Endeavor sells OpenBet, IMG Arena for $450 million in Ari Emanuel-led management buyout [Los Angeles Times (CA)]
Light & Wonder, Inc. (LNW)
Company Research
Source: Los Angeles Times
Endeavor said it will sell OpenBet, along with sports data provider IMG Arena, to OB Global Holdings LLC for $450 million in cash and debt, an amount much less than what Endeavor paid for OpenBet two years ago. The move comes as Endeavor is taking steps to be taken private by its largest investor, private equity firm Silver Lake, about three years after it began trading on the public market. Endeavor executives in the past have expressed frustration about the company's stock price not reflecting the value of its assets — a mixture of entertainment- and sports-related businesses that the company believes add value to each other. Endeavor had purchased OpenBet from Light & Wonder Inc. in 2022 in a deal worth around $800 million. At the time , Emanuel said the acquisition would “enable us to further capitalize on the massive tailwinds in the fast-evolving sports betting ecosystem and lead the way in defining the future of sports betting entertainment.” Endeavor said it will “con
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LNW
Earnings
- 11/12/24 - Beat
LNW
Sec Filings
- 11/15/24 - Form 4
- 11/14/24 - Form SC
- 11/12/24 - Form SC
- LNW's page on the SEC website