For decades, Hollywood's major talent agencies controlled the machinery that funneled valuable human resources into hungry studios. But they craved more money, more power. With an infusion of private equity funding in the past 10 years, these agencies aggressively expanded beyond talent representation and packaging by buying entertainment enterprises and venturing into content development to reap the benefits of ownership.
But in their quest for ever-increasing money and power, talent companies like Endeavor may have sowed the seeds of diminished influence. Filing to go public yielded another peek behind the curtain, and it's not a pretty picture. Endeavor is burdened by debt and has an uneven profit history and an even shakier future. Long-term debt stands at $4.6 billion, and total liabilities are $7 billion. While revenue increased over the years to $3.6 billion in 2018, much was due to acquisitions. Expenses against that revenue are daunting, leaving net losses of $98 million in 2016 and $173 million in 2017.
Endeavor could be rocked further if the WGA reaps financial concessions from talent agencies by getting a fat slice of packaging fees, assuming writers will eventually negotiate . This may be exacerbated if other talent from directors to actors follow suit by firing their agents or asking for a slice of the packaging pie. And worse, mega conglomerates, sparked by Netflix, have begun a high-priced bidding war for talent that can increase Endeavor's development costs.
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