Talent agency turned multifaceted entertainment company Endeavor pulled its initial public offering Sept. 26, less than 24 hours before shares were to be listed, according to a source familiar with the matter.

The dramatic withdrawal came amid skepticism in the IPO market around companies with out-of-the-ordinary business plans that have failed to maintain profitability.

Peloton Interactive Inc. had a difficult trading debut Thursday on the Nasdaq market. Shares in the maker of tony fitness equipment opened at $29 but dipped to $25.08 by market close.

Shared office space company WeWork Cos. Inc., meanwhile, may push its planned IPO to 2020 after the Sept. 24 departure of controversial Chief Executive Adam Neumann.

“There is a lot of uncertainty and lack of confidence in the market right now, and that may have played a part in this getting pulled,” Chris Krogh, an auditor at accounting firm Squar Milner, said of Endeavor’s move.

Messages left with Endeavor were not immediately returned.

On the morning of Sept. 26, prior to Endeavor’s decision to cancel its IPO, a Securities and Exchange Commission filing revealed the company had pared back its planned share price range to $25-27 from $30-$32.

The company also slashed the number of shares it sought to sell on the New York Stock Exchange to 15 million from 19.4 million.

Endeavor’s IPO walk-back is the latest chapter in an era for the company that has featured a historic feud with unionized screenwriters, the agency defending itself in litigation filed by mixed martial arts fighters, a bevy of acquisitions and a sizable debt load.

Private equity giant Silver Lake Partners has poured money into Endeavor since 2012, partnering with agency Chief Executive Ariel Emanuel to transform the company into a budding entertainment conglomerate from its roots as talent agency WME.

Endeavor has snapped up properties including the Ultimate Fighting Championships mixed martial arts league, sports marketing agency IMG Worldwide, streaming technology firm NeuLion Inc., and Professional Bull Riders Inc.

The acquisition spree has improved the company’s operating numbers — but has not yet put Endeavor in the black.

In 2014, before the company had embarked on its M&A strategy, Endeavor recorded $1.3 billion in revenue and a net loss of $508 million, according to an SEC filing.

For the first half of 2019, Endeavor’s revenue grew to $2.1 billion, with just 34% coming from talent representation, and the company posted a net loss of $174 million.

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