Endeavor Not Considering Sale Of Non-Core Businesses
Endeavor is "not publicly considering selling off non-core businesses at this time," according to Szalai & Hayden of the HOLLYWOOD REPORTER. Endeavor President Mark Shapiro said, "We are not shopping any assets whatsoever and never were because we don't need to." Shapiro said of the sports and entertainment firm's portfolio, "By the way, we're not done collecting." Endeavor on May 11 lined up a $260M term loan to "boost its financial flexibility amid the ongoing pandemic." That added to an existing $2.8B term loan at a time when Endeavor's live-events operations and representation divisions "have been subject to industrywide disruptions." Shapiro said that the process of selling Endeavor's stake in Epic Games was "started over its 'significant return in a short time' and is unrelated to pandemic cost-cutting." Shapiro said of Endeavor's many joint ventures, "We have no intention of selling out of our partnerships" (HOLLYWOODREPORTER.com, 5/15).