purchase was completed in January 2022.[73] In September 2022, the company was renamed Fifth Season

the name stems from Eastern medicine, which recognizes the so-called "fifth season" as a celebratory time of harvest in late summer, thus representing the company's focus on global ideas and content.[74] On October 26, 2022, JKN Global Group acquired Miss Universe Organization (MUO) from Endeavor for $14 million.[75]

On March 7, 2023, Endeavor acquired unscripted production company Asylum Entertainment Group.[76] On June 2, 2023, Endeavor acquired literary agency Ross Yoon Agency.[77]

UFC–WWE merger

In January 2023, professional wrestling promotion WWE stated it was exploring a potential sale, with Endeavor being among potential suitors.[78] Its founder Vince McMahon had stepped down as chairman and CEO in mid-2022 amidst a misconduct investigation.[79] Endeavor Streaming had been providing backend services for WWE's streaming platform WWE Network since 2019.

On April 2, CNBC reported via sources that a deal between WWE and Endeavor was imminent and could be announced the next day.[80] On April 3, Endeavor and WWE officially announced the deal, under which WWE will merge with UFC parent company Zuffa to form a new publicly-traded company;[81] the name of the new entity was not announced, but it was stated that it will trade under the symbol "TKO". Endeavor will hold a 51% stake in "TKO", with WWE's shareholders having a 49% stake,[82] marking the first time that WWE has not been controlled by the McMahon family. Vince McMahon will serve as executive chairman of the new entity, Emanuel as CEO, and Mark Shapiro as president and chief operating officer. As with Endeavor's ownership of UFC, Emanuel will not take on any creative roles, with current WWE CEO Nick Khan being named president of WWE (in a similar capacity to Dana White's role in UFC).[83] Emanuel said that the merger would "bring together two leading pureplay sports and entertainment companies" and provide "significant operating synergies", while McMahon stated that "given the incredible work that Ari and Endeavor have done to grow the UFC brand—nearly doubling its revenue over the past seven years—and the immense success we’ve already had in partnering with their team on a number of ventures, I believe that this is without a doubt the best outcome for our shareholders and other stakeholders." The deal is expected to be completed on September 12, 2023. WWE and the UFC will continue to run as separate divisions of the newly merged company as per statements made by WWE CEO Nick Khan.[84] [85] Hours after the sale, law firm Ademi LLP launched an investigation into the sale, looking for "possible breaches of fiduciary duty and other violations of law".[86] WWE's stock price additionally decreased following the announcement of the sale. On May 16, it was reported that the new entity would operate under the name TKO Group Holdings.[87]

The merger was finalized on September 12, 2023.

Holdings

International
Hospitality/live events/ticket sales
Talent agencies
Branding/promotions/advertising
Movies
Broadcasting/publications
Sports/camping

Further reading

Notes and References

  1. Web site: Endeavor Group Holdings, Inc. 2023 Annual Report (Form 10-K) . February 28, 2024 . . 8,F-4,F-5 . February 29, 2024 .
  2. Web site: WME IMG Holdings LLC – Company Profile and News. 2020-09-08. Bloomberg.com. en. August 26, 2021. https://web.archive.org/web/20210826050230/https://www.bloomberg.com/profile/company/1056347D:US. live.
  3. News: Endeavor Group Could Raise $712 Million in IPO. Sebastian. Dave. 2019-09-16. The Wall Street Journal. 2020-01-31. en-US. 0099-9660. September 19, 2020. https://web.archive.org/web/20200919030422/https://www.wsj.com/articles/endeavor-group-could-raise-712-million-in-ipo-11568637025. live.
  4. News: Garrahan. Matthew. Rewriting the Hollywood script. December 29, 2011. Financial Times. December 6, 2011. January 10, 2012. https://web.archive.org/web/20120110141639/http://www.ft.com/cms/s/0/c7fd8106-1f6f-11e1-ab49-00144feabdc0.html. live.
