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Endeavor is eyeing a sale of a portion of its stake in Fortnite maker Epic Games, sources close to the situation have confirmed to The Hollywood Reporter.
The Information was the first to report news of the sale.
The WME parent corporation owns a minority piece of the video game company and is looking to sell a part of its stake for a high multiple. The news of the sale comes on the heels of a Bloomberg report last month that Epic is looking to raise an additional round of funding.
The most recent market valuation of Epic Games placed the company’s value at $15 billion. Epic declined to comment on the sale.
Earlier on Wednesday, Epic unveiled big numbers for its flagship game. Fortnite has surpassed 350 million registered users and, in the month of April, logged more than 3.2 billion total hours played in-game. The free-to-play title has become a significant social and media platform in recent years, hosting in-game events that draw upwards of 12 million attendees, such as last month’s Travis Scott concert.
Endeavor, meanwhile, has been hit hard by the coronavirus pandemic. Last month, the company — which owns talent agency WME and professional MMA organization UFC — announced plans for a series of layoffs and furloughs that would affect roughly one-third of Endeavor’s 7,500 employees worldwide.
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