Saudi Fund Said to Take $400 Million Stake in Emanuel’s Endeavor - Bloomberg

Saudi Fund Said to Take $400 Million Stake in Emanuel’s Endeavor - Bloomberg:

"Saudi Arabia’s sovereign wealth fund is taking a $400 million stake in Endeavor, one of Hollywood’s biggest talent and event managers, as part of Crown Prince Mohamed bin Salman’s grand plan to diversify the kingdom’s oil-based economy, according to people with knowledge of the deal. The purchase is the latest in a series of deals by the Public Investment Fund and is scheduled to close as soon as March 19, a day before bin Salman and U.S. President Donald Trump meet at the White House, said the people, who asked not to be identified because some of the details are still private. Then in early April, the crown prince -- known by his initials MBS -- will be the guest of honor at a Los Angeles dinner hosted by Endeavor Chief Executive Officer Ari Emanuel, the people said. Endeavor, which stages events worldwide from New York Fashion Week to Ultimate Fighting Championship fights, could play a key role as Saudi Arabia rebuilds industries that have withered since movie theaters and other forms of cultural expression were banned more than 35 years ago. One proposal under discussion would have the company work with Saudi Arabia’s General Sports Authority and General Entertainment Authority on projects that range from staging events to training athletes, the people said. Ari Emanuel Photographer: Neilson Barnard/Getty Images for LACMA "



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