Endeavor IPO Takeaways: Not Your Average Booking Agency
The 387-page IPO filing that Endeavor presented to the SEC included some usually hidden information regarding the operations of Endeavor’s properties, including WME and the pay packages of its CEO and executive chairman, Ari Emanual and Patrick Whitesell.
Much of the financial information needed to be revealed to make Endeavor’s upcoming IPO possible. One of the takeaways was the compare/contrast between what is WME today versus what was two separate talent agencies, William Morris and Endeavor, a decade ago. What were once personal appearance agencies now include, along with the merger, the acquisitions of the UFC, IMG, the Professional Bull Riders tour and a slew of other properties like streaming service NeuLion and investments in fashion, food, fine art, sports and content production, as noted by Deadline Hollywood.
Last year, Emanual was paid $5.3 million and Whitesell $5.1 million, with base salaries of $1 million, and the IPO, if it happens in the next few months, would help that bottom line considering it’s been valuated at about $10 billion. Each is in line for $85 million based on unvested equity awards, according to Deadline.
President Mark Shapiro made $10.3 million, CFO Jason Lublin $15.2 million and Chief Legal Officer Seth Krauss $5.1 million. The company reported $4.6 billion in long-term debt and $3.6 billion in revenue last year, with $2.3 billion coming from Entertainment & Sports. Its digital portfolio of streaming services and early-stage investments company, Endeavor X, earned $66.5 million.
One entertaining sidenote is wine-and-dining expenses, including the occasional free trip on the company plane: Emanuel’s guests ran up a tab of $187,650 and Whitsell’s guests $74,244. Shapiro’s expenses didn’t come close with a total tab of $6,186.