Private equity company Forstmann Little has begun formally soliciting buyers for the IMG agency and is distributing financial information to potential suitors, according to the Wall Street Journal newspaper.
Forstmann Little, the owner of IMG, is said to have asked for initial bids by mid-September with a sale expected to fetch more than $2bn (€1.54bn). IMG distributes rights for numerous sports properties through its IMG Media division.
The report said that the Creative Artists Agency is considering a bid with backing from its private-equity investor, TPG.
Asset management firm Carlyle Group, private equity group CVC Capital Partners and the William Morris Endeavor Entertainment agency are also reported to be considering offers.
Forstmann Little said last week that there “can be no assurance” that IMG will be sold, saying that it was undertaking a strategic evaluation that may include a sale of the agency.
Forstmann Little began working with the Morgan Stanley and Evercore Partners banking groups in May to find a buyer for the agency.