By JEREMY LEHRER
In what both parties described as being an amicable deal, Steve Minor and Bill Randall have split up ownership of production company AFI/Filmworks and visual effects house Fireworks Motion Media. Until the split which took place at the end of December, Minor and Randall were equal partners in the two Miami-based entities; Randall now assumes full control of AFI, while Minor takes complete ownership of Fireworks. The deal was finalized when Minor and Randall made an even swap of their stakes in the two companies. Randall continues in his position as director/president of AFI, and Minor maintains his role as president of Fireworks.
Randall and Minor, who co-founded AFI in ’69, emphasized that they remain on very good terms. The two said they are still close friends and will remain business partners in other endeavors, including real estate projects.
The deal was struck to resolve a variety of pressures. Minor had become more interested in the technological and creative ends of the visual effects and interactive businesses, and had discovered that he could abstain from directing without suffering withdrawal symptoms.
"It was inconceivable to me that I could go without [directing]," explained Minor. "But I devoted two to three months to Fireworks without shooting, and I felt really good about it. That was the signal to me that I should talk to Bill.
"It wasn’t a matter of getting away from something," continued Minor. "I’ve always had an interest in computers and technology, which was part of what I did as a director. When we started [Fireworks], it was an experiment, but it really took off."
Endeavor Group Sells Professional Bull Riders, On Location and IMG To Parent of WWE and UFC
The parent company of WWE and UFC is buying Professional Bull Riders, On Location, and IMG from Endeavor Group in an all-stock deal valued at $3.25 billion.
The deal is part of Endeavor's efforts to shed some of its assets as it looks to be taken private in a proposed transaction with private equity firm Silver Lake, which was announced in April. Ariel Emanuel, who serves as CEO of Endeavor, is also executive chair and CEO of TKO.
Professional Bull Riders is a bull riding league that has more than 200 annual live events, approximately 1.25 million fans, and reaches more than 285 million households in more than 65 territories. On Location is live event company for more than 1,200 sporting events, such as the Super Bowl, Ryder Cup and NCAA Final Four. IMG is a distributor and producer of sports content, packages and sells media rights and brand partnerships, and provides consulting, digital services and event management to clients such as the National Football League and National Hockey League.
Parent company TKO Group said Thursday that the acquisition from Endeavor Group will complement its existing businesses as well as broaden its reach in the premium sports market.
"PBR, On Location, and IMG are industry-leading assets that meaningfully enhance TKO's portfolio and strengthen our position in premium sports globally," TKO Chief Operating Officer Mark Shapiro said in a statement. "Within TKO, they will help power the growth of our revenue streams and position us to capture even more upside from some of the most attractive parts of our sports ecosystem: media rights, live events, ticket sales, premium experiences, brand partnerships, and site fees."
As part of the deal, Endeavor will receive about 26.14 million common units of TKO... Read More