Endeavor, the
Parent company of WME, has completed its withdrawal from a $400-million deal with the
Saudi Arabian government.
Endeavor returned the kingdomâ??s
Investment in full sometime in the last few weeks,
the New York Times reported Friday. The company announced plans
to terminate the deal on Oct. 15, soon after the murder of
Saudi journalist Jamal Khashoggi.
Endeavor did not immediately respond to a request for comment from TheWrap.
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In January 2018, the Public
Investment Fund â??
Saudi Arabiaâ??s major sovereign wealth vehicle â?? struck a deal with Endeavor to
buy a stake of less than 10 percent in the talent and media company for at least
0 million. It was one of many financial investments made as part of a push by crown prince Mohammed bin Salman to remake the countryâ??s image. This push was intended to culminate last fall in
Saudi Arabiaâ??s prestigious economic gathering, the Future
Investment Initiative conference, known as â??Davos in the desert.â?*
But the murder of Khashoggi, a U.S. resident and prominent critic of Mohammed bin Salman, turned this push into a PR disaster. There were widespread calls for companies to divest from
Saudi Arabia, and most prominent American attendees
canceledآ*planned appearances. Then came reports that intelligence agencies had determined the
crown prince personally ordered the killing.
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The
Saudi government at first denied any knowledge of Khashoggiâ??s fate, but later said that a 15-man team, instructed to kidnap him from the
Saudi consulate in Istanbul and to return him by force the kingdom, instead violated orders and killed and dismembered him. The kingdom continues to deny any involvement or knowledge by the crown prince. Eleven suspects were indicted in November.
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