Open Road’s latest behind-the-scenes in publishing podcast is a recorded conversation from September between Simon Lipskar at Writers House and Open Road ceo David Steinberger. Lipskar discusses learning about the business of the business in his early days as an agent: “All I did was go to lunch and ask questions…. What I learned was nothing surprising, but it all had to do with budgets being based off of gross receipts. That was it. There was nothing more to it. So everyone’s budgets were being built off of gross receipts, and executives’ bonuses were contingent upon delivering on budget. So […]
Agency News
Endeavor Top Execs to Receive Bonuses, Royalties, More in Buyout
When Endeavor finally went public in 2021 at a reduced $24 a share, a few top executives wound up with significant holdings and valuable options while hundreds of others were reportedly told their options were worthless. According to SEC filings, Silver Lake’s move to take Endeavor private again — after producing less than a 15 percent return over three years — will lead to another significant windfall for executives. Endeavor founder and ceo Ari Emanuel—who currently owns 11.9 percent of stock—will receive a $25 million bonus at the sale. He’ll be named founder and executive chairman of William Morris Endeavor, […]
As Expected, Silver Lake to Take Endeavor Private Again
Endeavor’s controlling owner Silver Lake confirmed on Tuesday that it will take Endeavor private again, but all outstanding stock for $27.50 a share. It took the company multiple attempts to go public in the first place, finally doing so in 2021 at $24 a share. Though Silver Lake’s press release trumpets the value that has been created for shareholders, most outside investors have not reaped any bonanza from Endeavor. The stock was languishing at below $18 a share last fall when the company said it would explore a sale and Silver Lake indicated it was putting together a proposal to […]
Using AI to Search Deals and Dealmakers
We have launched an experimental use of an AI-powered search approach at PublishersMarketplace, called Matcher. Up until now, our corpus of over 200,000 deal reports has only been searchable through basic word matching and Boolean search strings—and our Dealmakers lists, while quite extensive, only cover the 100 or so sub-categories that we tag and track. Matcher is designed to help you find agents and editors that “match” your manuscript, using natural language descriptions of your work. In this initial phase, it comes in two versions: Deal Matcher lets you search through the deals database, and highlights the editors and agents involved […]
Gendell and McGuigan Agree to Payment of Some Commissions
There has been one modest point of agreement in the long-running legal disputes between former Foundry Media Partners Yfat Reiss Gendell and Peter McGuigan. The parties agreed on the least contentious issue before the court: Payment to McGuigan of almost $500,000 in commissions earned from 2020 through 2023. Additional commissions of almost $200,000 from 2016 to 2019 are still in dispute, as are the larger claims and counter-claims between the two. The court has scheduled an evidentiary hearing on December 20 regarding the period still in dispute, and to assess damages, if any, for the failure to previously approve those […]
Backman Signs with UTA
Bestelling author Fredrik Backman has signed with UTA for representation in all areas, after terminating his longtime representatives at the Salomonsson Agency earlier this year and waiting for a notice period to pass. UTA says they “will represent Backman across various divisions, expanding his publishing business alongside media rights, theater, podcasts and more.” Co-head of UTA Publishing Byrd Leavell said in their announcement, “We’re thrilled to welcome Fredrik Backman to the UTA family. His emotionally resonant and insightful work has made an impact on countless readers across generations, myself among them, and we’re looking forward to helping him reach even […]