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William Morris Endeavor Entertainment (WME) has signed a deal to acquire IMG Worldwide. IMG Worldwide is an international agency specialising in sports management and marketing and events production.
The deal was signed today (18th December), and expands WME's coverage of areas including sports and fashion. WME did the deal alongside its private equity partner, Silver Lake, a 31% owner of WME.
WME co-c.e.o.s Patrick Whitesell and Ariel Emanuel said in a statement: "IMG has incredible strategic value to WME. The brand's global reach, outstanding management team and leadership across sports, fashion and media are a strong complement to our business . . . Supported by Silver Lake's continued partnership, WME and IMG together will deliver a broad range of opportunities and resources to the companies and talent we collectively represent."
Whitesell and Emanuel will become co-c.e.o.s of the combined company, which will have operations in North America, Europe, Asia, South America and Africa.
Although the details of the deal were not released, Variety reported that WME had offered $2.3bn (£1.4bn) for IMG, less than the $2.7bn (£1.65bn) asking price.
Egon Durban, managing partner of Silver Lake, said that IMG would be able to expand to take advantage of "the new media landscape".
He said: "IMG is well positioned in large and expanding end markets, with significant and untapped potential for growth. We look forward to building on IMG's illustrious heritage by accelerating its existing growth plans and expanding the company's digital platform. This investment extends our successful partnership with Ari, Patrick and the WME team as the company continues its transformation into an integrated player across the new media landscape."
WME was formed in 2009 by the merger of the William Morris Agency and Endeavor, and has 1,000 employees in Los Angeles, Nashville, New York, London and Miami. WME's London literary department is headed by Simon Trewin, and includes Elizabeth Sheinkman and Cathryn Summerhayes as agents. Authors represented include Danny Wallace, John Boyne, Marcel Theroux and Kim Edwards.
IMG was established in 1960, and has around 3,500 employees. It has represented clients such as Tiger Woods and NFL star Joe Montana.