  5. News: What Talent-Agency Merger Could Mean for Brands. Ad Age. April 28, 2009. June 9, 2013. October 19, 2013. https://web.archive.org/web/20131019184059/http://adage.com/article/madisonvine-news/entertainment-marketing-endeavor-william-morris-merger/136304/. live.
  6. Web site: Damon Martin . March 31, 2021 . Endeavor closes deal for 100 percent controlling interest over UFC ahead of planned IPO, Elon Musk joins board of directors . live . https://web.archive.org/web/20210331220019/https://www.mmafighting.com/2021/3/31/22361001/endeavor-deal-100-percent-controlling-interest-over-ufc-planned-ipo-elon-musk-board-of-directors . March 31, 2021 . July 22, 2021 . MMA Fighting.
  7. Web site: Talent agency Endeavor to go private in $13bn deal with Silver Lake . 2024-04-02 . www.ft.com.
  8. Galloway . Stephen . Jeff Berg Speaks: Plans for New Agency, What Really Happened at ICM (Exclusive) . March 5, 2013 . The Hollywood Reporter . April 17, 2020 . January 31, 2021 . https://web.archive.org/web/20210131055248/https://www.hollywoodreporter.com/news/jeff-berg-new-agency-icm-426189?page=show . live .
  9. News: Cieply. Michael. Agents Replaying a Hollywood Drama. The New York Times. July 27, 2008. February 23, 2017. May 1, 2018. https://web.archive.org/web/20180501021646/https://www.nytimes.com/2008/07/27/business/media/27agent.html?_r=3&sq=endeavor&st=cse&oref=slogin&scp=1&pagewanted=all. live.
  10. Littleton . Cynthia . WMA, Endeavor approve merger . April 27, 2009 . Variety . April 17, 2020 . November 4, 2012 . https://web.archive.org/web/20121104033037/http://www.variety.com/article/VR1118002879 . live .
  11. News: It's A Takeover, Not A Merger . . May 28, 2009 . August 30, 2009 . October 26, 2012 . https://web.archive.org/web/20121026064931/http://www.laweekly.com/2009-05-28/news/william-morris-it-39-s-a-takeover-not-a-merger/ . live .
  12. News: Layoffs in the William Morris-Endeavor Merger . Michael Cieply . December 26, 2009 . . February 16, 2019 . April 29, 2021 . https://web.archive.org/web/20210429211815/https://www.nytimes.com/2009/12/27/business/27steal.html?_r=1&adxnnl=1&adxnnlx=1262095435-iFfjNHxKyP6WEeNLa5Tssw . live .
  13. Finke . Nikki . WME Will Stay In Endeavor Headquarters Instead Of Moving To New Morris Building . October 9, 2009 . Deadline . April 17, 2020 . July 4, 2014 . https://web.archive.org/web/20140704103232/http://www.deadline.com/2009/10/wme-not-moving-to-new-building-instead-will-stay-in-endeavor-headquarters/ . live .
  14. News: Garrahan. Matthew. Rewriting the Hollywood script. Financial Times. April 30, 2012. December 6, 2011. April 3, 2023. https://web.archive.org/web/20230403195916/https://www.ft.com/content/c7fd8106-1f6f-11e1-ab49-00144feabdc0#axzz1tY1bIPHc. live.
  15. Web site: Lashinsky. Adam. Hi, It's Ari @#$%ing Emanuel, and I plan to shake up Hollywood. https://web.archive.org/web/20130608173108/https://money.cnn.com/2013/05/23/leadership/ari-emanuel-agent.pr.fortune/index.html . 2013-06-08 . Fortune. May 23, 2013. May 23, 2013.
  16. Web site: Earl . William . 2022-09-08 . WME Promotes Christian Muirhead and Richard Weitz to Co-Chairmen . 2024-08-15 . Variety . en-US.
  17. Web site: P.N.. Businessperson of the Year. Fortune. April 30, 2012. November 19, 2010. February 4, 2012. https://web.archive.org/web/20120204192827/http://money.cnn.com/galleries/2010/news/companies/1011/gallery.business_person_year.fortune/50.html. live.
