BoF: Silver Lake Said in Deal for $2.4 Billion Purchase of IMG Agency
Silver Lake Management LLC and William Morris Endeavor Entertainment LLC agreed to buy talent agency IMG Worldwide Inc. from Forstmann Little & Co. for about $2.4 billion, a person with knowledge of the matter said.
The board of New York-based IMG approved the agreement, said the person, who asked not to be identified as the information is private. The companies intend to announce the sale tomorrow, two people said.
The combination of IMG and William Morris would create an agency with top talent cutting across both sports and entertainment. William Morris represents some of Hollywood’s biggest actors, directors and writers, including Matt Damon and Ben Affleck. Adding IMG’s stable of athletes and models, including Peyton Manning and Gisele Bundchen, will create television and digital opportunities for William Morris, said former Madison Square Garden President Bob Gutkowski.
Update: WWD reports the deal is $2.3 Billion. In 2004 IMG was worth $750 Millions.