81-620: Endeavor Group Holdings, Inc. (formerly William Morris Endeavor and WME-IMG ) is an American holding company for talent and media agencies with its primary offices in Beverly Hills , California . The company was founded in April 2009 after the merger of the William Morris Agency and Endeavor Talent Agency . Endeavor represents artists in film, television, music, theater, digital media, and publishing. It also represents
162-462: A corporate group . In some jurisdictions around the world, holding companies are called parent companies , which, besides holding stock in other companies, can conduct trade and other business activities themselves. Holding companies reduce risk for the shareholders , and can permit the ownership and control of a number of different companies. The New York Times uses the term parent holding company . Holding companies can be subsidiaries in
243-495: A tiered structure . Holding companies are also created to hold assets such as intellectual property or trade secrets , that are protected from the operating company. That creates a smaller risk when it comes to litigation . In the United States, 80% of stock, in voting and value, must be owned before tax consolidation benefits such as tax-free dividends can be claimed. That is, if Company A owns 80% or more of
324-452: A web crawler , and was recruited by the CIA. By his senior year of high school, Parker was earning more than $ 80,000 a year through various projects, enough to convince his parents to allow him to skip college and pursue a career as an entrepreneur. In his childhood, Parker was an avid reader, which was the beginning of his lifelong autodidacticism . Several media profiles refer to Parker as
405-659: A $ 600 million contribution to launch the Parker Foundation, which focuses on three areas - life sciences, global public health, and civic engagement. It takes an interdisciplinary approach to large-scale challenges, combining insight, capital, science and technology, organization building, and public policy. Parker donated $ 250 million to create the Parker Institute for Cancer Immunotherapy, in April 2016. The funds initially went to over 300 scientists at 40 laboratories, in six institutions. Starting in 2016,
486-454: A 21st-century "super agent" by both The Wall Street Journal and The Guardian , as well as an Advertising Age "Influencer." In July 2011, the company and its foundation created Camp Summer Eagle, which provides donations and activities for schoolchildren at Foster Elementary in Compton, California . Shortly after the merger, WME helped launch the investment group Raine, which aligned
567-642: A branding and marketing agency in Philadelphia for about $ 200 million in January 2018. The CEO of 160over90, John Campanella, said that Endeavor took less than two months to complete the purchase. Third Coast Content, a faith and family audiences production and publishing company, was founded in February 2018 by veteran film executive Ben Howard as CEO with Endeavor Content as an investor and as its provider of sales and advisory services. In April 2019, Droga5
648-595: A day before it planned to go public, Endeavor Group announced that the IPO had been postponed in order to "evaluate the timing for the proposed offering as market conditions develop." Contributing factors were reported to be the under-performance of the recent IPO for Peloton , and an ongoing lawsuit with several former UFC fighters. On March 30, 2021, Endeavor Group announced a new planned IPO for later in 2021, with Elon Musk and Fawn Weaver nominated to join its board of directors. On April 28, 2021, Endeavor Group went public on
729-520: A demonstrated interest in compromise and deal-making. In Washington, DC, he has met with Republican lawmakers about ways of encouraging economic investment in struggling areas of the country. He has also supported cannabis law reform and in 2010, following the example of donations by Facebook co-founder Dustin Moskovitz (totaling $ 70,000) donated $ 100,000 to the 2010 California Proposition 19 campaign to legalize marijuana in that state and $ 400,000 to
810-532: A friend showed him Spotify , a Swedish music-streaming service, and Parker sent an email to Spotify's founder Daniel Ek . The pair traded emails, and in 2010 Parker invested US$ 15 million in Spotify. Parker, who was on Spotify's board until 2017, negotiated with Warner and Universal on Spotify's behalf, and in July 2011, Spotify announced its U.S. launch. At Facebook's f8 conference that year, Parker announced
