Terry Semel Reportedly Looking To Acquire IMG
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| Semel Showing Interest In Acquiring IMG |
Former Yahoo CEO TERRY SEMEL "plans to make a run at acquiring" IMG, according to Peter Lauria of the N.Y. POST. Sources indicated that Semel "has been meeting with private-equity firms and the sovereign wealth funds of the United Arab Emirates, and has raised enough money to do a significant transaction." A source said that Semel recently met with IMG Chair & CEO TED FORSTMANN and his bankers at Goldman Sachs to "gauge their interest." Sources said that Semel "thinks he can transform IMG ... into a media and content company and also bolster its digital operation." However, the sources said that there are "two main obstacles to an IMG deal: price and Forstmann's infatuation with the business." People close to IMG said that Forstmann sees the agency as a "'play toy' that allows him to rub elbows with celebrities." They said that it would take a "rich offer -- north of $3[B] -- to entice him to sell" (N.Y. POST, 6/2).
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