Former News Corp. Exec Peter Chernin Joins CVC Capital's Bid For IMG
F1 Owner CVC Capitial has enlisted "one of the world's most prominent media executives to strengthen its bid for control of IMG," according to Mark Kleinman of Sky News. CVC Capital, which owns roughly one-third of F1's parent company, has "joined forces with an investment group headed by" former News Corporation President/COO Peter Chernin to mount a $2B offer. Chernin "is understood to have agreed to join CVC's bid in recent days," a partnership that includes a consortium that also includes Mumtalakat, a Bahrain-based fund. Chernin "would join the board of IMG if the CVC offer is successful." Chernin's decision to ally with CVC "provides a boost to its hopes of clinching one of the most coveted names in global sports." CVC declined comment (SKY NEWS, 10/14).