891-479: A genius. He considers his time at Napster to be his college education, calling it "Napster University", since he became well-versed in intellectual property law, corporate finance, and entrepreneurship. When Parker was 15, he met 14-year-old Shawn Fanning over the Internet, where the pair bonded over topics such as programming , theoretical physics , and hacking. A few years later, Parker and Fanning,
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#1732783562682972-526: A matter of broadcast regulation . In the United States, a personal holding company is defined in section 542 of the Internal Revenue Code . A corporation is a personal holding company if both of the following requirements are met: A parent company is a company that owns enough voting power in another firm (or subsidiary ) to control management and operations by influencing or electing its board of directors . The definition of
1053-596: A microbiome-cancer immunotherapy clinical trial for advanced melanoma patients. Parker is on the boards of these nonprofits: In February 2015, Parker was ranked number five on the Chronicle of Philanthropy 's 2014 Philanthropy 50 list. In August 2018, Parker was nominated as a Wired "Icon" along with Alex Marson for his research in DNA programming and genome editing in the fight against cancer. He's also been named one of Town and Country' s Top 50 Philanthropists and
1134-527: A minority stake in the creative agency Droga5 . The partnership combines the companies’ advertising and entertainment resources. On December 18, 2013, WME and Silver Lake announced the acquisition of IMG for $ 2.4 billion. WME 's Ari Emanuel and Patrick Whitesell took over as co-CEOs. On January 21, 2015, it was announced that WME had acquired Global eSports Management (GEM), an international agency representing various esports and professional video game players and personalities. In April 2015, they bought
1215-425: A parent company differs from jurisdiction to jurisdiction, with the definition normally being defined by way of laws dealing with companies in that jurisdiction. When an existing company establishes a new company and keeps majority shares with itself, and invites other companies to buy minority shares, it is called a parent company. A parent company could simply be a company that wholly owns another company, which
1296-497: A partnership between Facebook and Spotify, which allowed users to share their Spotify playlists on their Facebook profiles. In April 2014, Parker announced his backing of a new initiative called Brigade , an online platform for civic engagement to "combat a lack of political engagement and interest in all levels of government across America." Parker is the Executive Chairman of Brigade . The initial round of funding
1377-428: A private company. Additionally, Parker is said to have championed Facebook's clean user interface and developed its photo-sharing function. Zuckerberg notes that "Sean was pivotal in helping Facebook transform from a college project into a real company." During a party in 2005, police entered and searched a vacation home Parker was renting and found cocaine. Parker was arrested on suspicion of drug possession but
1458-465: A site called " The Facebook " on the computer of his roommate's girlfriend, who was a student at Stanford . Parker had experience in the social networking industry as an early advisor to Friendster and its founder, Jonathan Abrams , for which he was given a small amount of stock in 2003. Parker met with Mark Zuckerberg and Eduardo Saverin , and a few months later joined the five-month-old company as its president. According to Peter Thiel , Parker
1539-475: A strategic partnership between WME and creative music agency Jingle Punks, which creates, publishes and licenses music. WME is also an investor in the e-commerce platform [OpenSky], which was named one of America's "Most Promising Companies" by Forbes . In 2013, Whitesell and Emanuel were profiled in Fast Company , highlighting the company's digital growth. On May 2, 2012, WME and Silver Lake Partners ,
1620-580: A student at Northeastern University , cofounded Napster , a free file-sharing service for music. Parker raised the initial $ 50,000, and they launched Napster in June 1999. Within a year, the service had tens of millions of users. Napster was opposed by recording labels, the Recording Industry Association of America , and the heavy metal band Metallica , among others. Lawsuits by various industry associations eventually shut down
1701-411: A study from Parker Institute researchers at MD Anderson Cancer Center showing that melanoma patients who have specific types of bacteria and greater microbial diversity in their gut microbiome responded better to an anti-PD-1 checkpoint inhibitor versus those with less diversity. Based on this work, the Parker Institute is collaborating with MD Anderson and industry partner Seres Therapeutics to launch
