Endeavor China Appoints Sum Huang as the New CEO.
Endeavor’s China subsidiary has selected Sum Huang as its chief executive, the firm announced Tuesday.
Huang is currently the co-founder and partner of Shanghai-headquartered content provider X.G. Entertainment, which boosted funds from Alibaba CICC and Y.F. He helped the firm in its content development and production business, produced live concerts. He established a branded content unit that created a TikTok-based multi-channel media business.
“Sum’s entrepreneurial knowledge and deep understanding of media will help us in our developments in various industries. Such as entertainment, sports, and fashion industries in China and APAC more broadly,” said Endeavor president Mark Shapiro. “In this subsequent phase of our growth. He will ensure that we sustain delivering exceptional local-market expertise for our customers and partners while extending our footprint across the province.”
Huang will step into the shoes of previous Endeavor China CEO Michael Ma. Last summer, he left the organization for a position as the NBA’s China CEO. He will take on the formidable task of rebuilding the league’s associations with China after 2019 spat over remarks about Hong Kong. Before Huang’s approval, John Steere had worked for a year as Endeavor China’s interim CEO.
Before X.G. Entertainment, Huang spent five years at Hony Capital. He was involved in ventures with Byte Dance and SMG Pictures. He led the firm’s stake in the TMT sector in U.S and China. Huang also served at New York-based private-equity firm AEA Investors and Jefferies & Co.
Huang is a panel member of the BAFTA China Breakthrough Awards and serves as a visiting lecturer at universities including the London School of Economics and Shanghai Jiao Tong University. A graduate of Fudan University, Huang earned his MBA from China Europe International Business School and Milan’s SDA Bocconi.
Endeavor China subsidiary set up in 2016 through an investment group that comprised Sequoia Capital China, Tencent, and subsidiaries of Fountain Vest Partners. In China, the corporation has represented celebrities, artists, and athletes; managed professional golf and tennis matches such as the WGC HSBC Champions and the Shenzhen Open; negotiated media rights on account of entities like the Chinese Super League; performed mass participation events like the Beijing Triathalon; and conferred on events like Shenzhen Fashion Week.
Like several other entertainment firms, Endeavor is still bouncing back from impediments encountered during the pandemic.
Beginning this month, its first quarterly earnings statement since its April 29 IPO showed that it had turned a modest profit. It posted net revenue of $2.4 million in the quarter that ended March 31, dropping from $51.4 million in last year’s comparable quarter. Total income hit $1.07 billion, while its earnings before interest, taxes, depreciation, and amortization were $199.5 million.
During 2020, the firm posted a net loss of $625.3 million for the cycle.