Endeavor continues to part ways with its different businesses, striking a deal on Monday to sell its OpenBet and IMG Arena divisions in a $450 million management buyout backed by Endeavor CEO Ari Emanuel.
Endeavor will sell the two companies — which are both in the sports data business — to OB Global Holdings LLC for $450 million, finance through a combination of cash and debt. Jordan Levin, the CEO of OpenBet, will lead the company after the deal is consummated. Levin is also participating in the buyout.
“This management buyout allows us to continue executing our vision for increased market expansion and product innovation,” Levin said in a statement. “Our group is extremely confident in OpenBet’s future considering the premium product offering, superior talent, and solid foundation we already have in place following a strong period of business growth.”
Both IMG Arena and OpenBet were put up for sale in August. Endeavor acquired OpenBet for about $800 million in 2022.
Endeavor notes that it will continue to market IMG Arena for sale leading up to and after the deal is complete. Selling off non-core businesses like IMG Arena and OpenBet is a necessary move ahead of Silver Lake’s deal to take Endeavor private.
Last month, as part of that larger deal, Endeavor agreed to sell its On Location, IMG and Professional Bull Riders businesses to its TKO Group Holdings in a $3.25 billion all-stock deal.