Endeavor Group, (EDR) parent of one of the world's largest talent and content agencies, plans to raise about $712 million in its initial public offering, according to a filing with the Securities and Exchange Commission.
The company behind the William Morris talent agency and the Ultimate Fighting Championship martial arts franchise said it planned to offer 19.4 million common shares at $30 to $32 apiece. The underwriters have an option on 2.9 million more shares.
"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," Endeavor CEO Ariel Emanuel said in a letter included in the Sept. 16 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 plans to list its shares on the New York Stock Exchange under the symbol EDR.
The company reported a first-half net loss of $192.6 million, narrowed from a $404.5 million loss for the year-earlier period. The company generated just over $2 billion in revenue in first-half 2019, up from $1.5 billion a year earlier. Endeavor said the revenue increase was driven by 46% growth in its entertainment and sports segment.
The company had planned to go public in May but delayed the move as it finalized the acquisition of premium-hospitality and live-events company On Location Experiences, the Wall Street Journal reported in August, citing people familiar with the matter.