Forstmann Little Sells IMG to WME & Silver Lake

Forstmann Little has agreed a deal to sell its talent representation and sports marketing company, discount IMG Worldwide, to the entertainment talent agency William Morris Endeavor and private equity firm Silver Lake Partners for a reported $2.3 billion.

IMG Worldwide is a global sports, fashion and media business, with 3,500 employees operating in more than 30 countries around the globe.

IMG represents star athletes like baseball’s Joe Mauer, football’s Peyton Manning, tennis stars Maria Sharapova and Novak Djokovic (pictured). They also represent entertainers like Justin Timberlake and Taylor Swift.

Mark MacDougall, a partner of the law firm Akin Gump Strauss Hauer & Feld, speaking on behalf of Forstmann Little, 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.”

Forstmann Little general partner Winston Hutchins added: “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.”

A statement released on Wednesday, “WME and IMG together will have an unparalleled client roster; a broad relationship base with sponsors, brands and broadcasters; and marquee assets in sports, events, film and television, and fashion.”

{jcomments on}