Forstmann Little Reaps $2.3B In Sale Of Talent Agency IMG

Law360, New York (December 18, 2013, 3:00 PM EST) -- Private investment firm Forstmann Little & Co. said Wednesday it would sell its ownership stake in sports, media and fashion agency IMG Worldwide Holdings Inc. to private equity-backed talent agency William Morris Endeavor Entertainment LLC for a reported $2.3 billion.

Although the financial terms of the deal were not disclosed, various media reports say the $2.3 billion transaction fell short of expectations during bidding last week as the talent agency’s college sports business lagged. Even so, the field of bidders for the $2.5 billion-plus agency included...
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