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OpenBet and IMG Arena up for sale by Endeavor
Endeavor is in search of a buyer for its OpenBet and IMG Arena companies; both have been positioned as “held for sale”.
‘Held for sale’ suggests a sale likely within a year. Till the buyer is found, both companies will be operating as usual.
The news comes as Endeavor prepares for its $13bn sale to private equity company Silver Lake to close in Q1 of 2025. Silver Lake will acquire 100% of the outstanding Endeavor shares.
Endeavor CEO Ariel Emanuel said:
“In combination with our IMG ARENA sports data and content business, we’ll look to create and unlock meaningful value for our rights holder and sportsbook customers, helping deliver the most compelling offerings for sports fans globally.”
When talking about the sale announcement, OpenBet CEO Jordan Levin expressed his confidence that regardless of ownership structure, the company will maintain its high records.
Levin said:
“Endeavor has been a great platform to accelerate and build on our most recent strategy, as demonstrated by the impressive growth in our global customer base over the course of the year. As we build on this very solid foundation, I’m very excited about what the future holds for OpenBet and confident that we will maintain our track record of innovation and excellence regardless of future changes in our ownership structure.”
In Q2, Endeavor’s revenue reached to an impressive $1.8 billion, marking a remarkable 40% increase compared to the previous year. The sports segment performed even better, generating $894.1 million, particularly boosted by the acquisition of WWE which accounted for an additional $457 million in earnings.
Endeavor reported a net loss of $253.8 million including $408.9 million incurred from ceased operations.
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