By Cynthia Littleton Business Editor Endeavor has arranged a $260 million term loan to help get the company through the coronavirus-driven revenue crisis at the same time that it launches a broad cost-cutting initiative.
News of the loan was first reported Monday by the Wall Street Journal. Endeavor has been known to be looking for financial alternatives since last fall when the parent of UFC, WME, IMG and other entities was forced to table its planned IPO.
The company was already dealing with free cash flow concerns when the extraordinary COVID-19 lockdowns brought the curtain down on sports, concerts, festivals and other live event businesses that are central to Endeavor’s businesses.
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