Chime Sold To WPP, Providence Equity Callaway Golf Reports Mixed Q2 Results CDI Reports Record Quarterly Revenue Providence Equity, WPP Eye $547M Chime Takeover DraftKings Closes On $300M Series D Round DraftKings To Close VC Funding In Coming Weeks FanDuel Closes On New VC Financing Cuban Among Group Raising Funds For Unikrn Nike Sees Sales Rise 4.8% In Q4 Sources: MLBAM Eyes IPO For Non-Baseball Division
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).