Saudi Arabia’s Public Investment Fund (PIF) is in talks to buy a 5-10% stake in Endeavor, the holding company for Hollywood talent agency William Morris Endeavor (WME), for $500 million, according to reports.
The Beverly-Hills, California based agency formed in 2009 as a merger between William Morris Agency and Endeavor Agency and represents artists across all media platforms, specifically movies, television, music, theatre, digital and publishing.
Endeavor was valued at $6.3 billion when it raised money in August, according to Bloomberg. According to the Hollywood Reporter, the capital infusion from Saudi Arabia would give Endeavor more funds for its continued growth.
Saudi authorities have prioritized the development of the entertainment industry in Saudi Arabia, having just this week begun screening films in the Kingdom for the first time.
In the Kingdom’s Vision 2030 economic and social reform roadmap, Saudi Arabia says it intends “to enhance the role of government funds, while also attracting local and international investors, creating partnerships with international entertainment corporations.”
WME’s co-CEO, Ari Emanuel, is the brother of former White House Chief of Staff and current Mayor of Chicago Rahm Emanuel. Elements of his career and personality contributed to the formulation of the character Ari Gold in the HBO series Entourage, for which actor Jeremy Piven won four Emmy awards.
