Source: Saudi Arabian Prince Expected To Make 'Significant Investment' In Endeavor
Endeavor, the holding company for WME, PBR, UFC and IMG, is "poised to get a significant investment from Saudi Arabian Crown Prince Muhammed bin Salman," according to Donnelly & Waxman of THE WRAP. Bin Salman has been "seeking to open up Saudi Arabia to new forms of industry." The investment "would represent a minority share in the company" and would "come through the kingdom's public investment fund." The investment is "expected to close in the next two weeks" (THE WRAP, 1/15). BLOOMBERG's Nair, David, Sakoui & Martin reported "preliminary discussions" have called for Saudi Arabia's Public Investment Fund to pump "more than" $500M into Endeavor, which will help the agency "expand its operations." Sources said that the stake in Endeavor "could range" from 5-10%, "though the final size and valuation are still being negotiated." A source in August said that Endeavor was valued at $6.3B "including debt," while its equity was valued at $5B (BLOOMBERG, 1/16).