A Winner Emerges In Auction For IMG
William Morris Endeavor, with an offer of about $2.3 billion, is about to be the new owner of sports and entertainment marketing agency IMG. DealBook reports that the acquisition is scheduled to be announced later today.
In the final round of bidding, William Morris Endeavor beat out former News Corporation executive Peter Chernin and CVC Capital as well as a bid from rival talent agency ICM, working with the Carlyle Group.
The acquisition will bolster WME's presence in sports, likely further pitting the agency against rival Hollywood talent broker CAA, which launched CAA Sports in 2006. Meanwhile, IMG has been busy building its college athletics business which has grown from $0 in 2006 to $483 million in 2013.