The second time was the charm for superagent-turned-mogul Ari Emanuel.
After facing the embarrassment of being forced to pull the initial public offering for Endeavor Group Holdings at the 11th hour in 2019, shares of his entertainment and live events conglomerate debuted Thursday on the New York Stock Exchange with a 5% gain.
Endeavor includes the venerable William Morris Agency and the sports and modeling agency IMG as well as live events as varied as the Professional Bull Riders tour and Miss Universe. Most appealing to investors, the firm is in the process of acquiring 100% of the mixed-martial-arts league UFC, which experienced considerable growth during the pandemic.
Endeavor's leaders Ari Emanuel and Patrick Whitesell, as well as UFC president Dana White, all appeared at the NYSE Thursday morning wearing black masks. Soon after, Endeavor stock began trading at $24 per share, which was the upper end of where it was priced.
With many live events cancelled, Endeavor brought in just $3.5 billion in revenue in 2020, resulting in a net loss of $625.3 million. In pre-pandemic 2019, it brought in $4.6 billion in revenue and recorded a net loss of $530.7 million.
But that did not scare off billionaire tech titans Larry Ellison and Michael Dell, who bought shares in the company, or Elon Musk, who joined the board of directors.
Endeavor was co-founded by Emanuel when he broke away from ICM in 1995. It merged with William Morris Agency in 2009, acquired IMG in 2014, and a stake in UFC in 2016.
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MaC founders left to right: Marlon Nichols, Michael Palank, Charles D. King, and Adrian Fenty.Image courtesy of MaC VC