Endeavor Group Holdings has filed for an initial public offering with Elon Musk eyed to join its board, according to the company’s filing.
- The entertainment group listed the offering size as $100 million, which could change when terms for the maiden offering are finalized. The company owns UFC Sports, the Miss Universe pageant, and WME talent agency which represents athletes, actors, and other celebrities.
- Endeavor said it has signed agreements with potential investors for a private placement that could raise $1.77 billion, with shares offered at $24 each. Investors include Coatue Management, Dragoneer Investment, and Elliott Investment Management.
- Proceeds of the initial public offering will be used to increase holdings in UFC, working capital, and private placements for further acquisitions.
- Endeavor wants Musk, who leads Tesla and is the world’s second-richest person, as one of its 11 directors given his professional background and leadership background. Musk stepped down as Tesla’s Chairman of the Board and was fined by the SEC for a Twitter post announcing potentially taking Tesla private.
- The company filed for an IPO in 2019, but was shelved due to weak investor demand.