Endeavor Group Sells OpenBet and IMG Arena

(Reuters) – Endeavor Group will sell its OpenBet and IMG Arena businesses to a management-led group OB Global, backed by Hollywood power broker Ari Emanuel, for about $450 million, the sports and entertainment company announced on Monday.

The deal includes participation from OpenBet executives, including CEO Jordan Levin. Endeavor stated this sale is a "necessary step" toward finalizing its take-private deal.

In April, private equity firm Silver Lake agreed to a $13 billion deal to take Endeavor private, expected to close by the end of Q1 2025.

OB Global plans to finance the acquisition through a combination of cash and debt. After closing, Levin will continue to lead OpenBet, a sports betting entertainment firm.

Levin remarked, "This management buyout allows us to continue executing our vision for increased market expansion and product innovation."

Endeavor will also continue to market IMG Arena for sale to a third-party purchaser before and after the deal closes. IMG Arena provides live streaming and data feeds for over 65,000 events across various sports.

The transaction depends on closing just before Endeavor's private deal completion. Raine Group and Oakvale Capital served as financial advisers to Endeavor.