Ari Emanuel’s entertainment empire, which includes the Miss Universe pageant and the William Morris Endeavor talent agency, is slashing the price of its upcoming stock debut due to weak demand.

Endeavour Group, which also owns mixed-martial arts company Ultimate Fighting Championship, has reduced the price of its shares, which are slated to start trading Friday, to between $26 and $27 a share — down from a previous range of $30 to $32 a share.

The company — which reps Hollywood’s biggest stars through WME, including Oprah, Larry David, Dwayne Johnson and Rihanna — also slashed the number of shares that will be offered from to 15 million from 19.3 million — a 23 percent reduction.

“They tried to come across as celebrity connectors but it is not enough,” an investor source said of the company’s roadshow to gin up investor interest in the IPO. “They thought they could ride high on LeBron and everybody else,” this person said. “Los Angeles cares, but New York could care less. The New York meeting was kind of quiet.”

As The Post exclusively reported Wednesday, company insiders have been debating how to handle the weak demand, including whether to pull the IPO. Endeavor already postponed the IPO once this summer.

Part of the problem is Emanuel, widely considered a Hollywood super agent, is keeping too tight a grip on the company at a time when investors are punishing companies for not being friendly to shareholders, including office rental company WeWork, which recently had its IPO pulled.

Company insiders, for example, will hold the majority of a “Class Y” stock in the company, which will control a whopping 20 votes per share, according to the public filings. Investors in the controlling Class Y shares include Emanuel, the inspiration for the Ari Gold agent character from HBO series “Entourage”; Endeavour’s Executive Chairman Patrick Whitesell and private equity firm Silver Lake Partners.

Even after the IPO, Endeavor will have debt equal to more than six times its Ebitda.

Goldman and KKR Capital Markets are the lead underwriters.