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#17327835626821782-471: A technology-focused private equity firm based in Silicon Valley , signed an agreement for Silver Lake to acquire a 31.25% minority stake in the agency for $ 250 million. A new executive committee , consisting of Co-CEOs Ari Emanuel and Patrick Whitesell and Silver Lake Managing Director Egon Durban, was formed to lead the company's growth strategy and investment activities. In July 2013, WME acquired
1863-472: A tending subsidiary of the purchasing company, which, in turn, becomes the parent company of the subsidiary. (A holding below 50% could be sufficient to give a parent company material influence if they are the largest individual shareholder or if they are placed in control of the running of the operation by non-operational shareholders.) In the United Kingdom, the term holding company is defined by
1944-532: A vulnerability in human psychology" as it creates a "social-validation feedback loop". Parker stated that he was "something of a conscientious objector" to using social media. In 2006, Parker became a managing partner at Founders Fund , a San Francisco-based venture-capital fund founded by Peter Thiel. Founders Fund is focused on investing in early-stage companies, has $ 500 million in aggregate capital, and has invested in Quantcast , Path , and Knewton . Parker
2025-466: Is defined by Part 1.2, Division 6, Section 46 of the Corporations Act 2001 (Cth) , which states: A body corporate (in this section called the first body) is a subsidiary of another body corporate if, and only if: Toronto-based lawyer Michael Finley has stated, "The emerging trend that has seen international plaintiffs permitted to proceed with claims against Canadian parent companies for
2106-458: Is sometimes done on a per- market basis. For example, in Atlanta both WNNX and later WWWQ are licensed to "WNNX LiCo, Inc." (LiCo meaning "license company"), both owned by Susquehanna Radio (which was later sold to Cumulus Media ). In determining caps to prevent excessive concentration of media ownership , all of these are attributed to the parent company, as are leased stations , as
2187-533: Is the founder and chairman of the Parker Foundation, which focuses on life sciences, global public health, and civic engagement. On the Forbes 2022 list of the world's billionaires, he was ranked No. 1,096 with a net worth of US$ 2.8 billion. Parker was born in Herndon, Virginia , to Diane Parker, a TV advertising broker, and Bruce Parker, a U.S. government oceanographer and chief scientist at NOAA . When Parker
2268-682: Is the most obvious area [to be disrupted by the Web]." Since 2005, Parker has been an active donor to cancer research, global public health and civic engagement. In 2012, he pledged a $ 5 million grant to Stand Up to Cancer and the Cancer Research Institute to create the Immunotherapy Dream Team, uniting laboratory and clinical efforts that will lead to the immunological treatment, control and prevention of cancer. In December 2014, Parker pledged $ 24 million to create
2349-425: Is then known as a " wholly owned subsidiary ". Sean Parker Sean Parker (born December 3, 1979) is an American entrepreneur and philanthropist, most notable for co-founding the file-sharing computer service Napster , and was the first president of the social networking website Facebook . He also co-founded Plaxo , Causes , Airtime.com , and Brigade , an online platform for civic engagement. He
2430-480: The Companies Act 2006 at section 1159. It defines a holding company as a company that holds a majority of the voting rights in another company, or is a member of another company and has the right to appoint or remove a majority of its board of directors, or is a member of another company and controls alone, pursuant to an agreement with other members, a majority of the voting rights in that company. After
2511-655: The McMahon family . Vince McMahon will serve as executive chairman of the new entity, Emanuel as CEO, and Mark Shapiro as president and chief operating officer. As with Endeavor's ownership of UFC, Emanuel will not take on any creative roles, with current WWE CEO Nick Khan being named president of WWE (in a similar capacity to Dana White 's role in UFC). Emanuel said that the merger would "bring together two leading pureplay sports and entertainment companies" and provide "significant operating synergies", while McMahon stated that "given
Endeavor (company) - Misplaced Pages Continue
