Silver Lake has finalised a $25bn deal to acquire Endeavor in a move that takes the parent of Hollywood agency WME private and sees founder Ari Emanuel move from CEO to executive chair. Mark Shapiro will lead the renamed WME Group.
Private equity group Silver Lake and its co-investors have acquired 100% of the outstanding shares in Endeavor. The now privately held Endeavor Group Holdings retains its controlling ownership stake in sports and entertainment company TKO Group Holdings.
Silver Lake said on Monday that when consolidating all of TKO’s value into Endeavor, the combined total enterprise value of $25bn at $27.50 per share makes this the largest private equity sponsor public-to-private investment transaction in more than a decade, and the largest ever in the media and entertainment sector.
WME Group will remain focused on representing talent, intellectual property, and brands, including the WME talent agency, marketing agency 160over90, brand licensing company IMG Licensing, and non-scripted company Pantheon Media Group.
Shapiro, who most recently served as president and COO of Endeavor, becomes president and managing partner. Christian Muirhead and Richard Weitz, who have served as co-chairmen of WME since autumn 2022, are now co-chairmen of WME Group and continue to lead the agency.
Former Endeavor executive chairman Patrick Whitesell will become the CEO and founder of a new platform in partnership with Silver Lake to invest in and scale properties and IP across sports, media, and entertainment.
The equity financing for the Endeavor take private transaction includes a combination of new and reinvested equity from Silver Lake, additional capital from Mubadala Investment Company, DFO Management, Lexington Partners, funds managed by Goldman Sachs Asset Management, and CPP Investments, and equity rolled over by individuals including Emanuel, Whitesell, and Shapiro.
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