  18. News: Sabbagh . Dan . Natalie Portman sparks Hollywood battle . March 16, 2011 . The Guardian . December 13, 2016 . February 2, 2017 . https://web.archive.org/web/20170202052706/https://www.theguardian.com/business/organgrinder/2011/mar/16/natalie-portman-actor-fee . live .
  19. News: Hampp . Andrew . Influencer: Ari Emanuel, William Morris Endeavor Agency . January 3, 2011 . Advertising Age . June 7, 2013 . May 16, 2013 . https://web.archive.org/web/20130516084537/http://adage.com/abstract?article_id=147947 . live .
  20. News: Karmin . Craig . How a Parking Garage Stymied Hollywood's Super Agent . January 27, 2012 . Wall Street Journal . June 7, 2013 . May 11, 2012 . https://web.archive.org/web/20120511155218/http://online.wsj.com/article/SB10001424052970203363504577185142361065750.html . live .
  21. Web site: Littleton. Cynthia. Campers get star treatment from WME. July 18, 2011. July 18, 2011. April 14, 2013. https://web.archive.org/web/20130414043913/http://variety.com/2011/tv/news/campers-get-star-treatment-from-wme-1118040040/. live.
  22. News: Lattman. Peter. Ex-Bankers Start Fund to Invest in Media. The New York Times. March 29, 2011. September 19, 2010. December 26, 2010. https://web.archive.org/web/20101226192830/http://dealbook.nytimes.com/2010/09/19/ex-bankers-start-fund-to-invest-in-media/. live.
  23. Web site: RED Interactive Agency. March 29, 2011. March 1, 2011. https://web.archive.org/web/20110301035118/http://www.linkedin.com/company/red-interactive-agency. live.
  24. Web site: Empson. Rip. TheAudience: A Stealthy, Celeb-Driven Startup Co-founded By Sean Parker, Ari Emanuel & Oliver Luckett. July 26, 2012. Tech Crunch. July 26, 2012. July 28, 2012. https://web.archive.org/web/20120728230447/http://techcrunch.com/2012/07/26/theaudience/. live.
  25. News: Barnes. Brooks. A-Listers, Meet Your Online Megaphone. New York Times. November 10, 2012. November 10, 2012. November 11, 2012. https://web.archive.org/web/20121111031749/http://www.nytimes.com/2012/11/11/business/oliver-luckett-of-theaudience-building-online-fan-bases.html?pagewanted=all. live.
  26. America's Most Promising Companies. Forbes. 2 April 2013. February 14, 2018. https://web.archive.org/web/20180214014841/https://www.forbes.com/companies/opensky/. live.
  27. Laporte . Nicole . WME's Agent Provocateurs Ari Emanuel And Patrick Whitesell . March 18, 2013 . Fast Company . June 9, 2013 . June 1, 2013 . https://web.archive.org/web/20130601053543/http://www.fastcompany.com/magazine/174/creative-conversations-ari-emanuel-patrick-whitesell . live .
  28. William Morris Endeavor Entertainment and Silver Lake Announce Strategic Partnership. PR Newswire. May 27, 2012. May 14, 2012. https://web.archive.org/web/20120514213429/http://www.prnewswire.com/news-releases/william-morris-endeavor-entertainment-and-silver-lake-announce-strategic-partnership-149861875.html. live.
  29. Web site: Chon. Gina. Silver Lake Buys Stake in WME Agency. The Wall Street Journal. May 8, 2012. May 2, 2012. May 6, 2012. https://web.archive.org/web/20120506191338/http://online.wsj.com/article/SB10001424052702304746604577380132252034746.html. live.
  30. Web site: William Morris Endeavor Entertainment and Silver Lake Announce Strategic Partnership. PR Newswire. May 8, 2012. May 2, 2012. May 5, 2012. https://web.archive.org/web/20120505231605/http://www.prnewswire.com/news-releases/william-morris-endeavor-entertainment-and-silver-lake-announce-strategic-partnership-149861875.html. live.
