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?
