Ari Emanuel’s entertainment company, Endeavor Group, killed its initial public offering Thursday after it became clear that the plan stood to cost the super agent and his business partner close to half a billion dollars, The Post has learned.

The Beverly Hills company, which owns the William Morris Endeavor talent agency, squashed its IPO a day before it was scheduled to trade as orders started coming in as low as $20 a share, sources said.

A New York Stock Exchange listing at $20 would have given Endeavor — which also owns half of the Ultimate Fighting Championship — a market cap of just $4.9 billion. But Emanuel did not believe the company’s worth has fallen since it was valued at $8 billion in a 2017 funding round that fetched $32 a share, sources said.

“He made it clear the IPO was undervaluing the company,” a source said of Emanuel, who inspired the Ari Gold character on HBO’s “Entourage” TV show.

Of course, an IPO at $20 a share would have also taken a pretty penny out of Emanuel’s pocket. The Endevour CEO — together with executive chairman Patrick Whitesell— owns 39.6 million Endeavor shares. At $20 a share, that stake would be worth just $792 million — or $475 million less than in the 2017 fundraising round.

Emanuel decided to wait for IPO market conditions to improve after seeing Peloton’s stock drop 11 percent in its stock debut Thursday, sources said. The company doesn’t plan to try for another IPO until at least next year, these people added.

Endeavor — whose WME reps Oprah, Larry David, Dwayne Johnson and Rihanna — is the second high profile IPO to be killed this month. The parent of office rental company WeWork postponed its public offering on September 16 — and then booted Adam Neumann as CEO a week later.

One of the concerns dogging WeWork was Neumann’s super voting shares, which gave him 20 votes for every share.

Emanuel and Whitesell — the ex-husband of Jeff Bezos’ girlfriend Lauren Sanchez — also carry shares that supercharge their voting by 20 to 1, filings show. But Emanuel has no intention of changing the share structure, sources told The Post.

“Governance has been an issue,” Kathleen Smith, principal at IPO research firm Renaissance Capital, said of the super voting shares. “They also have a lot of highly paid execs.”

Base salaries for Emanuel and Whitesell jumped to $4 million from $1 million this year each after their contracts were extended.

Earlier Thursday, the company slashed its IPO price range to between $26 to $27 a share — well below the company’s previous goal for a price between $30 to $32 a share. It also slashed the number of shares that will be offered to 15 million from 19.3 million.

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.

Endeavor declined comment.