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Hollywood's biggest talent agency owner is finally going public

Key Points
  • Endeavor, a global entertainment, sports and content company, is going public.
  • The company will list on the New York Stock Exchange under the symbol "EDR."
  • Goldman Sachs will be the IPO's lead banker, according to the S-1 filing.
Ari Emanuel speaks onstage during the 2017 LACMA Art + Film Gala Honoring Mark Bradford and George Lucas presented by Gucci at LACMA on November 4, 2017 in Los Angeles, California. 
Stefanie Keenan | Getty Images Entertainment | Getty Images

Ari Emanuel's company Endeavor is finally going public.

The global entertainment, sports and content company will list on the New York Stock Exchange under the symbol "EDR," according to registration documents filed publicly Thursday with the Securities and Exchange Commission.

Endeavor said it plans to raise $100 million in the offering. Companies typically use $100 million as a placeholder before disclosing the actual figure at a later date. Proceeds the company receives from this offering will go towards working capital and general corporate purposes.

Here are the highlights from Endeavor's filing:

  • Revenue: Endeavor reported 2018 revenue of $3.6 billion
  • Net income: The company posted net income of $231.3 million in the year ended Dec. 31, 2018.

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

An IPO has been rumored since Emanuel and Patrick Whitesell merged their talent agency with sports and modelling agency IMG in 2013. Since then, Endeavor has acquired the Ultimate Fighting Championship, professional bull riders, the Frieze Art Fair and marketing agency 160over90.

Goldman Sachs will be the IPO's lead banker along with KKR Capital Markets, the capital markets arm of the investment firm that helped Endeavor purchase UFC for more than $4 billion in 2016, according to the registration documents. J.P. Morgan, Morgan Stanley and Deutsche Bank are also listed.

Endeavor plans on using a dual-class stock structure that would keep the company controlled by Emanuel, Whitesell and private equity backer Silver Lake.

"As the entertainment industry moves toward a closed ecosystem model with less transparency, our clients and businesses need more insight, resources and solutions than ever before," the company wrote in 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."

Endeavor said rapidly changing consumer preferences, industry trends and the popularity of the talent they represent are all risk factors for the stock.