Entertainment company Endeavor is reportedly planning to sell its stake in Fortnite maker Epic Games.
That's according to The Hollywood Reporter, which says that Endeavor is planning to sell its shares in the company after being hit hard by the coronavirus pandemic. The company – which owns talent agency WME and the UFC MMA organisation – has said it is going to have to layoff or furlough about a third of its 7,500 staff around the world.
This news comes shortly after a report in April that Epic was looking to raise between $500m and $1bn in additional funding. This apparently valued the games studio at $15bn. In 2018, a group of investors bought a $1.25bn stake in the Fortnite maker.
The firm announced yesterday (Wednesday, May 6th) that Fortnite now boasts 350m players, almost double the 200m the free-to-play battle royale title had in November 2018. The company also said that the game has been played for 3.2bn hours to date, meaning that users spent around nine hours in Fortnite on average.