Wasserman Could Build Out Global Presence With Lagardere Acquisition
Wasserman is in talks to "buy the sports marketing arm" of Lagardère Sports & Entertainment, according to sources cited by Massoudi & Ahmed of the FINANCIAL TIMES. The two sides have "entered into a period of exclusive discussions about a deal that may value" Lagardère Sports & Entertainment at around $250-300M, though the sources "cautioned there was no guarantee that a deal would be reached." A sale by Lagardere would come as it has "faced pressure from activist investor Amber Capital to improve its governance and speed up its disposal programme." For Wasserman, the deal would allow the U.S. sports marketing and talent agency to "build out its presence globally in a series of complementary categories." Lagardère's sports division has been "under pressure after losing out on a key contract that sustained the business over recent years and was marked for a sale by the company in November" (FINANCIAL TIMES, 7/6).