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Endeavor Content solicits bids for around $750 million

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Ari Emanuel talks on stage during the 2017 LACMA Art + Film Gala honoring Mark Bradford & George Lucas presented By Gucci at LACMA, November 4, 2017 in Los Angeles. 

Stefanie Keenan | Getty Images Entertainment | Getty Images

Endeavor Content (the studio behind TV series like “Killing Eve” or “Nine Perfect Strangers”) is asking for second-round bidding. According to those familiar with the matter the bids will be valued at over $750 million.

The division is open to three strategic firms as well as two financial institutions. It’s a carve-out from now publically traded Endeavor Group HoldingsYou can find it at had its initial public offering in April,The people spoke on condition of anonymity because it was private. According to one person, none of the bidders expected have streaming services.

Endeavor’s studio division is being sold by Ari Emanuel who runs it as a super-agent. It was part of an agreement made with Writers Guild of America which required agencies to dispose of majority shares in their content divisions. Earlier this year, CAASold a majority of stake Wiip, the producer of HBO’s “Mare of Easttown,” to Korean company JTBC Studios.

People said that the second round bids for Endeavor Content should be submitted by Oct. 29. According to one person, Endeavor may choose the winner in its Nov. 15 earnings depending on how fast the final diligence is. According to two people, the final price might rise above $800 millions.

Endeavor declined to comment.

Media companies, SPACs and private equity firms, as well as hedge funds and other investors, are keen to license movies and shows for streaming. Private equity investments in media and telecom sectors reached record highsPwC Research estimates that the deal value will be $54.8 billion in 2021’s first half.

One person said that Lionsgate was open to bidding, but it didn’t intend on making an offer. Some reports speculatedEx-Disney executives Tom Staggs, and Kevin Mayer founded Blackstone Capital’s new venture. may be a logical buyerAccording to two people, it isn’t planning on a bid. This newly created company acquired Reese Witherspoon’s “Hello Sunshine” for $900 millionIt was earlier in the year.

Below a settlement reached with the WGA earlier this year,After allegations that they were self-dealing and their close connections with actors, directors, and other crew members, large agencies have agreed to sell major stakes in studios.

WATCH: Endeavor CEO talks about earnings beat. Right now, we feel bullish

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