Endeavor Sets First Dividend, Stock Buyback Plan as it Awaits WWE Acquisition and IMG Academy Sale

variety.com:

Cynthia Littleton Business Editor Endeavor has big financial plans for the rest of the year as the company announced Tuesday it will declare its first dividend and begin its first stock buyback program as it awaits its acquisition of WWE and sale of IMG Academy.

Endeavor delivered solid first quarter results on Tuesday, powered by growth in its owned sports properties unit which is about to grow substantially as Endeavor closes its $21 billion takeover of WWE later this year.

Endeavor’s events and experiences unit also was in positive territory for the quarter. But the hangover of the January 2022 sale of the Endeavor Content production unit put a dent in the representation unit’s quarterly numbers.

The company’s newly created sports data and technology unit, which houses its OpenBet online wagering platform, saw its adjusted earnings before interest, taxes, depreciation and amortization sink on higher costs associated with IMG Arena.