Endeavor Agrees to Sell OpenBet and IMG Arena for $450 Million

Endeavor Group Holdings announced that it has reached an agreement to sell its OpenBet and IMG Arena businesses to a group led by management, known as OB Global, for approximately $450 million. The sports and entertainment company stated that this transaction is a significant move ahead of its upcoming privatization deal.

The sale to OB Global, which also counts notable Hollywood figure Ari Emanuel and OpenBet's CEO Jordan among its supporters, is seen as a strategic step towards completing Endeavor's privatization. Private equity firm Silver Lake previously signed a deal in April to privatize Endeavor for $13 billion, with the process expected to be completed by the end of the first quarter of 2025.

OB Global plans to finance the acquisition through a combination of cash and debt. Jordan will continue to hold a leadership role at OpenBet, a company specializing in sports betting entertainment, following the completion of the deal. He emphasized, "This management acquisition allows us to continue executing our vision for increased market expansion and product innovation," highlighting OpenBet's future growth trajectory.

Endeavor also announced its intention to continue seeking buyers for IMG Arena, a live streaming and data provider for over 65,000 sports events annually, both before and after the closing of the deal with OB Global.

The completion of the transaction is planned to occur just before Endeavor's privatization agreement closes and is contingent upon it. Financial advisory support for Endeavor during the negotiation process was provided by Raine Group and Oakvale Capital.