Breaking: Endeavor pulls the plug on IPO a day ahead of expected stock market debut
Endeavor Group Holdings Inc., the owner of talent agency WME-IMG and mixed martial arts league UFC, has canceled plans for its highly-anticipated initial public offering, reversing course the day before its stock was expected to begin trading on Wall Street, a person close to the company said Thursday.
Earlier in the day, Endeavor lowered the targeted price range of its shares, according to a regulatory filing. The Beverly Hills company expected to offer 15 million shares at $26 to $27 each, raising up to $405 million, the filing said.raising as much as $619 million by selling more than 19 million shares for $30 to $32 a share.
, is a good bet for investors. The firm initially filed its IPO paperwork with regulators in May, just as a major feud between talent agencies and the Writers Guild of America was gearing up.The WGA earlier this year told its members to fire their agents, saying that agencies including Endeavor have prioritized fees that they receive for packaging TV and film projects for studios, rather than client representation.
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