Endeavor — the parent company of the UFC that purchased the promotion for just over $4 billion — has filed paperwork to go public on the New York Stock Exchange.
Rumors have been swirling for months that Endeavor planned to take the company public but now the filing has been done with the Securities and Exchange Commission.
While there’s no official word on the type of capital that Endeavor hopes to raise with the initial public offering (IPO), the Hollywood Reporter stated that organization previously known as WME-IMG is looking to add approximately $500 million in capital with the company’s evaluation at more than $6 billion.
“As the entertainment industry moves toward a closed ecosystem model with less transparency, our clients and business need more insight, resources and solutions than ever before,” Endeavor CEO Ari Emanuel wrote in a letter than came along with the filing. “We believe being a public company will only further accelerate our ability to look around corners and open up new categories and opportunities for those in the Endeavor network.”
Included in the paperwork to go public, Endeavor disclosed financial information about the company for the first time ever. According to the filing, Endeavor generated $3.61 billion in revenue in 2018 with a net income of $231.3 million. Following adjustments, the net income was brought to $100.1 million with earnings before interest, taxes, depreciation and amortization at $551.1 million.
The filing also disclosed the salaries for Emanuel and Endeavor executive chairman Patrick Whitesell, who both made $5 million last year with $1 million in salary and another $4 million paid out in bonuses.
In addition to owning the UFC, Endeavor boasts one of the most impressive talent agencies in all of Hollywood as they represent hundreds of actors, directors, writers, musicians and authors not to mention Endeavor Content, which sells the rights to films and television series such as the Oscar nominated film ‘La La Land’ as well as the AMC series ‘Killing Eve’.
Endeavor is also the owner of the PBR rodeo series as well as the Miss America Pageant, which was purchased from President Donald Trump after he previously owned the entity.
The UFC is a major asset in the Endeavor portfolio after the $4 billion purchase as well as the 7 year television rights deal that was signed with ESPN just recently.
Once the company goes public, stockholders will be privy to more financial information about the company than ever before, although as a privately held company previously nothing had to be revealed.