EDIT: I didn't see the other damn thread. Mods, feel free to delete, sorry.
CREDIT: REX/Shutterstock/WME-IMG
Per Zane Simon at Bloody Elbow:
Ever since the UFC’s parent company, WME-IMG, announced that they were planning a public stock offering back in the spring, the watchword from financial advisors has been ‘caution.’ The corporate entertainment giant that Endeavor has become is laden with debt, largely due to their aggressive acquisition of sports and media organizatons like the UFC.
Initially set to go public earlier this year, Endeavor delayed their stock offering over the summer to finalize the acquisition of OnLocation Experiences—which offers VIP-style packages for sports events and concerts, among other things. However, they sounded like they were finally ready to hit the stock market this week, with an IPO set to go public early Friday, September 27th. In the weeks leading up to the offering, the LA Times reported that Endeavor had hoped to raise somewhere in the neighborhood of $600 million dollars, at a share price of $30-32.
The New York Post reported on Wednesday that those expectations may need to be scaled back somewhat. Endeavor recently released their ‘road show’ video package, meant to entice potential investors. But, according to the Post, the response has been less than electric. “It was not received well,” a source was quoted as saying, of the company’s presentation. And while some insiders were quoted as doubting that Endeavor would pull their IPO as a result of its poorer than hoped reception, the Wall Street Journal now reports that that’s exactly what has happened.
A lack of excitement around Endeavor’s offering was expected to push their stock as low as $25-26 a share, or closer to $484 million for the ~19 million shares.
Rest of article is here.
CREDIT: REX/Shutterstock/WME-IMG
Per Zane Simon at Bloody Elbow:
Ever since the UFC’s parent company, WME-IMG, announced that they were planning a public stock offering back in the spring, the watchword from financial advisors has been ‘caution.’ The corporate entertainment giant that Endeavor has become is laden with debt, largely due to their aggressive acquisition of sports and media organizatons like the UFC.
Initially set to go public earlier this year, Endeavor delayed their stock offering over the summer to finalize the acquisition of OnLocation Experiences—which offers VIP-style packages for sports events and concerts, among other things. However, they sounded like they were finally ready to hit the stock market this week, with an IPO set to go public early Friday, September 27th. In the weeks leading up to the offering, the LA Times reported that Endeavor had hoped to raise somewhere in the neighborhood of $600 million dollars, at a share price of $30-32.
The New York Post reported on Wednesday that those expectations may need to be scaled back somewhat. Endeavor recently released their ‘road show’ video package, meant to entice potential investors. But, according to the Post, the response has been less than electric. “It was not received well,” a source was quoted as saying, of the company’s presentation. And while some insiders were quoted as doubting that Endeavor would pull their IPO as a result of its poorer than hoped reception, the Wall Street Journal now reports that that’s exactly what has happened.
A lack of excitement around Endeavor’s offering was expected to push their stock as low as $25-26 a share, or closer to $484 million for the ~19 million shares.
Rest of article is here.
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