Endeavor issued the following press release announcing that it will be initiating a formal review to help grow its strategic alternatives moving forward. However, the company will not consider the sale or disposition for TKO (WWE & UFC) despite the value declining on the public market. Full details can be found below.
BEVERLY HILLS, Calif.–(BUSINESS WIRE)–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.
Endeavor has not set a deadline or definitive timetable for the completion of the strategic alternatives review process, and there can be no assurance that this process will result in any particular outcome. The Company does not intend to comment further regarding the review of strategic alternatives until it determines disclosure is necessary or advisable.
WWE and UFC officially became TKO on the market on September 12th.
