Media group Endeavor looks to raise $712m from float
US media giant Endeavor Group today said it is looking to raise up to $712m (£573m) from its initial public offering (IPO) later this year.
The company, which owns Hollywood talent agency William Morris Endeavor, said it will sell roughly 19m shares priced between $30 and $32 each.
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A further 2.9m shares may be sold to the underwriters of the float, which include Goldman Sachs, JP Morgan and Morgan Stanley, according to a company filing.
The listing on the New York Stock Exchange could value the company at roughly $8bn.
Endeavor pulled in revenue of more than $2bn in the six months to the end of June, up from $1.5bn in the same period last year.
The company earned most of its revenue from its sports and entertainment division, which controls media rights for clients including the International Olympic Committee and National Football League.
Endeavor also owns the Ultimate Fighting Championship league and represents a vast array of musicians and actors, including Adele and Dwayne Johnson.
The company said it plans to use proceeds from the IPO to repay $500m of outstanding long-term debt, as well as for acquisitions and complementary businesses.
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Endeavor first filed plans for a stock market listing in May, but the move was delayed amid plans to acquire hospitality and live events company On Location Experiences for as much as $700m, the Wall Street Journal reported.
If completed, the deal would serve to diversify the firm’s revenue streams. However, no takeover has yet been announced.
Main image credit: Getty