OpenBet and IMG Arena put up for sale by Endeavor
As Endeavor‘s take-private deal with Silver lake draws closer, big changes are already coming to the Ari Emanuel-led firm.
In its Q2 earnings report Thursday morning, Endeavor said that it has put the businesses in its “sports data & technology segment up for sale: OpenBet and IMG Arena. Endeavor says it has begin to “actively market” the businesses, and will characterize them as discontinued operations in its earnings.
Endeavor had acquired the sports betting platform and servicer provider OpenBet in 2022 for about $800 million. IMG Arena, meanwhile, is the sports data business.
Endeavor announced its take-private deal with Silver Lake back in April, a deal which valued the WME owner at $13 billion. As part of that deal, Endeavor said that would seek to sell off many assets, though its core representation business and it stake in TKO Group Holdings would be excluded from that.
Overall in Q2, Endeavor had revenue of $1.75 billion and a net loss of $253.8 million, as well as adjusted EBITDA of $380.7 million.
“TKO and PBR benefited from strong consumer demand and engagement during the quarter, and we continued to drive growth in our representation segment,” said Endeavor CEO Ari Emanuel in a statement. “We remain focused on delivering for our clients and partners and maintaining momentum throughout the business as we work toward the close of our take-private transaction with Silver Lake.”