Saudi Arabia’s Public Investment Fund (PIF) is in discussions to invest more than $500 million in Endeavor, the holding company for Hollywood talent agency WME and the Miss Universe organization, Bloomberg reported, citing people familiar with the matter.
The deal will allow the sovereign wealth fund to own 5 to 10 percent of the company, but the valuation of the target company is being negotiated.
Endeavor’s existing investors include SoftBank, Singapore’s sovereign wealth fund, Canada Pension Plan Investment Board and Silver Lake, US private equity fund.
Last month, PIF signed a non-binding memorandum of understanding (MoU) with US-based AMC Entertainment Holdings Inc. to explore commercial opportunities in the Kingdom’s 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.
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