SBD/Issue 42/Finance

IMG Worldwide Forming Joint Venture With Brazil's EBX Group

IMG Worldwide today announced that it will form a 50-50 joint venture with Brazilian conglomerate EBX Group to develop sports businesses in Brazil. The deal was agreed to in principle by IMG Chair & CEO Ted Forstmann and EBX Chair Eike Batista, with a formal agreement expected to be signed shortly. The venture will be called IMGX. This comes after IMG in March inked a similar deal with India-based conglomerate Reliance Industries (THE DAILY). Brazil will host the '14 World Cup and the '16 Olympics, and Batista said, "Our economy is booming, and we are hosting all these great events. This makes all the sense in the world" (NYTIMES.com, 11/9).

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