Endeavor Officially Withdraws Intention To Go Public
Endeavor has officially "withdrawn its intention to go public," according to Ryan Faughnder of the L.A. TIMES. In a filing yesterday, Endeavor Deputy General Counsel & Corporate Secretary Joel Karansky told the U.S. Securities & Exchange Commission that the company "no longer wishes to conduct a public offering of securities at this time." In September, Endeavor "canceled its much-anticipated initial public offering a day before its shares were expected to begin trading on the New York Stock Exchange, citing hazardous market conditions." At the time, Endeavor had "left open the possibility that it might return to the public market if conditions improved." The about-face was a "rare setback" for Endeavor CEO Ari Emanuel, whose ambition is to make the company into a "global entertainment juggernaut." The IPO was "supposed to help fuel its ascent by raising cash to chip away" at its $4.6B debt and "fund future acquisitions" (L.A. TIMES, 10/17).