Ari Emanuel speaks onstage during the 2017 LACMA Art + Film Gala Honoring Mark Bradford and George Lucas presented by Gucci at LACMA on November 4, 2017 in Los Angeles, California.
Stefanie Keenan | Getty Images Entertainment | Getty Images
Endeavor Group Holdings, the talent agency and sports company run by Ari Emanuel, said Wednesday it would start exploring strategic alternatives for the company, which could mean a potential sale.
The stock jumped more than 10% in after-hours trading.
“Given the continued dislocation between Endeavor’s public market value and the intrinsic value of Endeavor’s underlying assets, we believe an evaluation of strategic alternatives is a prudent approach to ensure we are maximizing value for our shareholders,” Emanuel, CEO of Endeavor, said in a news release.
The move comes weeks after French billionaire Francois-Henry Pinault agreed to buy a majority stake in Endeavor rival Creative Artists Agency. The deal was reportedly worth $7 billion.
Endeavor’s market value, likewise, was $7.79 billion as of Wednesday’s market close, having declined 21% so far this year.
–CNBC’s Alex Sherman contributed to this report.
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