Deal closed for IMG takeover – report

Entertainment talent agency William Morris Endeavor and private equity firm Silver Lake Partners have closed their deal to acquire the IMG agency, one of the sports industry’s most influential companies, according to the Deadline.com website.

The website said that William Morris Endeavor co-chief executives Patrick Whitesell and Ari Emanuel sent a welcoming note to employees of IMG Worldwide yesterday (Tuesday) evening.

The buyers struck the $2.3bn (€1.7bn) deal with the agency’s parent company, Forstmann Little, back in December, but the transaction was subject to customary closing conditions.

According to the report, the note from Whitesell and Emanuel said: “Our acquisition of IMG has officially closed, and we’d like to take this opportunity to express how excited we are to work with all of you. Whether you’ve been here for 20 years or two weeks, think of today as day one. IMG wouldn’t be where it is today without the incredible employees that define its culture. You’ve been amazing throughout this process, and we’re ready to get started on what will surely be an epic collaboration.”

The deal was expected to close last week, but minor issues delayed the final date of the announcement. Ahead of the welcoming note from Whitesell and Emanuel, IMG chair and chief executive Mike Dolan sent an email to IMG employees. In the email, Dolan said that he expects IMG “to continue to grow and prosper.”

He added: “Earnings soared from $80m in 2009 to over $190m for 2013… None of this could have been accomplished without the dedication, hard work, creativity, and pursuit of excellence by each and every one of you around the globe.”

IMG, which has about 3,500 employees in more than 30 countries, distributes rights for numerous sports properties through its IMG Media division and has a significant media and marketing presence in North American college sport through its IMG College unit. Although reports have claimed that IMG has scaled back its athlete representation business in recent years, it still manages clients such as leading women’s tennis star Maria Sharapova.