Ari Emanuel's Endeavor is considering selling some of its assets

Endeavor Group Holdings led by Ari Emanuel - the star agent with the most power - has announced that it will be selling some of its assets.

Endeavor announced on Wednesday that it would be undergoing a 'formal review' to evaluate strategic options for the Company.

Ariel Emanuel said in a press release that, given the continuing dislocation between Endeavor’s public market price and the intrinsic value underlying Endeavor’s assets, an evaluation of strategic options is a prudent way to maximize value for our investors.

Stocks of the sports and entertainment firm have fallen more than 30% over the last six months. Endeavor shares rose more than 11% in Wednesday's after-hours trading.

Endeavor is the owner of global sports agency IMG and art media company Frieze. It also owns WME, an agency for talent that represents mega-stars such as Dwayne "The Rock" Johnson and Matt Damon.

Endeavor said in the announcement that it would not include the sale or disposal of its stakes in TKO Group Holdings when reviewing the situation. Endeavor merged World Wrestling Entertainment and Endeavor earlier this year to create TKO Holdings. Endeavor owns the mixed martial arts company UFC. Endeavor owns the majority of TKO and Emanuel is its CEO.

In Wednesday's after-hours trading, shares of TKO Holdings - a publicly traded company separate from Endeavor – rose nearly 2%.

Endeavor announced a review of its strategic direction less than two weeks after French billionaire Francois Henri Pinault purchased a majority stake in WME’s rival talent agency, CAA.

Correction: An earlier version of this article incorrectly identified both the assets Endeavor was considering selling and IMG's role. Endeavor has been evaluating strategic options for the companies it owns, but no specific asset was identified for sale. IMG is an international licensing agency.