  31. Beltrone . Gabriel . Droga's Delicious World . December 10, 2012 . AdWeek .
  32. Web site: UPDATE: WME Brass Welcome IMG Staffers As Acquisition Deal Closes. Dominic. Patten. May 7, 2014. November 17, 2016. April 26, 2014. https://web.archive.org/web/20140426061336/http://www.deadline.com/2013/12/wme-silver-lake-acquire-img-worldwide/. live.
  33. Zumberge . Marianne . WMEIMG Acquires Global eSports Management Gaming Agency . January 21, 2015 . . February 13, 2015 . February 13, 2015 . https://web.archive.org/web/20150213072823/http://variety.com/2015/biz/news/wmeimg-acquires-global-esports-management-gaming-agency-1201410955/ . live .
  34. Web site: WME IMG acquires Professional Bull Riders, INC.. Professional Bull Riders. July 11, 2017. https://web.archive.org/web/20190605041405/https://www.pbr.com/article/335716/wme-img-acquires-professional-bull-riders-inc. June 5, 2019. dead.
  35. Web site: Turner, WME/IMG Form E-Sports League, With TBS to Air Live Events. Todd. Spangler. Variety. September 23, 2015. November 13, 2015. December 12, 2017. https://web.archive.org/web/20171212084754/https://variety.com/2015/tv/news/turner-wme-img-esports-league-tbs-1201600921/. live.
  36. Web site: WME/IMG Acquires Miss Universe Organization From Donald Trump. Cynthia. Littleton. September 14, 2015. November 17, 2016. November 8, 2020. https://web.archive.org/web/20201108163857/https://variety.com/2015/biz/news/donald-trump-miss-universe-wmeimg-acquisition-1201592910/. live.
  37. News: Belloni . Matthew . WME-IMG Reveals New China Venture With Sequoia Capital and Tencent . August 3, 2019 . The Hollywood Reporter . June 9, 2016 . en . August 3, 2019 . https://web.archive.org/web/20190803203502/https://www.hollywoodreporter.com/news/wme-img-reveals-new-china-901121 . live .
  38. News: U.F.C. Sells Itself for $4 Billion. The New York Times. July 11, 2016. July 11, 2016. July 13, 2016. https://web.archive.org/web/20160713090058/http://www.nytimes.com/2016/07/11/business/dealbook/ufc-sells-itself-for-4-billion.html?_r=0. live.
  39. Web site: Dana White on $4 billion UFC sale: 'Sport is going to the next level'. ESPN.com. July 11, 2016. ESPN. July 11, 2016. July 12, 2016. https://web.archive.org/web/20160712122913/http://espn.go.com/mma/story/_/id/16970360/ufc-sold-unprecedented-4-billion-dana-white-confirms. live.
  40. Web site: WME Acquires Literary Agency RWSG. Variety. August 22, 2016. May 12, 2017. February 10, 2017. https://web.archive.org/web/20170210001953/http://variety.com/2016/biz/news/wme-buys-rwsg-1201842051/. live.
  41. Web site: Why Indie Agency RWSG Sold to WME: "It Felt Like a Crossroads". The Hollywood Reporter. August 25, 2016. May 12, 2017. August 26, 2016. https://web.archive.org/web/20160826190635/http://www.hollywoodreporter.com/bookmark/why-indie-agency-rwsg-sold-922023. live.
  42. News: McNary . Dave . Dave McNary . WME-IMG Buys Majority Stake in Film Sales-Finance Company Bloom . August 3, 2019 . . August 30, 2017 . en . August 3, 2019 . https://web.archive.org/web/20190803203503/https://variety.com/2017/biz/news/wme-img-majority-stake-bloom-1202542878/ . live .
  43. Web site: WME-IMG Renames Parent Company as Endeavor. Hollywood Reporter. October 9, 2017. February 12, 2018. November 1, 2022. https://web.archive.org/web/20221101114349/https://www.hollywoodreporter.com/business/business-news/wme-img-renames-parent-company-as-endeavor-1047094/. live.
