Endeavor has released a statement responding to the WGA's claim that it inflated its client numbers in its SEC filing: 'Once again, in an attempt to disrupt our business, WGA leadership is misrepresenting the facts.' Read in full:
As the Endeavor Group presumably looks to wrap up its IPO roadshow, the Writers Guild of America appears to be throwing a monkey wrench into the company's plan to trade publicly by telling regulators that Endeavor's WME talent agency is inflating its client numbers.
A source close to Endeavor counters the guild's contention, claiming that the company has far more than 6,000 clients, as stated in the SEC filing, and that, of the 1,400 writers who have sent letters of termination, a significant number are represented by the agency in other areas. The issue, of course, is that writers are engaging in a strike of sorts against their own agents in an effort to end "packaging fees," the money studios pay to agencies for the purpose of employing several of their clients for a single project.
The WGA attorney notes that between SEC filings made on Feb. 14 and another made on May 23, Endeavor did not update its language involving its number of clients, even though that figure sank 23 percent.
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