Global sports and entertainment agency Endeavor has put its IMG Arena and OpenBet businesses up for sale ahead of the closing of its privatization deal with private equity firm Silver Lake.
In its second quarter (Q2) earnings report on Thursday (August 9), Endeavor revealed it “began to actively market the businesses comprising the sports data and technology segment.”
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The company added: “As such, for financial reporting purposes, these businesses are considered held for sale and the sports data and technology segment is presented as discontinued operations in the Q2 2024 consolidated interim financial statements.”
For now, IMG Arena and OpenBet “will continue operating as usual.”
Endeavor acquired sports betting platform OpenBet in 2022 for about $800 million and merged it with IMG Arena into one division in February this year.
Silver Lake announced that it was taking Endeavor private in April after acquiring 100% of the company in a deal that valued the sports and entertainment heavyweight at $13 billion.
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By GlobalDataAs part of that deal, Endeavor stated it would look to sell off several assets.
Silver Lake first invested in Endeavor in 2012, and the agency went public in 2021.
The deal to take Endeavor private is expected to close in the first quarter of 2025.
Endeavor is the majority owner of combat sports’ TKO Group, the merged company of mixed martial arts giant UFC and professional wrestling promotion WWE, as well as the heavyweight IMG talent representation and sports marketing agency, the WME sports talent agency, and the Professional Bull Riders circuit.
TKO Group, which is also a public company, will not be taken private as part of this transaction, but Silver Lake has denied any prospective sale of TKO and seemingly wishes to maintain control of the business that Endeavor holds a 53.6% of.
Overall in Q2, Endeavor had revenue of $1.75 billion and a net loss of $253.8 million.
