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S&P puts Endeavor on positive watch
S&P said it placed its B+ ratings on Endeavor Group Holdings Inc. and its borrower subsidiaries on CreditWatch with positive implications.
On Monday, Endeavor announced its plan to combine UFC Holdings LLC and WWE Entertainment Group Inc. into a new publicly traded entity in which it will hold a 51% ownership stake. The deal is expected to close in the fourth quarter of 2023.
“In our view, the addition of WWE to Endeavor will expand the company's sports entertainment platform, diversify its revenue base, and improve its consumer reach. We expect the company will utilize its existing expertise to supplement and improve the operations of WWE's media rights, live events, and consumer products,” S&P said in a press release.
S&P said it aims to resolve the positive watch once the deal closes.
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