UFC Vows to Keep Fighting— Assuming It Can Find Arenas
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P2JW099000-4-B00300-1--------CR THE WALL STREET JOURNAL. **** We dnesday, April 8, 2020 | B3 BUSINESS NEWS Airbnb to PayOver 10% Interestfor $1 Billion Financing BY JEAN EAGLESHAM stead, it has raised money pri- AND KIRSTEN GRIND vately at alowervaluation than the $31 billion pricetag Airbnb Inc.agreed to pay of itslast 2017fundraising itsnew investorsinterest at a round, the people close to the rate of morethan 10% and to companysaid. strengthen itsleadership,iN The$1billion of debt return forthe $1 billion in ad- comes with asteep pricetag; ditional funding announced an interest rate of 10% plus a GES Monday,according to people benchmark rate known as the IMA familiar with thematter. London interbank offered rate, GETTY Theinvestorswill also get or Libor,the people familiar A/ warrantsthat canbecon- with thedeal said. UFF verted intoshares with avalu- Theinvestorshavealso ex- /Z ation forthe companyof$18 tracted verbal commitments MENDES billion, adropofalmost half from the companytoreduce A sinceAirbnb’slast fundraising significantly itsfixed costs BUD in 2017, the people said. and to strengthen itsmanage- The last UFC card, held March 14 in Brazil featuring Kevin Lee (left) and Charles Oliveira, went ahead with no live audience. Theterms of the financing, ment,adding at least one new which haven’t been previously executivetosupport Chief Ex- reported, showthe distress ecutiveBrian Chesky, the peo- the home-sharing companyis ple said. UFC Vows to Keep Fighting— under due to the coronavirus Aspokeswoman forSilver pandemic. Lake said, “Wemade this in- Airbnb said on Mondaythat vestment because we believe it raised $1 billion in funding in Airbnb’sleadership,begin- Assuming It Can Find Arenas from private-equity firms Sil- ning with Brian, and look for- verLakeand Sixth Street Part- ward to partnering with them nerstobolster itsfinances,af- in our role as astrategic in- terthe coronavirus pandemic vestor.” BY SOMA BISWAS network exclusiverightstoair Oregon, respectively, to its “The fight is signed and is upended itsbusinessmodel. In ajoint statement Silver UFCfightsand added on rights UFCApexproduction center in 100% ON LIVE on ESPN some- TheSan Francisco-based Lake and Sixth Street said of Thecoronavirus pandemic to pay-per-viewfights. LasVegas.But in March, the whereonEARTH!!!!” Mr.White companyhas also had prelimi- thepossibility of bringing in has forced sportsleagues TheUFC took on debt when Nevada Athletic Commission tweeted. narydiscussions with several another executive: “Therewas around the world to shut it wasbought by media com- voted against allowing the Mr.Whitesaid later in an investorsabout raising more no such ask or commitment down, but the companybehind pany EndeavorPLC andpri- events to take place. interviewwith ESPN that he capital, one person close to and in fact amajor part of our the UltimateFighting Champi- vate-equity firms KKR &Co. Thenextevent is scheduled has secured aU.S.location and the negotiations said. decision to invest wasbecause onship has vowedtokeep and Silver Lake. forApril 18 but the UFChas aprivateisland to hold fights. Airbnb had planned to start of our confidenceinthe lead- holding fightsfor cable and Aspokesman forthe UFC scrambled to find alocation Mixed-martial-artsfighters trading publicly this year.In- ership of the company.” pay-per-viewaudiences. declined to comment. ESPN re- without running afoul of rules aresplit on whether to fight or UFC Holdings Inc.Presi- ferred queries to the UFC. in agrowing number of coun- not, said Felicia Spencer, a dent Dana White, afriend of Thelast UFCcard, held tries aimed at curbing the professional fighter scheduled President Trump,said in mid- March 14 in Brazil, went ahead spread of the coronavirus.The forabout next month. March that the companywould with astripped-down crew and eventwas slated forthe Bar- “Fighterswho expect to be keep running eventsdespite no liveaudienceafter local au- clays Center in Brooklyn until in amatch have amentality the outbreak—and he hasn’t thorities limited gatheringsto NewYork statebanned all that ‘I’m gonna getthereand changedhis mind since. 150 people at most. public gatheringslast month. do it no matterwhat the ob- Thedecision has been Unlikemanyother sports Theheadline match will pit stacles are,’ ” Ms.Spencer cheered by the debt markets, leagues,the UFCneeds just a Tony Ferguson against fellow said. “But fighterswho arenot S wherethe prices formorethan few people to put on a American Justin Gaethjefor lined up foramatch arewon- PRES $2 billion of UFCdebt recently match—two fighters, their the lightweight belt. Mr. dering,‘Shouldn’t these fights rebounded from distressed coaches and acameracrew. Gaethje takesthe placeof be postponed?’ ” TED levels. TheUFC’s anything-goes ethos lightweight champion Khabib Ms.Spencer,who goes by OCIA SS Behind effortstokeep UFC means a match caN be held Nurmagomedov,anative of the name Feenom, is scheduled /A fightsgoing arethe company’s pretty much anywhere. Russia’sDagestan region, who to fight in Florida, her home MUS $1.5billion contract with ESPN Still, finding venues for pulled out. state, whereGov.Ron DeSantis CA T and $2.3billion in debt the coming boutshasn’t been easy. In response to questions issued astay-at-home order UL UFCtook on in recent years. TheUFC wasintalks to move about the status of the fight, last week.She said she would THIBA Thedeal with ESPN,aunit of two events scheduled for Mr.Whitesaid MondayoN prefer nottohavetofly dur- The company had planned to start trading publicly this year. Walt Disney Co., gives the Marchand April in Ohio and Twitterthat it would proceed. ing the pandemic. WeWork Directors SueSoftBank ALBERT NELSON MARQUIS Over Ditched Deal to BuyShares LIFETIME ACHIEVEMENT BY KONRAD PUTZIER of WeWork’sparent, We Co., by offer because $1.1 billion in the special committeeofWe- debt financing depended on the TwoWeWork directorsfiled Work’sboardofdirectors. The deal closing,according to the alawsuit against SoftBank boardismade up of Benchmark complaint. AWARD Group Corp.onbehalf of the general partner BruceDunlevie Thetender offer,agreed in DANIEL W. ARMSTRONG, PHD DR. E. MAURLEA BABB PROF.SAROJA BHARATI,MD CAROL MARIE BOOTH co-working companyafter the and former Coach Inc.CEO October,was part of abailout R.A. WELCH DIST.PROF. MARRIAGE &FAMILYTHERAPIST CONSULT. CARDIACPATHOLOGY WRITER, SONGWRITER Japanese conglomeratebacked Lewis Frankfort. that sawSoftBank pump bil- UT ARLINGTON CHRYSALLIS RUSH UNIVERSITY MED. CTR. CAROL MARIE’S MUSIC away from adeal to buy up to In astatement, the commit- lions intothe companyand Mr. $3 billion in WeWork’sshares. teesaid pulling the offer is a Neumann cede control follow- Thestock purchase would breach of contract “aswell as a ing afailed attempt at an initial have been amajor windfall for breach of SoftBank’sfiduciary public offering.The Wall Street WeWork’sformer chief execu- obligations to WeWork’sminor- Journal firstreported in March tive,Adam Neumann, who had ity stockholders, including hun- that SoftBank was backing the right to sell up to $970mil- dreds of current and former away from the deal.The Japa- lion in shares,aswell as inves- employees.” nese conglomeratetold We- tors and numerous current and In astatement, aSoftBank Work shareholdersatthe time THOMAS J. BOWLES, PHD JOSH CHANDLER former employees. spokeswoman called the law- that it believed government FELLOW CEO/PARTNER SoftBank said last week that suit a“mistaken attempt to probes intoWeWork,including LOSALAMOSNATIONAL LAB. CHANDLER CABINETS it terminated the offer on its forceSoftBank to purchase those from the Securities and April1deadline,citing “multi- their shares when it is not le- Exchange Commission and the ple,new and significant pend- gally obligated to do so.” AWe- JusticeDepartment, allowedit 2020 -2021 ing criminal and civil investiga- Work spokeswoman declined to to terminatethe offer. tions” intoWeWork that it comment. SoftBankhas said that less claimed came to light afterit Thecommitteesaid that We- than $300 millionfromthe of- Lifetime agreed to the offer in October. Work’s“liquidity could also be ferwas allottedtocurrent em- Thelawsuit wasfiled in Del- adversely affected by Soft- ployees,and former employees Achievement aware on Tuesdayinthe name Bank’srefusal” to completethe were also hoping forawindfall. FERNANDO COLON-NAVARRO Award CHARLES ALLAN CROCKER PROFESSOR OF LAW ATTORNEY THURGOOD MARSHALL SCH.OF LAW Marquis Who’s Who is proud Darden, Denny’s Try to honor its most distinguished listees based on their career longevity, philanthropic To Pivot to Takeout endeavors and lasting BY MICAH MAIDENBERG disrupted domestic and inter- contributions to society. Out national operations,” the com- of 1.5 million biographees, Darden Restaurants Inc. panysaid, referring to the ill- only asmall percentage are and DeNNy’s Corp. said their nesscaused by the RENEE K. GUCCIARDO, ESQ. PROF.ROBERTJ.HERRICK OWNER selected for the AlbertNelson ELECT.ENG. TECH. EDUCATOR sales have plummeted in re- coronavirus. THE GUCCIARDO LAWFIRM PURDUE UNIVERSITY cent weeks, highlighting the Therestaurant industryhas Marquis Lifetime Achievement threat casual restaurant chains been hit hardbythe pan- Award. Among that prestigious faceastheir dining rooms re- demic. Governmentshaveim- group, ahandful are chosen main closed amid restrictions posed newrules requiring op- to represent Marquis in The meant to halt the spread of eratorstoclose dining areas. the newcoronavirus. Manyrestaurantshavepivoted Wall Street Journal. It is our Darden, the