In what will likely be Endeavor‘s final earnings report as a public company, the owner of WME and TKO Group Holdings reported revenue of nearly $1.6 billion, a net loss of $237 million, and adjusted EBITDA of $277 million.
Endeavor, of course, is in the midst of a handful of complex transactions: It is offloading its IMG, On Location and PBR segments to its sports company TKO, it has agreed to sell its OpenBet and IMG Arena business in a management buyout; it is marketing the Miami Open and Madrid Open tennis tournaments, as well as the Frieze art festival; and of course it has a deal for Silver Lake to take what’s left (the WME representation business) private.
The company said Thursday that it expects both the TKO deal and the Silver Lake take-private to close by the end of Q1.
In the meantime, the company’s representation business was a bright spot, with revenue hitting $501.6 million in Q4, up 17 percent on the year. In 2024 the segment had revenue of $1.69 billion, up 9 percent from the year prior. Adjusted EBITDA was $108.2 million in Q4, and $405.7 million for the year, both up mid single digits.
“The increase was primarily driven by growth at WME across talent, music, and sports, as well as an increase in our nonscripted business, primarily due to an acquisition in 2024, partially offset by decreases in our marketing, licensing, and fashion businesses,” the company said in its earnings report.
Its owned sports properties segment, which is mostly TKO, had revenue of $670.4 million in Q4, while its events, experiences and rights segment had revenue of $411.9 million.
“We closed out 2024 with continued momentum reflecting strong demand for premium content and live events,” said Endeavor CEO Ari Emanuel in a statement “Over the next few months, our focus remains on completing our sale of IMG, On Location, and PBR to TKO; closing our take-private transaction with Silver Lake; and ensuring Endeavor is well-positioned for long-term success in representation.”
Assuming the Silver Lake deal gets done, 2025 will kick off with a vastly slimmed down and focused Endeavor, one that will once again be private, after four years of trading on the NYSE.