Endeavor, the parent company of the WME and IMG agencies, has struck a deal to acquire technology provider NeuLion for $250m (€201m).
Under the all-cash deal, Endeavor will acquire NeuLion’s outstanding stock for $0.84. Upon completion, NeuLion will become a privately held subsidiary of Endeavor.
The transaction has already been unanimously approved by NeuLion’s board of directors and by the holders of the majority of NeuLion’s outstanding common stock.
The deal, which is subject to regulatory approvals, is expected to close in the second quarter of 2018.
NeuLion has helped clients such as Euroleague Basketball, the English Football League and pay-television broadcaster Eleven Sports to build OTT platforms in the past two years alone. In 2016, NeuLion acquired Saffron Digital, which helps clients to build OTT services.
“We’re excited by the value delivered to our stockholders through this transaction, and we’re looking forward to the dynamic opportunities that being part of the Endeavor family will provide for both our current and new clients,” NeuLion president and chief executive Roy Reichbach said.
Endeavor chief executive Ari Emanuel added: “Through our content portfolio, client base, and broader network of rights-holders we’ve encountered many different platforms for distributing and monetising content. NeuLion provides an ideal combination of technology and client services, and we’re excited for the value this brings to our existing partners and the foundation it provides for our future digital growth.”
Endeavor also owns the Ultimate Fighting Championship (UFC) and the Professional Bull Riders series.