Analytics Company Catapult Buys XOS Digtial TSN Profits For FY '15 Only Down Slightly NextVR Draws $20M From Chinese Investor Int'l Speedway Corp. Lowers '16 Expectations Source: Disney Buying 33% BAM Tech Stake Bruin Sports Buys Video Streaming Firm Nike's North American Profits Take Dip Titleist Owner Acushnet Files For IPO Sources: DraftKings, FanDuel In Talks For Merger WME-IMG Expanding Its Chinese Business
IMG Worldwide Forming Joint Venture With Brazil's EBX Group
Published November 9, 2010
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).