Endeavor Pulling Out of $400 Million Saudi Arabia Deal (Exclusive)
1:35 AM PDT 10/15/2018 by Kim Masters , Tatiana Siegel
The move comes as pressure mounts for Hollywood to take a stand against the kingdom in the wake of the disappearance — and possible murder — of Saudi journalist Jamal Khashoggi.
Endeavor is extricating itself from a deal with the Saudi government to invest $400 million into the company, The Hollywood Reporter has learned.
Sources say paperwork is being drawn up that would terminate the deal for the Saudi Arabian sovereign wealth fund, which was created by the government to back projects at home and abroad, to take a 5-10 percent stake in Endeavor.
Earlier in the day, Endeavor CEO Ari Emanuel said he was "monitoring" the situation and stressed that he is "personally … really concerned" but would not commit to ending the relationship, which represented a sizable chunk of Endeavor’s future balance sheet.
Endeavor declined comment.
https://www.hollywoodreporter.com/news/endeavor-pulling-400-million-saudi-arabia-deal-1152404