The merger of Learfield and IMG College is complete. The two sports marketing giants will start the new year as one fully merged company, they told employees today, signaling a new era in collegiate marketing and media. Mark Shapiro, President of Endeavor, IMG College’s parent company, delivered the news this morning on a conference call with the college division’s employees. He was joined on the call by Learfield President & CEO Greg Brown, who will oversee Learfield-IMG College going forward. The company will be based in Plano, Texas, where Learfield is headquartered.
The merger is a 50-50 deal between Learfield, which is owned by Atairos Group, and IMG College. Combined, Learfield-IMG College owns the multimedia rights to 55 of 65 schools in the power five conferences and more than 200 schools in all, giving one company an unprecedented bundle of rights to sell in the college space. The closely watched blockbuster deal originally was signed in October ‘17, but a longer-than-expected merger review by the Department of Justice left both businesses operating separately until now. Brown will run the merged business and sit on a board that will have representation from Atairos and Endeavor. Michael Angelakis, Atairos Group Chair & CEO, will also sit on the new board. IMG College will be represented by Endeavor Exec Chair Patrick Whitesell and Global CFO Jason Lublin. The merged company is believed to be valued at more than $2B.
A couple of major personnel moves were part of the announcement. Learfield Chief Revenue Officer Andy Rawlings will oversee the multimedia rights business for the merged company. IMG College President Tim Pernetti and Exec VP/Sales & Marketing Andrew Judelson will transition back to Endeavor. Both will serve as advisors through the integration process. Primarily, though, Judelson will sell across Endeavor properties, while Pernetti will land in a soon-to-be-determined position. Also, as part of the deal, all non-compete clauses for employees will be waived, a move intended to free up competition by allowing GMs and other execs to move more freely.
