The entertainment, sports and fashion giant Endeavor is seeking to raise $250 million by June to help soften the effects of the coronavirus pandemic, the New York Post reported. Endeavor was expecting a $150 million dividend payment from the Ultimate Fighting Championship – which it owns half of – only to have the UFC cancel its events and payout because of the outbreak. Endeavor’s operations also include entertainment agency WME, Professional Bull Riders, artist management agency The Wall Group, EuroLeague and IMG.
That $150 million was intended to help fund a stock buyback program by Endeavor after the company pulled its IPO in September. Instead of getting a rebuild off the ground, the Post said the coronavirus has brought “Endeavor’s business to a halt.” The firm’s leader, Ari Emanuel, has reportedly turned to private equity firm Silver Lake, which already owns 42% of Endeavor, to help source the $250 million.
Last week, Endeavor announced a furlough or pay cut to 2,500 employees, approximately a third of the company. Any money from those savings will go to basic functions as it struggles to keep the lights on.
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