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(Bloomberg) -- Endeavor Group Holdings Inc., the newly public media company led by Hollywood superagent Ari Emanuel, raised its outlook for the year, thanks to a return of film and TV production, as well as live sports.
- Earnings before interest, taxes, depreciation and amortization will be as much as $775 million for the year, Endeavor said Monday, compared with a June forecast of as much as $745 million. Revenue could reach $4.85 billion, up from a peak forecast of $4.83 billion previously.
Key Insights
- The lifting of shutdowns in California, New York and other production centers for entertainment hit the accelerator for moviemaking and TV filming to resume. It also allowed the resumption of live entertainment, like Endeavor's mixed-martial arts business UFC.
- The company's events and experiences division was its fastest-growing in the second quarter, though all of its businesses expanded. A driver there was media rights fees from European soccer.
- The company reported sales for the quarter of $1.1 billion, slightly below what analysts expected. The company also reported a profit. Wall Street had forecast a loss of 4 cents per share.
Market Reaction
- Endeavor, which went public at $24 a share in April, closed down 1.7% to $23.09 on Monday.
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