Now that Endeavor's IPO has been withdrawn, "everyone at that company is for hire," according to a source cited by William D. Cohan of VANITY FAIR. Not surprisingly "many of the agents who work at Endeavor are not happy campers these days." As Endeavor CEO Ari Emanuel and Exec Chair Patrick Whitesell "built up the company through a series of high-priced acquisitions, agents were often asked to accept stock in lieu of what would normally have been an end-of-year cash bonus." The failed IPO also "revealed that Emanuel and Whitesell had taken out" $165M each in '17, while at the same time "asking others to defer a portion of their bonuses or to take stock." Meanwhile, Endeavor CFO Jason Lublin "took out" $21M "in cash." Making "matters worse" for Endeavor is the fact that Fidelity, which bought shares in Endeavor starting in '16, has "marked down the value" of its $55M investment in the company by some 25%. Consequently, if a "sophisticated institutional investor such as Fidelity marks down its investment," other big investors will "likely have to follow suit, or explain to auditors why they have a different view" (VANITYFAIR.com, 12/20).