2592-589: The NFL and NHL . Endeavor is majority owner of World Wrestling Entertainment (WWE) and the Ultimate Fighting Championship (UFC) through TKO Group . In collegiate athletics Endeavor- Learfield IMG represents The American , A10 , Big 12 , Conference USA , Horizon League , MAC , MEAC , OVC , SEC and WCC . The group additionally owns a 20% stake in film and television production company Fifth Season (formerly Endeavor Content), with
2673-492: The New York Stock Exchange . Endeavor subsequently used some of the proceeds from the IPO to buy out Zuffa's other shareholders at a value of $ 1.7 billion, making Zuffa a wholly-owned subsidiary of Endeavor. On July 19, 2021, Ursula Burns joined the board of directors. On September 27, 2021, Endeavor announced that it would acquire OpenBet for $ 1.2 billion in cash and stock. In March 2022, Musk resigned from
2754-709: The Professional Bull Riders (PBR). On September 23, 2015, it was announced that WME-IMG would be partnering with Turner Broadcasting to create a televised esports league, the ELeague . On September 14, 2015, WME-IMG acquired from Donald Trump the Miss Universe Organization , which produces the Miss Universe , Miss USA and Miss Teen USA beauty pageants and related content. The organization sells television rights to
2835-632: The financial crisis of 2007–2008 , many U.S. investment banks converted to holding companies. According to the Federal Financial Institutions Examination Council 's website, JPMorgan Chase , Bank of America , Citigroup , Wells Fargo , and Goldman Sachs were the five largest bank holding companies in the finance sector, as of December 2013 , based on total assets. The Public Utility Holding Company Act of 1935 caused many energy companies to divest their subsidiary businesses. Between 1938 and 1958
2916-596: The Cancer Research Institute, Malaria No More, the Clinton Foundation, ONE, and the " charity: water " campaign. In 2007, Parker founded Causes , originally one of the earliest Facebook applications , as a philanthropic service that uses social media to connect charities with their supporters and potential donors and then communicates that connection to the user's network of friends. By 2013, 186 million people had joined Causes, donating over $ 50 million to 60,000 non-profits. In June 2015, Parker announced
2997-506: The Democratic Party backed 2016 California Proposition 63 campaign to require background checks for all ammunition purchases. Parker will donate $ 250 million to launch a new institute aimed at developing more effective cancer treatments by fostering collaboration among leading researchers in the field. For the 2016 presidential election , Parker created a social ballot guide for voters to help each other pledge to vote. Parker
3078-591: The Endeavor Talent Agency announced that they were forming William Morris Endeavor, or "WME". Endeavor executives Ari Emanuel and Patrick Whitesell were widely seen as the architects of the merger and quickly became the Co-CEOs of WME. After the official announcement of the merger, nearly 100 WMA employees and former board members were let go. One of those leaving was Jim Wiatt, who came to WMA in 1999 from International Creative Management , where he
3159-667: The MMA athletes", and "five related class-action lawsuits filed against it alleging that UFC violated Section 2 of the Sherman Antitrust Act of 1890 by monopolizing the alleged market for elite professional MMA athletes' services". Also included in the filing was the statement that subsidiary WME Dragon Holdings LLC, which bought 49 percent of advertising agency Droga5 in 2013, agreed to sell its interest in Droga5 to Accenture Interactive for $ 233 million. On September 26, 2019,
3240-601: The Parker Institute for Cancer Immunotherapy scientists funded a clinical trial to test the next wave of cancer-fighting T-cells engineered using the CRISPR gene-editing technology. The trial was the first in the United States to test CRISPR-modified cells in humans. The trial is led by the University of Pennsylvania and is also conducted at University of California, San Francisco and the University of Texas MD Anderson Cancer Center . In November 2017, Science published
3321-596: The Sean N. Parker Center for Allergy Research at Stanford. In 2015, he made a $ 4.5 million grant to support the Malaria Elimination Initiative at the University of California San Francisco's Global Health Group, and a $ 10 million grant to create the Sean N. Parker Autoimmune Research Laboratory at UCSF. Parker is an active supporter of groups including Code for America , Stand Up To Cancer,
Endeavor (company) - Misplaced Pages Continue
