Newly public Endeavor Group (tkr: EDR) is valued at $13 billion. The spin transaction that we recommend is of Endeavor’s “Owned Sports Properties” or “OSP”, segment which primarily consists of the UFC led by UFC co-founder and president Dana White. That segment grew March Q revenue by 22% Y-O-Y to $284 million (see table below) while growing Adjusted EBITDA by 42% to $146 million. A “media” market multiple (UFC owns its content), applied to Revenue or Adjusted EBITDA would value the OSP business well north of $13 billion. Endeavor – led by founder and CEO Ari Emanuel – of course would maintain a controlling stake in our proposed scenario. UFC COO Lawrence Epstein would become CEO of OSP while UFC president Dana White – the segment’s leader – would become Chairman, enabling him to take a back seat on the investor relations front and focus on the business – particularly on the promotional side. This role would be similar to Larry Ellison’s role with Oracle (tkr: ORCL).