The guild says the company's large stakeholders will not be aligned with those of rank-and-file investors after an IPO, which could come in a matter of weeks.
Writers still seeking a meaningful portion of "packaging fees" from the agencies that represent them — or in many cases, used to represent them — are attacking Endeavor's goal of an initial public offering again, this time by listing several reasons for not investing in the company because the top stakeholders will wield too much power.
The WGA has lambasted Endeavor's IPO plans perviously, though this time it also invokes Harvey Weinstein, the former Hollywood executive who has become a pariah in the industry since numerous accusations of decades of sexual abuse were revealed. "Endeavor must add a woman to its board of directors by the end of 2019 in order to comply with California law," the WGA said Thursday.
The planned corporate governance structure "provides little independent oversight," says the WGA, and it includes a "poison pill" initiative that will "insulate Endeavor's board from accountability to shareholders."
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