Endeavor Looking to Sell IMG Events Including Miami Open, Madrid Open

Endeavor, ahead of its deal to go private, is continuing to look at streamlining its business to focus on entertainment agency WME.

On Thursday Endeavor said it initiated a “review and potential sale” of certain events in its IMG portfolio, including the Miami Open and Madrid Open tennis tournaments and Frieze, which produces exhibitions for modern and contemporary art.

In August, Endeavor said it is shopping its sports gambling and technology businesses OpenBet and IMG Arena. That came after Endeavor announced a go-private deal this spring with private-equity firm Silver Lake, which is expected to close in the first quarter of 2025.

Earlier Thursday, TKO Group — the holding company of WWE and UFC — announced an agreement with parent company Endeavor to acquire PBR, On Location, and IMG in an all-stock transaction valued at $3.25 billion. (TKO is not part of the Endeavor-Silver Lake transaction and will remain a publicly traded company.)

Endeavor’s agreement with Silver Lake includes provisions related to the potential sale of certain businesses, excluding TKO Group and WME.

“Endeavor’s portfolio includes iconic, global, and must-attend events spanning sports, entertainment, and the arts,” said Mark Shapiro, president and COO of Endeavor, in a statement. “As part of Endeavor, Frieze and the Miami and Madrid Open tournaments have each grown significantly, from Frieze launching successful fairs in Los Angeles and Seoul to the Miami and Madrid Opens setting year-over-year attendance and sponsorship records. We are proud of this progress and confident that these unique assets are well positioned for success in the future.”

Endeavor said it retained the Raine Group to assist with the exploratory sales process of the IMG events. The company said no definitive timetable has been set for completion of the review process and that “there is no assurance that the review will result in any specific action.”

“Endeavor does not intend to comment further regarding the potential sale of its event assets as described herein unless and until it determines that further disclosure is necessary or advisable,” the company stated.