Investors will keep Ari Emanuel in the boxing ring

Endeavor group

24/10/2024 17:18

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Jennifer Saba
       NEW YORK, Oct 24 (Reuters Breakingviews) - The Hollywood
super-agent is selling a bull riding franchise from Endeavor to
TKO for $3 bln. The price is hard to justify, and shareholders
are throwing tomatoes at the deal. While stuffing the assets
together makes sense, it adds a complexity to an already
convoluted match.
    
    Full view will be published shortly.
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    CONTEXT NEWS 
    TKO agreed on Oct. 24 to acquire Professional Bull Riders,
On Location, and IMG from Endeavor in an all-equity transaction
valued at $3.3 billion. The deal will increase Endeavor’s stake
in the business behind World Wrestling Entertainment and
Ultimate Fighting Championship from 53% to 59%.
    TKO also announced the board of directors authorized a share
buyback program of up to $2 billion and the initiation of a
quarterly cash dividend.

 (Editing by Lauren Silva Laughlin and Pranav Kiran)
 ((For previous columns by the author, Reuters customers can
click on  SABA/ 
jennifer.saba@thomsonreuters.com))