3402-455: The United Kingdom, is generally held that an organisation holding a 'controlling stake' in a company (a holding of over 51% of the stock) is in effect the de facto parent company of the firm, having overriding material influence over the held company's operations, even if no formal full takeover has been enacted. Once a full takeover or purchase is enacted, the held company is seen to have ceased to operate as an independent entity but to have become
3483-475: The WGA asserted to be an illegal conflict of interest under state and federal law. As part of agreements which would allow them to resume representing writers, the WGA called for talent agencies to reduce their interest in co-owned production companies, as they considered talent agencies owning their own production companies to be a conflict of interest. In February 2021, Endeavor agreed to a new franchising deal with
3564-555: The WGA, under which it must cease the use of packaging deals, and not hold more than a 20% stake in production companies affiliated with the agency, thus necessitating that it divest at least 80% of Endeavor Content. On June 8, 2021, Endeavor began to seek a partner for the division in compliance with the agreement, with the whole sales team returning to the company to start the process. On October 28, 2021, Endeavor started to solicit second-round bids for more than $ 750 million, with three equity firms and two strategic companies among those in
3645-406: The aisle". He favored Democrats and progressive causes such as campaign finance reform and gun control ; he has spoken out in favor of higher taxes, particularly for the "wealthy and super wealthy", and in favor of higher capital-gains taxes. Parker has also supported middle-of-the-road Republican candidates and super PACs , favoring "economically moderate" conservatives and candidates with
3726-499: The allegedly wrongful activity of their foreign subsidiaries means that the corporate veil is no longer a silver bullet to the heart of a plaintiff's case." The parent subsidiary company relationship is defined by Part 1, Section 5, Subsection 1 of the Companies Act, which states: 5.—(1) For the purposes of this Act, a corporation shall, subject to subsection (3), be deemed to be a subsidiary of another corporation, if — In
3807-476: The board. In 2019, the Writers Guild of America (WGA) filed a lawsuit against the four major Hollywood talent agencies, including WME, Creative Artists Agency (CAA), United Talent Agency (UTA) and ICM Partners , over their usage of packaging deals (under which a talent agency offers a production utilizing its represented writers, directors, and/or actors as a "package" to prospective studios), which
3888-590: The company was renamed Fifth Season ; the name stems from Eastern medicine, which recognizes the so-called "fifth season" as a celebratory time of harvest in late summer, thus representing the company's focus on global ideas and content. On October 26, 2022, JKN Global Group acquired Miss Universe Organization (MUO) from Endeavor for $ 14 million. On March 7, 2023, Endeavor acquired unscripted production company Asylum Entertainment Group . On June 2, 2023, Endeavor acquired literary agency Ross Yoon Agency. In January 2023, professional wrestling promotion WWE stated it
3969-569: The company with properties like Vice Media and Zumba Fitness . In 2010, WME partnered with RED Interactive, a digital advertising agency. Two years later, they formed an alliance with the social media management firm TheAudience, partnering with digital entrepreneur Sean Parker and executing social campaigns for properties like the Seth MacFarlane motion picture Ted and the Coachella Music Festival . 2013 brought
4050-507: The computer lab as a foreign language class. Consequently, towards the end of Parker's senior year at Chantilly, he was mostly writing code and starting companies. He graduated in 1998. While still in high school, he interned for Mark Pincus (who would later become the CEO of Zynga ) at Pincus's Washington, DC startup FreeLoader. He won the Virginia state computer science fair for developing
4131-423: The film". Parker called the character a "morally reprehensible human being", although he noted, "it's hard to complain about being played by a sex symbol". Additionally, Parker took issue with the movie's version of Eduardo Saverin 's exit from Facebook as it paralleled his own exit from Plaxo. In 2011, Parker was a guest on Late Night with Jimmy Fallon , featured on the cover of the Forbes 400 issue, and
