WME & Silver Lake to Buy IMG


NEW YORK: The private investment firm Forstmann Little has agreed to sell IMG to competitor William Morris Endeavor (WME) and its financial backer, Silver Lake Partners.

IMG has grown to become one of the world's leading sports, entertainment and media companies, with 3,500 employees in more than 30 countries around the world. WME, meanwhile, has focused on Hollywood and music clients.

“Today marks the successful culmination of the bold global strategy devised by Ted Forstmann for IMG over many years,” said Mark MacDougall, a partner of the law firm Akin Gump Strauss Hauer & Feld, speaking on behalf of Forstmann Little. “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.”

“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,” added Winston Hutchins, the remaining general partner of Forstmann Little.