Saudi Arabia’s Public Investment Fund (PIF) plans to complete its purchase of a stake of less than 10 percent in talent agency Endeavor LLC for $400 million during Crown Prince Mohammed bin Salman’s US visit, Wall Street Journal reported, citing unnamed sources.
The deal would mark the latest investment in recent years in Endeavor, the holding company for Hollywood talent agency WME and the Miss Universe organization.
Endeavor’s other prominent backers include SoftBank Group, Singapore’s sovereign-wealth fund, and the Canada Pension Plan Investment Board.
The move to buy a stake in Endeavor comes as the Kingdom looks to shore up its entertainment industry, as part of wider economic diversification efforts aimed at reducing reliance on oil revenues.
The PIF in December signed a non-binding memorandum of understanding (MoU) with US-based AMC Entertainment Holdings Inc. to explore commercial opportunities in the Saudi entertainment sector.
The agreement followed the Kingdom’s historic move to lift the ban on commercial cinemas in the country, after a 35-year hiatus.
Prince Mohammed’s official visit to the US begins on Monday, March 19.
The Crown Prince is expected to meet US President Donald Trump, Vice President Mike Pence and National Security Adviser HR McMaster during the two-week trip.
The prince is also set to meet other top US government officials as well as business leaders and Hollywood fraternity members.
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