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#17327835626824212-420: The growth of companies LinkedIn , Zynga , and Facebook . Plaxo was one of the first products to build virality into its launch, and that earned it 20 million users. Two years after founding Plaxo, Parker was ousted by the company's financiers, Sequoia Capital and Ram Shriram , in an acrimonious exit that reportedly involved the investors hiring private investigators to follow him. In 2004, Parker saw
4293-497: The incredible work that Ari and Endeavor have done to grow the UFC brand—nearly doubling its revenue over the past seven years—and the immense success we’ve already had in partnering with their team on a number of ventures, I believe that this is without a doubt the best outcome for our shareholders and other stakeholders." The deal is expected to be completed on September 12, 2023. WWE and the UFC will continue to run as separate divisions of
4374-629: The largest-ever acquisition in the sports industry. On August 22, 2016, WME acquired the literary agency Rabineau Wachter Sanford & Gillett (RWSG); its co-founders, Sylvie Rabineau and Jill Holwager Gillett, head a division of WME involved in the coordination of screen adaptations of literature. WME/IMG purchased in August 2017 a majority stake in Bloom, a film finance and sales company led by Ken Kao and Alex Walton. WME-IMG reorganized in October 2017 with
4455-420: The newly merged company as per statements made by WWE CEO Nick Khan. Hours after the sale, law firm Ademi LLP launched an investigation into the sale, looking for "possible breaches of fiduciary duty and other violations of law". WWE's stock price additionally decreased following the announcement of the sale. On May 16, it was reported that the new entity would operate under the name TKO Group Holdings . The merger
4536-426: The next day. On April 3, Endeavor and WWE officially announced the deal, under which WWE will merge with UFC parent company Zuffa to form a new publicly-traded company; the name of the new entity was not announced, but it was stated that it will trade under the symbol " TKO ". Endeavor will hold a 51% stake in "TKO", with WWE's shareholders having a 49% stake, marking the first time that WWE has not been controlled by
4617-571: The number of holding companies declined from 216 to 18. An energy law passed in 2005 removed the 1935 requirements, and has led to mergers and holding company formation among power marketing and power brokering companies. In US broadcasting , many major media conglomerates have purchased smaller broadcasters outright, but have not changed the broadcast licenses to reflect this, resulting in stations that are (for example) still licensed to Jacor and Citicasters , effectively making them such as subsidiary companies of their owner iHeartMedia . This
4698-544: The pageants in other countries. Financial details were not disclosed. Softbank and Fidelity Investments in early 2016 invested in WME-IMG. The company formed a joint venture in June 2016 for China with Sequoia Capital , Tencent and FountainVest Partners . On July 9, 2016, Zuffa, LLC , the parent company of Ultimate Fighting Championship , was sold to a group led by WME-IMG, its owner Silver Lake Partners , Kohlberg Kravis Roberts , and MSD Capital , for $ 4.025 billion,
4779-1081: The parent company being renamed from WME-IMG to Endeavor. Ari Emanuel became Endeavor CEO and Patrick Whitesell became Endeavor executive chairman. The general talent agency retained the WME name as the sports agency retained the IMG name. In October 2017, Endeavor Content was formed from the WME's and IMG's film financing and scripted TV sales units, WME's advisory group for film financiers and content producers and Bloom, which will continue to operate autonomously. Graham Taylor and Chris Rice were appointed as co-presidents and additional hires were Negeen Yazdi as senior vice president of film and Joe Hipps as senior vice president of television. On November 15, 2017, actor Terry Crews said on Good Morning America that Adam Venit, head of WME's motion picture department, had squeezed Crews' genitals with his hand at an industry party in February 2016. WME responded they had suspended Venit following an internal investigation, on November 27, 2017, it
4860-508: The productivity of their agents, most notably, the "Farmhouse" training program. In September 2022, Richard Weitz and Christian Muirhead were named Co-Chairmen of the agency. Endeavor grew to include several subsidiary companies and expanded divisions. Fortune named co-CEOs Ari Emanuel and Patrick Whitesell to their 2010 "Businessperson of the Year" list, acknowledging their corporate growth strategies. Emanuel had previously been recognized as
