Leading sports agency IMG sold in a $2.3 billion deal

Giants of the sports industry, International Management Group or IMG as it is famously known, has been sold to entertainment talent agency William Morris Endeavor and private equity firm Silver Lake Partners in a deal which is said to be in the region of $2.3 billion.

Amongst the 20 bids received by Forstmann Little – the holding company of IMG, CVC capital were the only other serious contenders, who lodged a $2 billion bid, which eventually proved unsuccessful.

In a statement released by Forstmann Little, the owners expressed their delight at wrapping up the deal.

Mark MacDougall, speaking on behalf of the company said, “Today marks the successful culmination of the bold global strategy devised by Ted Forstmann for IMG over many years. We would like to thank the board of directors, the leadership team and all of the employees of IMG for all that they have done to bring us to this day. We are confident that this fine company will continue to flourish and grow under the leadership of Silver Lake and WME.”

Head quartered in New York, the company has been a world leader in its segment, spreading its wings across 30 countries through wholly owned subsidiaries like IMG College unit, which covers a large part of the North American college sport and IMG Media division, which distributes rights of various sports properties.

The IMG television division, currently, is the largest independent distributor and producer of televised sports. The firm has also represented renowned sporting icons, which include the likes of Tennis star Maria Sharapova and Golfing legend Arnold Palmer.

Forsmann Little general partner, Winston Hutchins, did not hold back in his appreciation for all who have supported the IMG dream.

He said, “We would also like to express our appreciation to our limited partners, who have shown great patience and support of IMG and its management through the years, helping lead to this successful outcome.”