IMG's 'Fuzzy Math' Could Haunt Acquirer WME
IMG’s "fuzzy math was the subject of much debate over the past few months," according to Claire Atkinson of the N.Y. POST. Now it looks like that math "may be coming back to haunt those charged with winding down IMG’s owner, Forstmann Little & Co." Sources said now that acquirers Silver Lake and WME "are able to get in and pore over the books, they may be looking to slim down their robust offer price." WME and its private-equity backer "ponied up" between $2.3B and $2.4B for the premier N.Y.-based agency, topping a CVC Capital bid of less than $2B. Meanwhile, there are rumors that Forstmann Little’s other asset, 24 Hour Fitness, "is heading back into the sale process, potentially within the next six months" (N.Y. POST, 1/5).