4941-456: The remaining 80% owned by South Korean entertainment and retail company CJ ENM . Endeavor is headed by CEO Ari Emanuel and executive chairman Patrick Whitesell . The Endeavor Talent Agency launched in 1995. By 2009, it was one of the fastest-growing Hollywood talent agencies, with The New York Times singling out its reputation for "quick thinking, ferocity and barely bridled ambition". On April 27, 2009, William Morris Agency (WMA) and
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#17327835626825022-404: The running. On November 19, 2021, South Korean conglomerate CJ ENM reached a deal to acquire the stake for $ 775 million. The acquisition primarily covers the company's scripted business, with Endeavor retaining its non-scripted, documentary, and film consulting businesses. The sale is CJ ENM's largest acquisition to-date. The $ 785 million purchase was completed in January 2022. In September 2022,
5103-404: The service. Napster has been called the fastest-growing business of all time, is credited with revolutionizing the music industry, and is considered by some to be a precursor to iTunes . In November 2002, Parker launched Plaxo , an online address book and social networking service that integrated with Microsoft Outlook . Plaxo was an early social networking tool, which later influenced
5184-540: The stock of Company B, Company A will not pay taxes on dividends paid by Company B to its stockholders, as the payment of dividends from B to A is essentially transferring cash within a single enterprise. Any other shareholders of Company B will pay the usual taxes on dividends, as they are legitimate and ordinary dividends to these shareholders. Sometimes, a company intended to be a pure holding company identifies itself as such by adding "Holding" or "Holdings" to its name. The parent company–subsidiary company relationship
5265-403: Was $ 9.3 million from Parker, with additional sums from other investors. In 2014, Brigade acquired Causes, an online platform for social impact and political activism. Causes had in 2013 acquired Votizen, a political advocacy startup. Parker and The Founders Fund were a part of Votizen 's $ 1.5 million funding round in 2010, and Parker was on the board of directors. He has stated, "Politics for me
5346-554: Was acquired by Accenture . On May 24, 2019, Endeavor filed forms for an initial public offering (IPO) with the Securities and Exchange Commission (SEC) that would have valued the company at $ 7.6 billion. The form detailed Endeavor's revenue was $ 3.61 billion in 2018 with a net income of $ 100.1 million after adjustments, and potential risks involved of being potentially sued “over alleged long-term neurocognitive impairment arising from concussions”, "collective bargaining to unionize
5427-663: Was also a driving force behind the Opportunity Zones provision in the Tax Cuts and Jobs Act of 2017 , which are designed to incentivize investments in struggling American communities. In 2015, the Economic Innovation Group, which Parker co-founded, published a whitepaper on the idea of opportunity zones, and in 2017, a bill passing them into law was shepherded by a bi-partisan coalition involving Senator Cory Booker and Senator Tim Scott . Parker
5508-400: Was announced Venit would return to work after a month's unpaid leave. On December 4, 2017, lawyers acting on behalf of Terry Crews filed suit against WME and Venit stating "It is now time to hold Venit accountable for his sexual predatory behavior and to hold WME accountable for its conduct in condoning, ratifying, and encouraging Venit's sexual predatory behavior". Endeavor acquired 160over90,
5589-429: Was announced that OpenBet and IMG Arena would be sold to OB Global Holdings, LLC for $ 450 million, in a management buyout led by Emanuel. Holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own stock of other companies to form
5670-416: Was exploring a potential sale, with Endeavor being among potential suitors. Its founder Vince McMahon had stepped down as chairman and CEO in mid-2022 amidst a misconduct investigation . Endeavor Streaming had been providing backend services for WWE's streaming platform WWE Network since 2019. On April 2, CNBC reported via sources that a deal between WWE and Endeavor was imminent and could be announced
5751-478: Was exposed, FBI agents tracked down the 16-year-old. Since Parker was under 18, he was sentenced to community service. Parker attended Oakton High School in Fairfax County, Virginia for two years before transferring to Chantilly High School in 1996 for his junior and senior years. While there, Parker wrote a letter to the school administration and persuaded them to count the time he spent coding in
