William Morris Endeavor Entertainment LLC, the talent agency backed by private equity firm Silver Lake Management LLC, is close to a deal to buy sports and talent agency IMG Worldwide for more than $2.3 billion, according to media reports on Tuesday. The deal is likely to be announced as early as Wednesday.
William Morris or WME is said to have won the auction for IMG, reportedly outbidding rival suitors for IMG. The rival suitors for IMG reportedly included a group led by CVC Capital Partners that bid about $2 billion. CVC Capital is the owner of the Formula One car-racing series.
Private equity firm Forstmann Little & Co. acquired IMG for about $750 million in 2004. Forstmann Little began formally soliciting buyers for the agency earlier in 2013, and hired investment banks Evercore Partners Inc. and Morgan Stanley in May as advisers for a possible sale. IMG currently has 3,500 employees operating in more than 30 countries around the world.
WME was founded in April 2009 after the merger of the William Morris Agency and Endeavor Talent Agency. Silver Lake acquired a 31 percent minority stake in WME in 2012.
An acquisition of IMG would give WME and Silver Lake a major boost as Hollywood talent agencies increasingly compete for sports business. IMG owns the rights to several sports league.
Beverly Hills, California-based WME has a small presence in the sports world, while it represents some of Hollywood's biggest actors, directors and writers.
On the other hand, IMG represents such big names as tennis stars Maria Sharapova and Novak Djokovic, pop stars Justin Timberlake and Taylor Swift, and Denver Broncos quarterback Peyton Manning. IMG also manages fashion and sports events such as the Mercedes-Benz Fashion Week and Wimbledon.
IMG's major revenue engine is its sports-production business as well as media licensing and distribution services. The company is said to have deals in place to develop more events and establish sports leagues in China, India, Brazil, and Nigeria.
by RTT Staff Writer
For comments and feedback: [email protected]
William Morris or WME is said to have won the auction for IMG, reportedly outbidding rival suitors for IMG. The rival suitors for IMG reportedly included a group led by CVC Capital Partners that bid about $2 billion. CVC Capital is the owner of the Formula One car-racing series.
Private equity firm Forstmann Little & Co. acquired IMG for about $750 million in 2004. Forstmann Little began formally soliciting buyers for the agency earlier in 2013, and hired investment banks Evercore Partners Inc. and Morgan Stanley in May as advisers for a possible sale. IMG currently has 3,500 employees operating in more than 30 countries around the world.
WME was founded in April 2009 after the merger of the William Morris Agency and Endeavor Talent Agency. Silver Lake acquired a 31 percent minority stake in WME in 2012.
An acquisition of IMG would give WME and Silver Lake a major boost as Hollywood talent agencies increasingly compete for sports business. IMG owns the rights to several sports league.
Beverly Hills, California-based WME has a small presence in the sports world, while it represents some of Hollywood's biggest actors, directors and writers.
On the other hand, IMG represents such big names as tennis stars Maria Sharapova and Novak Djokovic, pop stars Justin Timberlake and Taylor Swift, and Denver Broncos quarterback Peyton Manning. IMG also manages fashion and sports events such as the Mercedes-Benz Fashion Week and Wimbledon.
IMG's major revenue engine is its sports-production business as well as media licensing and distribution services. The company is said to have deals in place to develop more events and establish sports leagues in China, India, Brazil, and Nigeria.
by RTT Staff Writer
For comments and feedback: [email protected]