  44. News: Littleton . Cynthia . WME, IMG Combine Film and TV Sales Operations Under Endeavor Content Banner . August 3, 2019 . Variety . October 16, 2017 . en . August 3, 2019 . https://web.archive.org/web/20190803203504/https://variety.com/2017/biz/news/wme-img-endeavor-content-film-tv-sales-1202590567/ . live .
  45. News: Kindelan. Katie. Ghebremedhin. Sabina. Terry Crews names alleged sexual assaulter: 'I will not be shamed'. ABC News. ABC. November 15, 2017. November 15, 2017. November 15, 2017. https://web.archive.org/web/20171115161823/http://abcnews.go.com/Entertainment/terry-crews-names-alleged-sexual-assaulter-shamed/story?id=51146972. live.
  46. News: What About Your Friends? Why Hollywood's Abandonment Of Terry Crews Is Unacceptable. BET. December 4, 2017. December 4, 2017. https://web.archive.org/web/20171204001242/https://www.bet.com/celebrities/news/2017/11/30/terry-crews.html. live.
  47. News: Terry Crews Sues WME & "Rabid Dog" Adam Venit For Sexual Assault. Patten. Dominic. December 6, 2017. Deadline Hollywood. December 6, 2017. en-US. December 6, 2017. https://web.archive.org/web/20171206021359/http://deadline.com/2017/12/terry-crews-sues-agent-adam-venit-sexual-assault-ari-emanuel-adam-sandler-wme-1202220752/. live.
  48. News: Cineas. Fabiola. How Philly's 160over90 Got Acquired by a Global Marketing Firm in Less Than 60 Days. Philly Mag. January 15, 2018. July 13, 2024. }
  49. News: Kroll . Justin . Ben Howard to Head New Production Company Third Coast Content . August 3, 2019 . Variety . February 27, 2018 . en . August 13, 2019 . https://web.archive.org/web/20190813023634/https://variety.com/2018/film/news/ben-howard-third-coast-content-1202710911/ . live .
  50. News: Accenture Is Buying Droga5, an Ad Agency, Making a Bet on Creativity. Maheshwari. Sapna. April 3, 2019. The New York Times. April 5, 2019. en-US. 0362-4331. April 5, 2019. https://web.archive.org/web/20190405005703/https://www.nytimes.com/2019/04/03/business/media/accenture-droga5-advertising.html. live.
  51. Web site: UFC parent company Endeavor files papers to go public. Youngs. Jose. May 23, 2019. MMA Fighting. May 24, 2019. May 24, 2019. https://web.archive.org/web/20190524015109/https://www.mmafighting.com/2019/5/23/18637859/ufc-parent-company-endeavor-files-papers-to-go-public. live.
  52. News: Endeavor Group, Owner of UFC and Miss Universe Pageant, Files for IPO. Watson. R. T.. May 23, 2019. The Wall Street Journal. 2019-05-24. en-US. 0099-9660. October 4, 2019. https://web.archive.org/web/20191004141654/https://www.wsj.com/articles/endeavor-group-owner-of-ufc-and-miss-universe-pageant-files-for-ipo-11558633471. live.
  53. Droga5's implied price tag? $475 Million: Endeavor's IPO filing reveals clues about what Accenture paid. Johnson. Bradley. Advertising Age. May 27, 2019. 90. 11. 1.
  54. Web site: Endeavor Postpones Its IPO. September 26, 2019. The Hollywood Reporter. 2019-09-26. September 27, 2019. https://web.archive.org/web/20190927011437/https://www.hollywoodreporter.com/news/endeavor-drops-ipo-report-1243680. live. .
  55. Web site: Endeavor Pulls IPO After Peloton's Poor Debut. Farrell. Maureen. September 26, 2019. Wall Street Journal. 2019-09-26. September 27, 2019. https://web.archive.org/web/20190927011419/https://www.wsj.com/articles/peloton-interactive-shares-open-lower-than-ipo-price-11569516345. live.
