RIP Endeavor IPO
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Re: RIP Endeavor IPO
Originally posted by Bono View PostMy business IQ is a zero, but I think this is because of writers and this is good -- or they're just waiting a few months to crush us anyway and make even more money.
what it may (should) do is push all the other ATA members who have been holding the line against the WGA for over six months now out of some dumb loyalty to Ari Emanuel until the IPO dropped to cut him loose and cut their own deals -- or collectively pressure WME to swallow whatever they might agree to with the guild to get all the lit departments making deals again
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Re: RIP Endeavor IPO
I never understood how you could value a talent agency in order to have an IPO. Sure, the company generates a lot of annual revenue, but it's all based on people and relationships. There are no underlying assets. It's like a law firm having an IPO. What happens if the senior partner gets hit by a bus?
~Dixon
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Re: RIP Endeavor IPO
Originally posted by JoeBanks View Postit was a multitude of factors, of which the WGA stuff was probably not a substantial one. mostly it's a combination of some very not good fundamentals -- way too much debt already on the books and shady valuation of supposedly core assets like the UFC stuff -- and an IPO market that was already struggling with meeting the underwriters' pricing and investors' expectations.
what it may (should) do is push all the other ATA members who have been holding the line against the WGA for over six months now out of some dumb loyalty to Ari Emanuel until the IPO dropped to cut him loose and cut their own deals -- or collectively pressure WME to swallow whatever they might agree to with the guild to get all the lit departments making deals again
It's not entirely off the table, but I'm wondering if WME cuts a deal with the WGA i'm not sure if they'll gain ground or lose more. I'd well imagine the "packaging fees" revenue is a considerable portion of WME value, maybe I'm wrong there.
Wish something would break on the ATA/WGA dispute."Arguing that you don't care about the right to privacy b/c you have nothing to hide is no different than saying you don't care about free speech because you have nothing to say." -- Edward Snowden
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Re: RIP Endeavor IPO
Originally posted by Dixon View PostI never understood how you could value a talent agency in order to have an IPO. Sure, the company generates a lot of annual revenue, but it's all based on people and relationships. There are no underlying assets. It's like a law firm having an IPO. What happens if the senior partner gets hit by a bus?
(one reason the Big 4 have been able to hold out for this long when the mid-tiers are probably much closer to cutting a deal in the near future is the continuing revenue stream from legacy packages)
when these streamers are buying catalog titles like Friends, Seinfeld, and Big Bang Theory for $100m to $500m dollars, that's $10 to $50m coming in the door to the agencies that packaged the shows originally
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Re: RIP Endeavor IPO
Originally posted by JoeBanks View Postwell let me tell you the story of "packaging fees"...
(one reason the Big 4 have been able to hold out for this long when the mid-tiers are probably much closer to cutting a deal in the near future is the continuing revenue stream from legacy packages)
when these streamers are buying catalog titles like Friends, Seinfeld, and Big Bang Theory for $100m to $500m dollars, that's $10 to $50m coming in the door to the agencies that packaged the shows originallyBruh, fukkin *smooches*! Feel me? Ha!
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Re: RIP Endeavor IPO
Originally posted by docgonzo View Post::insert Nelson Ha Ha meme here::
I literally heard that iconic Nelson Munns laugh in my head as I read the article.
How are you in my mind???
Another question:
How would 600 million dollars help an agency get me more work as a writer?
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Re: RIP Endeavor IPO
Originally posted by Novelist View PostDude!
I literally heard that iconic Nelson Munns laugh in my head as I read the article.
How are you in my mind???
Another question:
How would 600 million dollars help an agency get me more work as a writer?
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Re: RIP Endeavor IPO
a couple post-mortems in the trades. definitely sounds like a lot of people at the agency are waiting for the next shoe to drop now. if you've essentially been paying your heavy hitters partially in equity with the expectation that it could be converted to cash shortly after going public, well... they're still going to want to get paid somehow
https://www.hollywoodreporter.com/ne...o-next-1244048
"There was at least one audible gasp of "holy ****- in a hallway of the Beverly Hills headquarters of the talent agency, according to one source, and a general feeling of deflation and anger permeated the sleek office space."
https://variety.com/2019/biz/news/en...ts-1203351170/
"At WME, many agents have been compensated in stock units, which they have been unable to liquidate. Some have been encouraged to take equity in lieu of larger cash bonuses. The IPO would have triggered a one-year lock-up period, after which agents would have been free to sell their shares. Now that's been thrown up in the air, and there's no telling when agents will be able to cash out."
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Re: RIP Endeavor IPO
I don't know why agents aren't bailing. I mean, I get that they think they're going to have a windfall payday, but can't they see the writing on the wall? You can't cash in on stock that doesn't exist.
Think first of the year they start letting people go? It's crazy. I can't find anything on twitter about it either."Arguing that you don't care about the right to privacy b/c you have nothing to hide is no different than saying you don't care about free speech because you have nothing to say." -- Edward Snowden
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