In April, when the private equity firm Silver Lake announced that it would take Endeavor private at a $13 billion valuation, the not-so-subtle corporate messaging suggested that various assets were going to hit the block. After all, Ari Emanuel had spent years empire-building by accumulating various live-events businesses around WME, his core agency. Some acquisitions, like his $4 billion purchase of UFC, were masterstrokes. Others… (many others…) were not. Endeavor has already publicly announced its intention to shed OpenBet, a sports betting company, and IMG Arena, a sports data collector. (WME represents Puck.)

Back then, I suggested that the companies that comprise WME Fashion—IMG, the modeling agency; The Wall Group, which reps fashion stylists, makeup artists, and other imagemakers; and Art + Commerce, which looks after photographers and creative directors—would remain relatively unscathed. After all, these are small-but-profitable businesses that are complementary to the bigger business of representing actors and other entertainment industry professionals. It’s nice recurring revenue.