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SBD/February 28, 2014/Finance
Moody's Gives WME IMG B2 Credit Rating, Calls Company's Outlook Stable
Published February 28, 2014
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THANKS FOR YOUR SERVICE: Forstmann Little & Co. this week sent a letter to IMG employees thanking them for their hard work the last 10 years. The private equity firm is in the process of finalizing the sale of IMG to WME. In the letter, the trustees of Forstmann Little credited the growth of IMG College and the sports and entertainment businesses with helping IMG fulfill the goals the late Ted Forstmann had for the company. They wrote, “With the remarkable growth of IMG College, as well as the expansion and diversity of the sports and entertainment businesses, Ted’s strategic vision has been realized through the genius and effort of the ... professionals who work for this great company.” The letter suggests that the IMG sale to WME will be finalized in “a few short weeks” and the unified companies will “assume the preeminent position in the sports and entertainment world.” The letter was signed by Kathleen Broderick and Winston Hutchins of Forstmann Little and Akin Gump’s Mark MacDougall, the attorney and trustee who oversaw IMG’s sale. It was written Feb. 25.