Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Elon Musk buying shares in UFC owner Endeavor sparks fresh IPO talk

% of readers think this story is Fact. Add your two cents.


Already an inventor, entrepreneur, rocketeer and worth an estimated US$173bn – hand-to-hand hand combat was perhaps the glaring omission on Elon Musk’s Avengers application form, that was until his entry into cage fighting.

The Tesla and SpaceX boss was on Wednesday named as a director nominee of UFC owner Endeavor Group Holdings, pending a purchase of shares by the rocketman.

Media outlets have been quick to speculate that Musk’s involvement precedes a fresh attempt to take Endeavor public following a failed float in 2019.

Endeavour also owns the WME ‘mega’ talent agency which counts Dwayne Johnson (‘The Rock’), Oprah Winfrey, Lebron James, Serena Williams, Adele, and Ricky Gervais among its litany of star clients.

The talent agency is backed by Hollywood ‘power broker’ Ari Emanuel who in 2016 led a US$4bn takeover of the mixed martial arts company, along with a consortium of investors that included Hollywood and music A-listers such as Ben Affleck, Mark Wahlberg, Sylvester Stallone, Michael Bay, LL Cool J, Calvin Harris, Adam Levine, and Anthony Kiedis.

That saw Las Vegas casino operators and brothers Frank and Lorenzo Fertitta cash out of the UFC, which they bought for just US$2mln back in 2000.

Adding Elon Musk, and the army of millennial investors that follow is every move – including buying up cryptos, NFTs, and EV shares – is expected to resuscitate the UFC’s stock market ambitions.

In 2019, the planned US400mln share sale to public investors was choked out only a day before it was due amidst weak demand.

Musk’s anticipated investment may, meanwhile, further support for the company.

Reuters, in a report, noted a regulatory filing by Endeavour which disclosed that it had agreed to take full ownership of the UFC and that its long-term debt stands at some US$5.9bn.

A share sale to several existing and new shareholders would raise US$1.77bn, according to Reuters, meanwhile, documents for a placeholder US$100mln IPO had also been filed.

The Reuters report also noted that Wall Street banks Goldman Sachs, Morgan Stanley, J.P. Morgan and Deutsche Bank would act as underwriters for the offering.

If it proceeds its intended that the shares would trade on the New York Stock Exchange under the symbol ‘EDR’.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/945623/elon-musk-buying-shares-in-ufc-owner-endeavor-sparks-fresh-ipo-talk-945623.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST


Order by Phone at 888-809-8385 or online at https://www.herbanomic.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

MOST RECENT
Load more ...

SignUp

Login

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.