Endeavor’s IPO prospectus for dummies: Why the Hollywood player wants you to think it’s a tech company

The talent agency turned media conglomerate is a money-losing, debt-laden “platform” with voting control solely in the hands of a few people and not public shareholders. Sound familiar?

Endeavor, the “global entertainment, sports and content company,” which owns and operates such varied businesses as the leading Hollywood talent agency WME, the mixed-martial arts sport Ultimate Fighting Championship, the Miss America pageant, the Miami Open tennis tournament, the Frieze Art Fair,...

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