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IMG Board Approves $2.4B Sale To WME/Silver Lake Group
Published December 18, 2013
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WME beat out bids from CVC Capital and Carlyle Group for IMG. Evercore and Morgan Stanley managed the sale. Forstmann Little trustee Mark MacDougall oversaw the process. WME was willing to pay more than other finalists for IMG because co-CEO Ari Emanuel believes he can find a way to cut costs by finding synergies between the two companies. Successfully doing that will require blending two distinct cultures and two very different companies.
See today's issue of THE DAILY for more on this story.