The Miss Universe pageant’s parent company, Endeavor (formerly known as WME|IMG) is in a financial quandary.
Here’s how to make sense of all of these financial woes…
COMPANY NAME: Endeavor Group Holdings, formerly known as William Morris Endeavor Entertainment (WME or WME-IMG)
– Endeavor also leads a group which owns the Ultimate Fighting Championship and owns the Miss Universe pageant. It is headed by CEO Ari Emanuel and executive chairman Patrick Whitesell.
INDUSTRY: Entertainment Industry (talent management, live entertainment, sports, etc…)
– William Morris Agency was founded in New York in 1898.
– The Endeavor Talent Agency was launched in 1995.
– WMA and the Endeavor Talent Agency announced that they were forming William Morris Endeavor in 2009.
– WME and Silver Lake announced the acquisition of IMG for $2.4 billion in 2013.
– WME-IMG reorganized in October 2017 with the parent company being renamed from WME-IMG to Endeavor.
PRIMARY HEADQUARTERS: 9601 Wilshire Boulevard, Beverly Hills, California 90210, United States
OWNERSHIP STATUS: Privately Held (backing)
FINANCING STATUS: Private Equity-Backed
NUMBER OF EMPLOYEES: estimated between 5,000 to 10,000
NOTES ON FINANCES: Endeavor’s revenue was $3.61 billion in 2018 with a net income of $100.1 million after adjustments. Recent filings as of 2018-2019, the company is saddled with $4.6 billion of long-term debt, with total liabilities of $7.2 billion and $830.9 million in cash assets.
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IMG|WME IN TROUBLE, WILL MISS UNIVERSE PAGEANT SURVIVE? The Miss Universe parent company Endeavor, suffered another setback as its credit ratings has been downgraded to a "substantial risk". What that means and how it may affect the Miss Universe pageant is on the link in bio! . . . . . . . #SashesAndScripts #UltimatePageantBlog #pageantblogger #pageantblog #Mikimoto #MikimotoCrown #MissUniverse #ConfidentlyBeautiful #MissUniverso #Endeavor #IMGWME #IMG #WME
In December 18, 2013, WME announced the acquisition of IMG for $2.4 billion. The following years to come between 2015 to 2016, the company acquired several sports-related companies and events like the Professional Bull Riders, Ultimate Fighting Championship, as well as literary agency Rabineau Wachter Sanford & Gillett and the Miss Universe pageant.
May 24, 2019 – Endeavor Group files for IPO (Initial Public Offering). An initial public offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance.
September 26, 2019 – Endeavor cancelled its planned IPO that was set for September 27. The cancellation was due to weak IPO demand.
March 25, 2020 – the company laid off around 250 staff as the sports and film industries continue to be on shut down amid the global spread of the Covid-19 pandemic.
April 2020 – S&P Global Inc. dropped its credit ratings for WME|IMG and Endeavor.
– Endeavor is cutting, furloughing, or slashing the pay of one-third of its approximately 7,500 employees
– The pay reductions will proportionately increase according to base salary, from 5% to 30%.
– CEO Ari Emanuel and Patrick Whitesell, Endeavor’s executive chairman, are to give up the remainder of their 2020 salaries.
April 27, 2020 – Endeavor decided to cut about one-third of its staff.
May 7, 2020 – WME announced that it would lay off or furlough roughly 20% of its work force.
May 11, 2020 – Moody’s Investors Service Inc. downgraded its outlook for Beverly Hills-based WME IMG Holdings to negative from stable, and lowered the company’s credit rating.
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IN HUGE DEBTS! Endeavor currently has an astonishing $4.6 billion in long-term debts and overall liabilities totaling $7.2 billion. And selling their assets is possibly one of the things they can do to pay creditors. Question is, will they sell the Miss Universe pageant? Your thoughts? What their debt means and how it may affect the Miss Universe pageant is on the link in bio! . . . . . . . #SashesAndScripts #UltimatePageantBlog #pageantblogger #pageantblog #Mikimoto #MikimotoCrown #MissUniverse #ConfidentlyBeautiful #MissUniverso #Endeavor #IMGWME #IMG #WME #piawurtzbach #catrionagray #paulinavega #zozibinitunzi #irismittenaere #gabrielaisler #demileighnelpeters https://sashesandscripts.wordpress.com/2020/04/27/endeavor-miss-universe-pageant-survival/
Related articles on this topic:
– IMG|WME in Financial Trouble, Miss Universe Pageant Survival in Question
– How Much is the Miss Universe Pageant Worth?