Entertainment and sports giant Endeavor announced late Thursday that it has postponed its IPO which had been scheduled for this Friday. Endeavor is the parent company for major music and talent agency WME.
“Endeavor will continue to evaluate the timing for the proposed offering as market conditions develop,” the company said in a statement.
News of the postponed IPO came just hours after the company updated filings with the SEC that reduced its expected target share price from a high-end estimate of $30 to $32 dollars to $26 to $27 dollars. Endeavor also pared down the number of shares that would have been on offer in the IPO from 19.4 million to 15 million.
Endeavor had planned to launch its IPO on the New York Stock Exchange as early as Friday, with ticker symbol EDR.
According to The Hollywood Reporter, sources familiar with the situation said the IPO was postponed due to the generally bearish outlook on Wall Street for IPOs in recent weeks.
Poor performance by other recent initial public offerings may have played a factor in Endeavor’s decision to postpone, as well.
Peloton, a company that makes internet-connected exercise bikes, performed poorly in their own IPO opened at 11% below its expected debut, and earlier this week, We Company, the corporate parent of a shared workspace startup was pulled as investors expressed concerns over deepening losses at the company.