5832-553: Was finalized on September 12, 2023. In April 2024, private equity firm Silver Lake announced a deal to take Endeavor private, offering $ 27.50 per share in cash, valuing the company at $ 13 billion. As part of the buyout, Endeavor began to divest some of its assets; in August 2024, Endeavor announced plans to put its sports betting businesses OpenBet and IMG Arena up for sale, and in October 2024, announced plans to divest IMG, PBR, and On Location Experiences to TKO Group in an all-stock deal valued at $ 3.25 billion. On November 11, 2024, it
5913-476: Was given carte blanche by Thiel when finding investments. In 2014, Parker stepped down from his role at Founders Fund to focus on other projects. Parker has also hosted The TechFellow Awards, a partnership between TechCrunch and Founders Fund that annually gives 20 entrepreneurs $ 100,000 each to invest in startups. While working at Founders Fund, Parker had been looking to invest in a company that could further Napster's music-sharing mission legally. In 2009,
5994-568: Was named in Time 's Healthcare 50 for his work in connecting cancer research. In 2016, he was given the Pontifical Key Philanthropy Award by Cardinal Gianfranco Ravasi at the Vatican for his cancer work. Parker has made substantial donations to both sides of U.S. party politics; his allegedly "nonpartisan" approach favors contributions to "elected officials who have shown themselves willing to work across
6075-435: Was not charged. This event caused Facebook investors to pressure Parker into resigning as president. However, after stepping down, Parker continued to remain involved with Facebook's growth, and met regularly with Zuckerberg. The event was later dramatized in the movie The Social Network . In 2017, during an interview with Axios , Parker expressed concerns about the role of Facebook in society, saying that it "exploit[s]
6156-470: Was portrayed by Justin Timberlake in the 2010 film The Social Network . The movie is an account of Facebook's founding and early days. Although Parker praised David Fincher as a director, many have remarked on the differences between Parker and his portrayal by Timberlake. Former Facebook growth chief Chamath Palihapitiya noted that Parker is "really the exact opposite of his portrayal in
6237-749: Was profiled in Vanity Fair . In 2020, Parker appeared in The Social Dilemma . In 2011, Parker became engaged to Alexandra Lenas, a singer-songwriter, and they were married in 2013. They have a daughter and a son. On June 1, 2013, Parker married Alexandra Lenas in Big Sur , California, in a wedding at which every guest was given a The Lord of the Rings –style costume. The wedding purportedly cost $ 10 million to stage, although Parker describes this estimate as "WAY off base". The wedding
6318-470: Was seven, his father taught him how to program on an Atari 800 . Parker's father, who put his family before his entrepreneurial dreams, told Parker, "if you are going to take risks, take them early before you have a family." In his teens, Parker's hobbies were hacking and programming. One night, while hacking into the network of a Fortune 500 company, Parker was unable to log out after his father confiscated his computer keyboard. Because his IP address
6399-419: Was the first to see potential in the company to be "really big", and that "if Mark ever had any second thoughts, Sean was the one who cut that off". As president, Parker brought on Thiel as Facebook's first investor. In the initial round of funding, he negotiated for Zuckerberg to retain three of Facebook's five board seats, which gave Zuckerberg control of the company and allowed Facebook the freedom to remain
6480-650: Was the subject of an article in The Atlantic alleging environmental damage to the redwood forest, to which Parker responded by highlighting his cooperation with the Save the Redwoods League throughout. A required permit was not obtained. In addition, the venue from which he hired the space was not permitted to be closed to the public. A California Coastal Commission spokesperson said "Mr Parker, in essence, leased an ongoing Coastal Act violation when he leased
6561-474: Was vice-chairman. He had joined WMA as president and co-chief executive officers, and had risen to board chairman. After the merger, WME moved its headquarters into the offices of Endeavor at 9601 Wilshire Boulevard in the heart of Beverly Hills. In 2011, Emanuel was quoted in a Financial Times profile about the company saying, "We built a culture where people are rewarded for taking risks." Emanuel and Whitesell implemented several leadership strategies to boost
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