Endeavor Shares Edge Higher in Trading Debut

Endeavor Group trades slightly higher in its stock market trading debut.
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Sports and entertainment agency Endeavor Group  (EDR) - Get Report was trading slightly higher Thursday in its stock market trading debut.

The shares opened at $26.20. They were trading at $24.46, up 1.92% from the initial public offering price of $24.

That $24 price represent the top of Endeavor’s expected range. It’s selling 21.3 million shares, raising $511 million.

Endeavor owns the Ultimate Fighting Championship and talent agency WME. Its clients include star actor Mark Wahlberg and tennis icon Serena Williams.

Industry heavyweight Ari Emanuel, brother of former Chicago Mayor Rahm Emanuel, is CEO of the company.

Last year, Endeavor said it generated $3.48 billion of revenue, a net loss of $625.3 million, adjusted profit of $84.8 million and adjusted EBITDA of $572.5 million.

That compares to $4.57 billion of revenue, a net loss of $530.7 million, adjusted profit of $240.9 million and adjusted EBITDA of $733.5 million in 2019.

“COVID-19 has had a significant impact on our 2020,” Endeavor said. The pandemic cancelled many entertainment events and kept potential attendees at home.