CVC in running for IMG, report says

The CVC Capital Partners private equity company is preparing a bid for the IMG agency, according to the Sky News division of UK pay-television broadcaster BSkyB.

CVC, which is the controlling shareholder of the Formula One motor-racing championship, is ready to bid more than $2bn (€1.55bn) for the agency, which distributes rights for numerous sports properties through its IMG Media division.

“CVC is taking this incredibly seriously,” a person familiar with CVC’s plans told Sky News. “They have done a huge amount of work on this and see themselves as a natural owner of a business like IMG.”

The agency’s owner, private equity firm Forstmann Little, is reportedly planning to sell the agency in an auction.

Private equity company Colony Capital and Mukesh Ambani, the chairman of Indian conglomerate Reliance Industries, are also interested in acquiring IMG.