CAA's recent sale 'reflects favorably on WME’s own valuation, which is just a part of our integrated portfolio,' Endeavor president and COO Mark Shapiro says.
As Shapiro notes, a side effect of the TKO spinout is a delevering event for the core Endeavor business, a move that will make it easier to deliver on the dividend promise. But it also opens the door to more M&A. Shapiro notes that with Endeavor controlling TKO, the cash from the sports company “has an opportunity to flow up to the mothership that is Endeavor, which will be used for investment, more resources, and potential tuck-in acquisitions, long term.
When pressed on what the deal means for M&A, Shapiro says that, “TKO will always play in the sport space, and Endeavor will continue to play in the overall cultural space.” Endeavor’s management team is also betting that shifting the UFC to TKO will help with the valuation of Endeavor. Executives at the company have made no secret of their thinking that the markets were undervaluing the company, including its talent agency WME, which is the biggest driver of cash at Endeavor.
Shapiro noted the recent sales of IMG Academy and Endeavor Content which sold for multiples that should have given clarity to Endeavor’s “intrinsic value.”
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