IMG To Be Sold To William Morris Endeavor Entertainment, LLC

Written by: Bob Larson Tennis on 18th December 2013

French Open tennis tournament at Roland Garros

IMG To Be Sold To William Morris Endeavor Entertainment, LLC

epa03733621 Maria Sharapova of Russia in action during her semi final match against Victoria Azarenka of Belarus at the French Open tennis tournament at Roland Garros in Paris, France, 06 June 2013. EPA/YOAN VALAT |

Maria Sharapova is set to become a stable mate of Oprah Winfrey, Denzel Washington and Martin Scorsese as the sale of IMG to William Morris Endeavor Entertainment LLC, one of the oldest names in the Hollywood talent business, is expected to be announced later today.

According to the Wall Street Journal, William Morris Endeavor and its private-equity backer, Silver Lake, should later today close a deal to buy IMG Worldwide Inc. for about $2.4 billion.

The bid beat that of CVC Capital Partners, another private-equity firm that owns the Formula One Group, one of the largest managerial companies in world motor sport, who had previously offered $2 billion for IMG whose owners Forstmann Little & Co., formally put the company up for sale in the summer.

Such an acquisition for Williams Morris Endeavor would be a major coup in its’ rivalry with Creative Artists Agency, who were looking at the possibilities of buying IMG a few months ago. CAA has built a sizable sports division, in part by poaching talent from IMG and hiring many former IMG agents to start CAA Sports.

In 2009, current Williams Morris Endeavor chief executive, Ari Emanuel—brother of Chicago Mayor Rahm Emanuel—and his business partner Patrick Whitesell engineered a merger between their 14-year-old Endeavor agency and the century-plus-old William Morris Agency.

IMG is expected to announce earnings before interest, tax, depreciation and amortization this year of $190 million, on revenue of about $1.6 billion. It is understood the major interest for Williams Morris Endeavor was IMG’s sports-production division that sporting events around the world, including some of the biggest competitions in tennis and golf, and then sells the media rights.

Topics: 10sballs, IMG, Maria Sharapova, Tennis, Tennis News