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Endeavor Group Files For IPO

Endeavor Group Holdings, a global entertainment production company and talent agency, Thursday filed for an initial public offering.

The company, which owns mixed-martial art's organization UFC, plans to raise up to $100 million in the IPO. However, the deal size is likely a placeholder and the company has not yet specified the number of shares it expects to offer in the IPO. No pricing terms were disclosed.

The company said it plans to list its shares on the New York Stock Exchange under the symbol "EDR." Goldman Sachs, KKR, J.P. Morgan, Morgan Stanley and Deutsche Bank Securities are the lead underwriters.

The company had reported net income of $316.5 million in 2018, after a loss of $61.2 million in 2017 and a loss of $39.9 million in 2016. Revenues rose to $3.61 billion in 2018 from $3.02 billion in 2017 and from $2.37 billion in 2016.

Proceeds the company receives from this offering will go towards working capital and general corporate purposes.

"Content is no longer defined solely by the traditional categories on which our businesses were founded," the company wrote in its filing. "Television, movies and live events have been joined by others including podcasts, experiences, social media, multiplayer video games and e-sports. Wherever you are in the world and whatever way you define content, Endeavor is likely playing a role."

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