Chernin Group, WME, ICM Submit Second-Round Bids In IMG Auction

The IMG auction shifts to its next phase "with three contenders having made second-round bids for the agency," according to Cynthia Littleton of VARIETY. The pool of those pursuing IMG has winnowed to the three: "WME and its private equity partner Silver Lake; Peter Chernin’s Chernin Group with CVC investment firm; and ICM and private equity giant Carlyle." IMG parent Forstmann Little "had initially hoped to reap" as much as $2.5B for the company. Sources familiar with the situation said that "as the process unfolded and bidders received more detailed financial information, IMG’s ongoing earnings were less rosy than the numbers shared at the outset." Sources indicated that the Chernin Group/CVC bid would come in under the $2B threshold. Details on WME/Silver Lake or ICM/Carlyle "could not be confirmed" (VARIETY, 12/13).