Endeavor goes private, WME Group formed
Endeavor is being renamed WME Group after going private once again following the completion of its acquisition by majority shareholder Silver Lake.
The name change reflects the company’s focus on its representation businesses, which include talent agency WME, global marketing agency 160over90, IMG Licensing and Pantheon Media Group. US-headquartered Endeavor went public on the New York Stock Exchange in 2021.
The move has resulted in role changes for Ari Emanuel, who switches from Endeavor CEO to WME Group executive chairman, and Mark Shapiro, who becomes president and managing partner, WME Group, having previously served as Endeavor president and COO.
“Our ability to deliver landmark partnerships, career-defining business opportunities, and enduring cultural moments is amplified by this transaction and the formation of WME Group,” says Shapiro. “The Silver Lake team has proven time and again that they are all-in on representation and content, and our clients, partners, and employees will thrive under our new structure.”
Endeavor stockholders are entitled to receive $27.50 in cash for each share of Endeavor Class A common stock they owned.
“I am grateful to Egon and the team at Silver Lake for the trust they have placed in me as a founder and entrepreneur,” adds Emanuel. “Together, we have created and enhanced a foundation unlike any other to accelerate value creation for clients and partners across WME Group and TKO, which I am excited to continue to build and grow.”
“This remarkable moment – and the even more exciting future it launches – is thanks first and foremost to Ari Emanuel and Patrick Whitesell”
The company was formed as WME-IMG via the 2013 merger of music/media agency William Morris Endeavor and International Management Group, rebranding as Endeavor in 2017.
The firm will retain its controlling ownership stake in TKO Group – the publicly listed entity consisting of UFC and WWE. According to Silver Lake, when consolidating all of TKO’s value into Endeavor, the combined total enterprise value is $25 billion, making it “the largest private equity sponsor public-to-private investment transaction in over a decade, and the largest ever in the media and entertainment sector”.
Meanwhile, former Endeavor executive chairman Patrick Whitesell will become the CEO and founder of a new platform in partnership with Silver Lake to invest in and scale properties and IP across sports, media, and entertainment.
“This remarkable moment – and the even more exciting future it launches – is thanks first and foremost to Ari Emanuel and Patrick Whitesell, and to the relentless and ambitious strategic vision they have shared for more than 20 years to build Endeavor into a global powerhouse across talent, brands, and IP spanning entertainment, media and sports,” says Egon Durban, co-CEO and managing partner of Silver Lake.
“Silver Lake is proud and honoured to be their partners since 2012 as they have continued to build the company. Over this period, revenue has grown by twentyfold. Silver Lake has previously invested on six separate occasions to support Endeavor and now, with this latest investment, it is the single largest position in our global portfolio.”
WME‘s music roster includes the likes of Coldplay, Adele, Dua Lipa, Justin Timberlake, Bruno Mars, Pearl Jam, The Killers and Foo Fighters.
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