William Morris Endeavor Acquires Img Worldwide
IMG Worldwide has been sold to entertainment talent agency William Morris Endeavor Entertainment (WME) and private equity firm Silver Lake Partners for a reported US$2.3 billion, ending a protracted auction process that has run since last summer.
The acquisition of the talent representation and sports marketing giant gives WME a strong foothold in the sports business, where it has had little presence up until now.
Beverly Hills-based WME is best known for representing Hollywood A-Listers such as Matt Damon and Ben Affleck, and is 31% owned by private equity firm Silver Lake Partners.
Alongside WME and Silver Lake, Mubadala Development Company is a minority investor in the transaction for IMG, which is involved in an average of 11 sports and entertainment events every day.
The company’s co-chief executives Patrick Whitesell and Ariel Emanuel said of the deal: ‘IMG has incredible strategic value to WME. The brand’s global reach, outstanding management team and leadership across sports, fashion and media are a strong complement to our business.’
‘We are honoured to build on the legacy of founder Mark McCormack and recent owner Ted Forstmann. Supported by Silver Lake’s continued partnership, WME and IMG together will deliver a broad range of opportunities and resources to the companies and talent we collectively represent.’
Founded in 1960 by American lawyer Mark McCormack and acquired by Forstmann Little & Co for US$750 million in 2004, New York-headquartered IMG currently has 3,500 employees globally and was presented with the Outstanding Contribution to British Sport Award at the BT Sport Industry Awards in 2011 commemorating the organisation’s 50th year.
