By Michelle Chapman, Business Writer
LOS ANGELES (AP) --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 Operating Co. and will subscribe for an equal number of shares of TKO’s Class B shares. Endeavor is expected to own approximately 59% of TKO, while TKO’s existing shareholders will own the remaining 41% upon completion of the transaction.
The deal is expected to close in the first half of next year.
TKO Group also announced Thursday that its board has approved the repurchase of up to $2 billion of its common stock.
Shares of TKO Group Holdings Inc., based in Stamford, Conn., rose more than 1% before the opening bell.
Brand Design at VML Is Launched With Robb Smigielski At The Helm
Creative agency VML has launched Brand Design at VML, a studio specializing in powering brand growth through design. Brand Design at VML aggregates the agency’s robust capabilities in design positioning, visual and verbal identity systems, and brand governance. Leading the North America group will be Robb Smigielski, chief design officer for North America.
While VML has always had a design capability, the growth and demand for these services has led to the launch of a formal and distinct market offering to compete with leading independent design studios. The newly formed studio has a work lineage which spans a wide range of industries from healthcare and technology to entertainment, travel, and lifestyle. Recent new client engagements include Spirit Airlines, Krispy Kreme, and Ionna. Over the last four years, the North American team has grown to 80+ designers and creatives, and operates from agency hubs in Kansas City, New York, Denver, Chicago, and Miami.
Brand Design at VML offers a suite of services that covers the full spectrum of brand design needs, including brand design strategy and positioning, integrated brand design systems, verbal design and tone of voice development, packaging design, and campaign design. The studio’s capabilities also extend to highly specialized areas like branded typeface design, brand architecture, and trademarkable brand naming.
“Brand Design at VML is one of the fastest growing creative areas at VML and is at the heart of our mission to create connected brands that drive growth,” said Debbi Vandeven, global chief creative officer. “By formalizing the Brand Design at VML studio even more, it allows us to add more scale and momentum to a key capability that has been such a big driver of VML... Read More