William Morris, Silver Lake Buys Sports Firm IMG

By City News Service

Beverly Hills-based William Morris Endeavor Entertainment and the private equity fund Silver Lake announced an agreement Wednesday to acquire IMG Worldwide, which represents some of the world's top athletes and celebrities.

In a statement WME co-CEOs Patrick Whitesell and Ariel Emanuel said "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."

The merger creates a global sports and entertainment platform, operating across North America, Europe, Asia, South America and Africa. IMG represents celebrities from Denver Broncos quarterback Peyton Manning to county-pop star Taylor Swift.

The private equity fund Forstmann Little & Co. is the majority owner of IMG

The terms of the deal, subject to customary closing conditions, were not disclosed. Published reports, however, valued the acquisition at $2.3 billion.    

Mubadala Development Co. will be a minority investor in the transaction.