  56. Web site: UFC owners at Endeavor bail on initial public offering after pulling stock set for Friday release. Martin. Damon. September 26, 2019. MMA Fighting. 2019-09-26. September 27, 2019. https://web.archive.org/web/20190927011421/https://www.mmafighting.com/2019/9/26/20886098/ufc-owners-at-endeavor-bail-on-initial-public-offering-after-pulling-stock-set-for-friday-release. live.
  57. Web site: Form S-1/A Endeavor Group Holdings, Inc.. SEC Report. United States Securities and Exchange Commission. April 23, 2021. April 23, 2021. https://web.archive.org/web/20210423150820/https://sec.report/Document/0001193125-21-122043/. live.
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  59. Web site: Kolodny. Alex Sherman,Lora. 2021-04-01. Elon Musk tapped to join board of Endeavor Group, owner of UFC and Miss Universe contest. 2021-11-19. CNBC. en. November 19, 2021. https://web.archive.org/web/20211119022550/https://www.cnbc.com/2021/03/31/elon-musk-tapped-to-join-endeavor-group-as-new-board-member.html. live.
  60. Web site: Littleton. Cynthia. 2021-04-29. Endeavor Debuts on NYSE, Testing Investors' Appetite for Content-Focused Growth Stock. live. 2021-11-19. Variety. en-US. November 19, 2021. https://web.archive.org/web/20211119022548/https://variety.com/2021/tv/news/endeavor-ipo-emanuel-wme-stock-1234962887/.
  61. Web site: Hayes. Dade. 2021-07-19. Ursula Burns, Former CEO Of Xerox And Veon, Joins Endeavor Board. 2021-07-26. Deadline. en-US. July 26, 2021. https://web.archive.org/web/20210726163227/https://deadline.com/2021/07/ursula-burns-joins-endeavor-board-xerox-ceo-1234795712/. live.
  62. Web site: Endeavor to Buy OpenBet Sports-Gambling Company for $1.2 Billion. Variety. September 27, 2021. Todd. Spangler. September 28, 2021. September 28, 2021. https://web.archive.org/web/20210928073348/https://variety.com/2021/biz/news/endeavor-acquires-openbet-1235075561/. live.
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  64. Web site: Handel. Jonathan. 2019-04-03. Television Packaging Deals: All the Confusing Questions Answered. live. 2021-11-19. The Hollywood Reporter. en-US. November 19, 2021. https://web.archive.org/web/20211119022548/https://www.hollywoodreporter.com/news/general-news/what-exactly-are-packaging-fees-a-writers-agents-explainer-1198974/.
  65. News: GA Sues Talent Agencies in Battle Against Packaging Fees . Littleton . Cynthia . Donnelly . Matt . Variety . 2019-04-17 . 2019-06-29 . October 29, 2021 . https://web.archive.org/web/20211029142950/https://variety.com/2019/biz/news/wga-sues-talent-agencies-1203191199/ . live .
  66. News: Hayden. Erik. 2020-09-20. Writers Guild Asks CAA, WME to Disclose Ownership Structure to Make a Deal. The Hollywood Reporter. 2021-10-29. October 29, 2021. https://web.archive.org/web/20211029151132/https://www.hollywoodreporter.com/business/business-news/writers-guild-asks-caa-wme-to-disclose-ownership-structure-to-make-a-deal-4069527/. live.
  67. News: Littleton. Christina. 2021-02-05. WME Reaches Deal With WGA on Packaging and Endeavor Content Divestment. Variety. 2021-10-29. October 29, 2021. https://web.archive.org/web/20211029151132/https://variety.com/2021/tv/news/wme-wga-endeavor-content-packaging-production-1234902142/. live.
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  69. News: Endeavor Content's Film Sales Team To Return To WME In Coming Months As Indie Studio Prepares To Sell Majority Stake . Andrevaa . Nelie . Fleming . Mike Jr. . Deadline . 2021-06-08 . 2021-10-29 . October 29, 2021 . https://web.archive.org/web/20211029151132/https://deadline.com/2021/06/endeavor-content-film-sales-team-returns-to-wme-indie-studio-prepares-to-sell-majority-stake-1234771490/ . live .
