Elon's Greatest Invention... Hidden in South Memphis?

In South Memphis, I uncovered what could be Elon Musk's biggest invention yet. It's so secretive, rivals are flying drones to spy on it. If you're serious about investing in AI, now's the time to see what's really going on inside those walls.

Deal Dispatch: UFC, WWE Parent TKO Takes On Bull Riding; Endeavor Looks To Sell Tennis; Another Car Company Goes Bankrupt

Anthony Noto
October 26, 2024

New On The Block

Ari Emanuel‘s sports and entertainment conglomerate, Endeavor Group Holdings Inc (NYSE:EDR), is reviewing a potential sale of IMG tennis assets — including the Miami Open and Madrid Open tennis tournaments. Most of IMG’s other assets were included in a transaction announced on Thursday with TKO Group Holdings Inc (NYSE:TKO), the parent company of Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE).

The Frieze Art Fair, a curated event featuring modern and contemporary works, is also for sale. Endeavor acquired a majority stake in April 2016. The Raine Group is advising Endeavor.

See Also: UK Launches Antitrust Review Of Synopsys’ $34 Billion Ansys Deal Over Growing Concerns

Off The Block

TKO, created a year ago from the merger of the WWE and UFC, acquired sports marketing agency IMG from Endeavor in a $3.25 billion all-equity deal that included Fort Worth, Texas-based Professional Bull Riders and live events business On Location. The sale is expected to close in the first half of 2025. Endeavor will end up owning approximately 59% of TKO. Separately, TKO's board has authorized a share-repurchase program of up to $2 billion of Class A common stock.

PPG (NYSE:PPG) agreed to sell its architectural coatings business in the U.S. and Canada for $550 million to private equity firm American Industrial Partners. This ends a sale process first announced in February. The transaction is expected to close in late 2024 or early 2025. Goldman Sachs & Co. LLC advised PPG on the sale while law firm Hogan Lovells U.S. handled legal matters.

Jif peanut butter maker J.M. Smucker (NYSE:SJM) jettisoned its cookie brand, Voortman, to snacks company Second Name Brands for $305 million. Reuters first reported about the auction in July. J.M. Smucker also owns Folgers coffee, Hostess baked snacks, and a variety of pet foods, such as Meow Mix and Kibbles ‘n Bits.

Updates From The Block

Biotech firm ProPhase Labs, Inc. (NASDAQ:PRPH) engaged ThinkEquity to advise the sale of PMI. So far, more than 70 potential acquirers are in consideration. The deal is expected to close in 2025.

Durham, North Carolina-based Wolfspeed Inc. (NYSE:WOLF) put plans for a German semiconductor plant on hold. The development comes about two months after activist investment firm, Jana Partners, started urging the Wolfspeed board to explore a sale of the entire company.

Verizon Communications Inc. ((NYSE, NASDAQ:VZ) offered to buy Frontier Communications (NASDAQ:FYBR) for $38.50 per share. The Frontier board had been considering a sale; it recommended stockholders vote "for" the transaction.

Bankruptcy Block

Radford Motors, a luxury car manufacturer owned by British TV personality Ant Anstead, filed Chapter 11. People Magazine broke the story. This year, Hiphi, a Chinese EV startup, backed by Human Horizons, filed for bankruptcy in August. E.Go, a German electric car maker, filed for insolvency for the second time in March and entered liquidation in May.

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