Wednesday, April 24, 2024

Showbiz Biz: William Morris Endeavor May Be Up for Sale, Song Cataloger Hipgnosis Fund Faces the Music Thursday

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Two big biz stories breaking today:

William Morris Endeavor, aka Endeavor Holdings, may be on the block. First CAA was sold, now their rival could be looking for a deal.

Here’s the release:

Endeavor Group Holdings, Inc. (NYSE: EDR) (“Endeavor” or the “Company”), a global sports and entertainment company, today announced the initiation of a formal review to evaluate strategic alternatives for the Company.

As part of this review of strategic alternatives, the Company will not consider the sale or disposition of the Company’s interest in TKO Group Holdings, Inc.

“Given the continued dislocation between Endeavor’s public market value and the intrinsic value of Endeavor’s underlying assets, we believe an evaluation of strategic alternatives is a prudent approach to ensure we are maximizing value for our shareholders,” said Ariel Emanuel, CEO of Endeavor.

Tomorrow we get the news from Hipgnosis, owner of numerous song catalogs of famous musicians. Do they stay in business? Do they get sold? Will the shareholders bail and look for other places to invest their money? Are they sold right back to Merck Mercuriadis, who runs them now, and Blackstone Group?

Hipgnosis Stock dropped precipitously on October 16, but it’s bounced back a little since then. What tune will everyone be whistling tomorrow?

Roger Friedman
Roger Friedmanhttps://www.showbiz411.com
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.
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