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  71. News: Endeavor Content, studio behind 'Killing Eve' and 'Nine Perfect Strangers,' solicits bids for more than $750 million . Sherman . Alex . CNBC . 2021-10-28 . 2021-10-29 . October 29, 2021 . https://web.archive.org/web/20211029164046/https://www.cnbc.com/2021/10/28/endeavor-content-solicits-bids-for-around-750-million-.html . live .
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  75. News: JKN acquires Miss Universe Organization. October 26, 2022. Bangkok Post. October 26, 2022. April 3, 2023. https://web.archive.org/web/20230403195949/https://www.bangkokpost.com/business/2423031/jkn-acquires-miss-universe-organization. live.
  76. Web site: White. Peter. 2023-03-07. Endeavor Acquires Majority Stake In Asylum Entertainment Group As Founder Steve Michaels Plans Major Non-Scripted M&A Drive. 2023-03-07. Deadline. en-US. March 7, 2023. https://web.archive.org/web/20230307191632/https://deadline.com/2023/03/endeavor-acquires-asylum-entertainment-group-1235280933/. live.
  77. Web site: Hayden . Erik . WME Buys D.C. Literary Agency Ross Yoon, Bringing Over Authors and Journalists . . June 2, 2023.
  78. Web site: Sherman . Alex . January 7, 2023 . Vince McMahon is back at WWE to ensure a smooth sale process. Here's who might want to buy it . January 10, 2023 . CNBC . en . January 9, 2023 . https://web.archive.org/web/20230109222343/https://www.cnbc.com/2023/01/07/who-would-buy-wwe-as-mcmahon-returns-to-board-to-pursue-sale.html . live .
  79. Web site: 2022-06-17 . Vince Mcmahon Steps Back As Wwe Ceo & Chairman Of The Board, Stephanie Mcmahon Returns To Company . 2022-06-24 . PWInsider.com . February 25, 2023 . https://web.archive.org/web/20230225165526/https://www.pwinsider.com/article/160037/vince-mcmahon-steps-back-as-wwe-ceo-chairman-of-the-board-stephanie-mcmahon-returns-to-company.html?p=1 . live .
  80. Web site: Sherman . Alex . April 2, 2023 . WWE near deal to be sold to UFC parent Endeavor, sources say . April 2, 2023 . CNBC . April 2, 2023 . https://web.archive.org/web/20230402205348/https://www.cnbc.com/2023/04/02/wwe-ufc-endeavor-deal.html . live .
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  83. Web site: 2023-04-03 . Vince McMahon: I will remain involved in WWE creative at a 'higher level' . 2023-04-03 . Wrestling Observer/Figure Four Online.
  84. News: Miller . Nick . Nick Khan Explains How WWE & UFC Decisions Will Be Made Under TKO Umbrella . Wrestling Inc. . September 13, 2023.
  85. Web site: May 3, 2023 . Nick Khan And Triple H Discuss WWE – Endeavor . May 3, 2023 . PWMania.
  86. Web site: Bixenspan, David . April 4, 2023 . Law Firm Announces It's Investigating WWE Over Endeavor Sale . April 16, 2023.
  87. Web site: Sherman, Alex and Calia, Mike . May 16, 2023 . The combined WWE and UFC will be called TKO Group . May 17, 2023 . CNBC.
  88. Web site: Endeavor buys sports events company for $660 million as agencies diversify. 2020-01-02. Los Angeles Times. en-US. 2020-01-31. January 31, 2020. https://web.archive.org/web/20200131115520/https://www.latimes.com/entertainment-arts/business/story/2020-01-02/endeavor-acquires-on-location-experiences. live.
  89. Web site: Pogrebin . Robin . Frieze Art Fair Acquires Armory Show and Expo Chicago . . 14 July 2023 . https://web.archive.org/web/20230714004842/https://www.nytimes.com/2023/07/13/arts/frieze-acquires-armory-show-expo-chicago.html . 14 July 2023 . 13 July 2023 . live.
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