Ari Emanuel Scores $174 Million Cash Payout in Endeavor Go-Private Deal

Ari Emanuel has scored a cash payout of $173.8 million from Silver Lake’s deal to take Endeavor Group Holdings private, according to a filing with the U.S. Securities and Exchanges Commission on Monday.

Per the disclosure, Emanuel rolled over ownership interests with a total value of $290.27 million into the private company. He previously served as Endeavor’s CEO and will now serve as executive chairman of the newly renamed WME Group. The rollover amount marks a $26 million increase from what was previously agreed upon in April 2024. Emanuel waived his right to a $25 million transaction bonus in connection with the sale of Endeavor’s assets.

Meanwhile, Patrick Whitesell, who served as executive chairman of Endeavor/WME and is exiting to launch a new media investment company, received $100 million in cash. Per the filing, he rolled over ownership interests with a value equal to $265.7 million – a $50 million increase compared to what was previously agreed upon.

The cash payouts come after Emanuel received a pay package totaling to $83.88 million in 2023, while Whitesell received a package of $13.27 million. When excluding TKO Group Holdings, Emanuel’s Endeavor pay totaled to $18.97 — comparable to the $19.1 million he earned from the role in 2022.

Under the terms of the agreement, Silver Lake, which holds approximately 71% of Endeavor’s voting power, has acquired 100% of the outstanding shares it does not already own, other than rolled interests.

Endeavor stockholders will receive $27.50 per share in cash, representing a 55% premium to the unaffected share price of $17.72 per share at market close on Oct. 25, 2023, the last full day of trading prior to announcing a review of strategic alternatives.

When consolidating TKO’s value into Endeavor, Silver Lake estimates the company has a total enterprise value of $25 billion.

Endeavor shares closed at $29.25 apiece on Friday, up just 6% since going public and below its 52-week high of $35.99 per share. Its market cap was $13.69 billion as of Friday’s close. TKO, which is not a party to the Silver Lake transaction, will continue trading as a public company.  

In the subsequent months since the announcement of the take-private, Endeavor has made several moves to reshuffle its assets. TKO completed a $3.25 billion all-equity deal to acquire On Location, Professional Bull Riders and IMG. The acquisition of IMG does not include businesses associated with the IMG brand in licensing, models and tennis representation, nor IMG’s full events portfolio. 

OpenBet and IMG Arena were acquired in a $450 million management buyout backed by Emanuel with participation from executives of OpenBet. Endeavor has since entered into an agreement with Sportradar to offload IMG Arena’s sports betting rights portfolio in a deal expected to close by the fourth quarter of 2025. Endeavor will pay Sportradar $225 million, including $125 million paid directly to the company and up to $100 million in cash payments by Endeavor to certain sports rights holders.

Additionally, Endeavor is also reviewing a possible sale of certain events within its portfolio, including but not limited to the Miami Open and Madrid Open tennis tournaments and the art platform Frieze. No definitive timetable has been set for completion of the review process, and there is no assurance the review will result in any specific action.

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