Endeavor Group Holdings, the talent agency spearheaded by CEO Ari Emanuel, has acquired a majority stake in luxury events business, On Location Experiences.
Terms of the deal were not disclosed in Endeavor’s deal announcement on Thursday, but Bloomberg reported it’s valued at about $660 million.
On Location offers high-end accommodations and experiences to wealthy clients, including field access at the Super Bowl. The company has deals with the Masters, the NCAA and a number of other prominent sports leagues and events. On Location has also partnered with a number of music festivals.
The NFL will remain a minority-shareholder in On Location and keep its seat on the firm’s board of directors. As part of the deal, the NFL is expected to increase its stake to about 20%, according to Bloomberg.
“By bringing together a leader like On Location with Endeavor’s access and reach, we can advance the way consumers and brands think about money-can’t-buy experiences,” Emanuel said in a statement. “Partnering with the NFL will enable us to leverage the best-in-class executions around one of the biggest events in the world, the Super Bowl, and extend this same level of service and experiences to other sports and entertainment properties globally.”
Paul Caine, a longtime media executive at Westwood One, Bloomberg and Time Inc. will become On Location’s new CEO. John Collins, who has led the company for the past four years, will serve as an advisor as On Location and Endeavor integrate.
On Location has been privately held for about five years by RedBird Capital Partners, Bruin Sports Capital, the Carlyle Group and 32 Equity, the NFL’s investment arm.
“We are excited to partner with Endeavor to grow On Location Experiences globally,” NFL commissioner Roger Goodell said in a statement. “We are committed to offering NFL fans unique and first-class experiences at our events. On Location shares this commitment and delivers value for its partners and delights fans at events around the world.”
Read original story Endeavor Acquires On Location Experiences, Enters Strategic Partnership With NFL At TheWrap