The business world practically exploded when the long-anticipated news was announced that William Morris Endeavor and Silver Lake Partners bought IMG Worldwide for $2.3 billion.
William Morris Endeavor is the world's largest talent agency and was created as a result of the merger between William Morris Agency and Endeavor Agency four years ago. Silver Lake Partners is a private equity firm, while IMG (International Management Group), is a New York based worldwide sports and media group.
According to Los Angeles Times, IMG represents top athletes such as Peyton Manning and Novak Djokovic. IMG also sells media rights to events such as Wimbledon, and they represent more than 90 Universities.
No doubt that WME didn't just put their foot in the door in the sports world; they knocked it down. This strengthens their position in the competition against Creative Artists Agency, another well known talent agency who already established some ground in sports.
The term "massive", referring to the scale of the investment, is a huge understatement. But acquiring IMG would definitely result in a great ROI. WME will also be able to establish itself as a media organization. A great undertaking, but also a huge step forward.
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