Endeavor cancels $400 million deal with Saudi Arabia to back projects, pressure mounting for WWE to follow suit

In a major decision that could significantly pressure WWE to follow suit and pull out of it massively lucrative deal with Saudi Arabia, Hollywood Reporter is breaking news this afternoon that Endeavor has announced that it is terminating its $400 million deal with Saudi Arabia. WWE is listed with AMC and IMAX as still involved with the Saudis. Excerpt…

The move comes as pressure mounts for Hollywood to take a stand against the kingdom in the wake of the disappearance — and possible murder — of Saudi journalist Jamal Khashoggi.

Endeavor is extricating itself from a deal with the Saudi government to invest $400 million into the company, The Hollywood Reporter has learned.

The move comes as pressure mounts for Hollywood to take a stand against the kingdom in the wake of the disappearance — and possible murder — of Saudi journalist Jamal Khashoggi, who wrote for The Washington Post.

Sources say paperwork is being drawn up that would terminate the deal for the Saudi Arabian sovereign wealth fund, which was created by the government to back projects at home and abroad, to take a 5-10 percent stake in Endeavor. …

Endeavor isn’t the only Hollywood entity doing business with the Saudi government. AMC, Imax, World Wrestling Entertainment, and others all have significant entanglements. Most have either refused to comment on the Khashoggi situation or issued statements that they were “monitoring the situation.”

Hollywood begins to strike back against Saudi Arabia, with Endeavor pulling out of a $400 million deal with the kingdom post-#Khashoggi. Endeavor's clients include @RonanFarrow @soledadobrien and @JoeNBC. Still involved with the Saudis: AMC, IMAX, WWE https://t.co/7rD2yjUP5f

— David Beard (@dabeard) October 16, 2018

This was absolutely the right thing to do and I’m glad Ari Emanuel addressed it quickly. https://t.co/pHmzKuTy3Z

— Ronan Farrow (@RonanFarrow) October 16, 2018

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