IMG boss Mike Dolan's memo to employees:December 18, 2013
We are very excited to announce that this morning William Morris Endeavor Entertainment, backed by the private investment firm Silver Lake Partners, announced that it has reached an agreement with our owner, Forstmann Little & Co., to acquire IMG Worldwide. The full press release is attached and below.
This is an important day in our rich history, and one that I believe will open a new chapter in our growth story, as we will be joining forces with one of the world’s leading talent, entertainment and media companies with strong financial backing.
Let me start by providing you some context for the announcement. Operationally, the combination is an ideal strategic fit, and will allow both companies to deliver a broader range of opportunities and resources to the talent we collectively represent. Together, we will have an unmatched client roster and strong relationships across sponsors, brands and broadcasters, as well as marquee assets in sports, events, film, television and fashion, leaving us better equipped to seize emerging growth opportunities. Employees will have more career opportunities to support an even larger organization with increased business prospects.
We also have found that IMG and WME share the same core values for client service, operational excellence and employee development, which will help facilitate the combination of the two companies.
Individual and group meetings will be scheduled as soon as possible to discuss the specifics. In the meantime, it is business as usual. You can contact your manager with any immediate questions and they will do their best to get you answers. The transaction is subject to customary closing conditions.
Over the past 53 years, we have grown into a global leader in sports, fashion and media. Today, the company that Ted Forstmann envisioned has 130 offices in more than 30 countries, and is involved in an average of 11 sports and entertainment events every day of the year. This is an amazing accomplishment and you should all be extremely proud.
I want to thank each of you for your hard work, creativity and contribution to the company. I also want to take the time to thank the team at Forstmann Little. They have been outstanding partners since we joined forces in 2004 and we owe them a debt of gratitude for all of their strategic advice and support.
Michael J. Dolan