Sources said that William Morris Endeavor’s $2.375B acquisition of IMG is expected to be finalized today. The deal was supposed to close last week but some minor issues pushed the closing into this week. In anticipation of WME taking control of the company, IMG Chair & CEO Mike Dolan this morning sent an email to IMG employees thanking them for the work and congratulating them on all that they had accomplished. Dolan wrote, "As I look back today, I am convinced that both Teddy (Forstmann) and Mark (McCormack) would be delighted with our achievements. …Earnings soared from $80 million in 2009 to over $190 million for 2013. … None of this could have been accomplished without the dedication, hard work, creativity, and pursuit of excellence by each and every one of you around the globe. It is your dedication to the values of Mark and Teddy and to their legacies that made this all possible.”
Dolan is not expected to stay on with the company after WME co-CEOs Ari Emanuel and Patrick Whitesell assume control. Dolan said that he expects IMG “to continue to grow and prosper” under their leadership. He wrote, “I have tremendous personal admiration for Ari Emanuel and Patrick Whitesell of WME and I wish them great success. I hope they have as much fun running our business as I have.” Dolan joined IMG as CFO in ‘10 after years at Viacom, Y&R and PepsiCo. He was named Chair & CEO after Forstmann was diagnosed with brain cancer.
