Endeavor Content solicits bids for around $750 million

Jodie Comer and Sandra Oh attend the BBC America premiere and AMC’s Killing Eve at ArcLight Hollywood on April 1, 2019 in Hollywood, California.

Emma McIntyre | Getty Images

Endeavor Content, the studio that produced TV series including Killing Eve and Nine Perfect Strangers, is demanding second-round bids valuing the company at more than $750 million, according to people familiar with the matter.

Three financial firms and two strategic firms are expected to bid on the division, which is part of the now publicly traded Endeavor Group Holdings, which had its initial public offering in April, said the people, who asked not to be named because of the discussions. especially. Someone said that none of the prospective presenters own a streaming service.

Endeavor, run by super agent Ari Emanuel, is selling 80% of its studio division as part of an agreement with the Writers Guild of America that forced agencies to sell majority stakes in their content divisions. Earlier this year, CAA sold a majority stake in Wiip, the HBO “Mare of Easttown” producer, to Korean JTBC Studios.

People said that second-round shows for Endeavor content are scheduled for October 29. The winner can be chosen via Endeavor’s earnings on November 15, depending on the speed of the final care, one person said. Two people said the final price could exceed $800 million.

An Endeavor spokesperson declined to comment.

There is an appetite for content among media companies, SPACs, private equity firms, and hedge funds, which can make money and movie licensing offers for streaming services. Private equity investment in the media and telecoms sector reached record levels during the first half of 2021, according to PwC Research, with about $54.8 billion of the deal value.

One person said Lionsgate has considered a bid for the department, though it doesn’t plan to make a bid. While some reports have speculated that the new venture, backed by Blackstone Capital and former Disney executives Kevin Mayer and Tom Staggs, may be a reasonable buyer, the entity is not planning to make an offer, two of the people said. That newly formed company acquired the song “Hello Sunshine” from Reese Witherspoon for $900 million earlier this year.

Under a settlement reached with the WGA earlier this year, the major agencies agreed to sell majority stakes in the studios after allegations of self-dealing, given their close relationships through representation of actors, directors, and other crew members.

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