Endeavor Sells OpenBet, IMG Arena for $450 Million

Endeavor Group is divesting its sports betting and streaming units, OpenBet and IMG Arena, in a $450 million management buyout by OB Global, led by Ari Emanuel and supported by OpenBet executives. This sale is a strategic move crucial for completing Endeavor's $13 billion take-private deal with private equity firm Silver Lake, expected to finalize by Q1 2025. OpenBet's CEO, Jordan Levin, will continue to lead the company post-sale, focusing on market expansion and innovation. Endeavor will also explore options to sell IMG Arena to third parties before and after the deal closes. The transaction underscores a trend of companies streamlining operations ahead of significant private equity transitions, with potential implications for the sports betting and streaming markets. Financial advisors Raine Group and Oakvale Capital facilitated the deal.