May 23, 2019

Ari Emanuel's Endeavor files for IPO

Illustration: Lazaro Gamio/Axios

Endeavor Group, the talent agency and live events company led by Ari Emanuel, filed for an initial public offering on Thursday.

Why it matters: In addition to owning Hollywood's largest talent agency, Endeavor also houses the Ultimate Fighting Championship and Professional Bull Riders, plus a video streaming effort that's signed such clients as World Wrestling Entertainment.

  • Endeavor reports $231 million of profit on $3.6 billion in revenue for 2018. That swings to a $152 million net loss on around $1 billion in revenue for Q1 2019.
  • Its largest segment is sports and entertainment ($2.77 billion in 2018 revenue), followed by representation ($1.3 billion).
  • It plans to trade on the New York Stock Exchange under the ticker EDR
  • Goldman Sachs is the IPO's co-lead underwriter with KKR, which in 2016 helped Endeavor purchase Ultimate Fighting Championship for over $4 billion.
  • The company's other major private equity backer is Silver Lake, although specific ownership stakes weren't disclosed in the IPO filing. We'll get that later.
  • Endeavor didn't disclose how much it plans to raise in the IPO, only listing a $100 million placeholder figure.
  • It plans to use a dual-class stock structure, which would keep the company controlled by Emanuel, Silver Lake and executive chairman Patrick Whitesell.

Emanuel writes in the IPO prospectus:

"Content is no longer defined solely by the traditional categories on which our businesses were founded. Television, movies and live events have been joined by others including podcasts, experiences, social media, multiplayer video games and esports. Wherever you are in the world and whatever way you define content, Endeavor is likely playing a role."

Go deeper: Endeavor no longer looks like the Hollywood talent agency of old

Go deeper

Kenan Thompson and Hasan Minhaj to headline White House Correspondents' Dinner

Kenan Thompson on "SNL" in 2018. Photo: Rosalind O'Connor/NBC via Getty Images

Kenan Thompson, the longest-tenured "Saturday Night Live" cast member, will host the White House Correspondents' Association dinner on April 25.

And Hasan Minhaj — host of Netflix’s "Patriot Act with Hasan Minhaj," and the entertainer at the 2017 dinner — will return as featured entertainer.

"Billions": Season 2020

Mike Bloomberg speaks at Hardywood Park Craft Brewery in Richmond, Va., on Saturday. Photo: James H. Wallace/Richmond Times-Dispatch via AP

Money alone can’t buy a presidential election, but it surely gets you VIP access.

Why it matters: Billionaire Michael Bloomberg is duking it out with Billionaire Donald Trump, often on Billionaire Jack Dorsey’s Twitter and in ads on Billionaire Mark Zuckerberg’s Facebook, all chronicled in Billionaire Jeff Bezos’ Washington Post. 

Biometrics invade banking and retail

Illustration: Eniola Odetunde/Axios

Banks have been quietly rolling out biometrics to identify customers — verifying them by their fingerprint, voice or eye scan — and retailers like Amazon are getting into the game.

Why it matters: These companies are amassing giant databases of our most personal information — including our gait, how we hold our cellphones, our typing patterns — that raise knotty questions about data security and privacy.