Endeavor Content expects to commence talks with potential investors in the coming weeks to divest parent company Endeavor’s majority stake in the studio in compliance with the recent Writers Guild of America (WGA) agreement.
After Endeavor Content co-presidents Graham Taylor and Chris Rice spoke to staff on Tuesday (June 8), it is understood some film sales executives will return to stablemate agency WME in the coming months as the sale process goes on. A small number of executives in film sales will be affected. There were no further details at time of writing.
The development comes as Alex Walton’s international sales team at Endeavor Content Film Group – the combined sales and film advisory entity led by Walton and Alexis Garcia – prepares to engage with buyers at the virtual Cannes market that runs from June 21-25.
Earlier this year WME signed the WGA Franchise Agreement that among other things seeks to avoid conflicts of interests by stipulating agencies cannot own more than 20% of an affiliated production entity.
Among Endeavor Content’s film and TV credits are upcoming release In The Heights, Netflix’s Blue Miracle, Just Mercy, Call Me By Your Name, The Night Manager, and Killing Eve. Endeavor became a publicly traded company in April.
Last week CAA sold its majority ownership stake in Mare Of Easttown studio wiip to South Korea’s JTBC Studios to comply with its agreement with the WGA.