Endeavor Group Holdings is facing a storm that's impacting its sprawling live events and representation divisions.
Amid a novel coronavirus pandemic, Endeavor Group Holdings — the parent company of talent agency WME, modeling firm IMG and Professional Bull Riders — is facing a storm that's impacting its sprawling live events and representation divisions.
Of Endeavor's many joint ventures, Shapiro reiterated: "We have no intention of selling out of our partnerships." Endeavor, led by CEO Ari Emanuel and executive chairman Patrick Whitesell, has unveiled cost-cutting measures, including layoffs, pay cuts and furloughs, with the moves ultimately affecting one-third of the company's 7,500-person workforce. In April, 83 staffers in Endeavor's Beverly Hills office were impacted by layoffs, per company filings with the California Department of Labor.
Even before the pandemic hit, this spring had marked a different course from the one that Endeavor leadership had been betting on. The sports and entertainment company unveiled plans for an initial public offering last May — from which it had hoped to raise $600 million to pay down its debt burden of $4.6 billion as of August — but officially abandoned the effort in October amid stock market volatility and weak IPOs by other companies.
One of Endeavor's bigger swings was leading a consortium to acquire UFC in July 2016 at a price tag pegged at the time as slightly less than $4 billion, months after nabbing a majority stake in the Frieze Art Fair. The powerhouse forged a China representation venture the same year, with backing from Sequoia Capital and conglomerate Tencent.
By March, the company was implementing cost-cutting plans as the pandemic arrived stateside. "I don’t think any of us could have imagined we’d be in the place we are today," Emanuel noted in a March 25 memo to staff.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
University of Arizona details plan for in-person learning in the fallThe University of Arizona's president told ABC News that he'd heard from people that they were willing to take the risk in order to return to school.
Weiterlesen »
Trump says schools should 'absolutely open' this fall, says Fauci did not give 'acceptable answer'President Donald Trump said Dr. Anthony Fauci did not give an “acceptable answer” when saying there's not easy answer to reopening schools.
Weiterlesen »
Trump Accuses Dr. Fauci Of Wanting To 'Play All Sides' On ReopeningPresident Trump once again broke with Dr. Fauci's assessment of the coronavirus pandemic, saying the doctor's observation that reopening too soon would lead to death was 'not an acceptable answer.'
Weiterlesen »
Reopening Hollywood: COVID-19 Safety Coordinators Should Be New Reality, Proposed Guidelines SayEditors’ Note: Deadline’s latest series, Reopening Hollywood, focuses on the incredibly complicated effort to get the industry back on its feet while ensuring the safety of everyone involved. Our g…
Weiterlesen »
Post-Pandemic, Americans Souring On ‘Made In China’Some 41% of Americans say they will not by Made in China products every again.
Weiterlesen »