Forstmann Little to Buy Talent Agency
Buyout firm Forstmann Little & Co. said it would buy International Management Group, a leading talent agency that represents major sports and entertainment stars, ending speculation about the agency’s direction after the death of its founder last year.
Sources close to the agreement put IMG’s sale price at about $750 million in cash.
Cleveland-based IMG’s clients include sports stars Jennifer Capriati and Vijay Singh and broader entities such as the International Olympic Committee and Wimbledon.
From Reuters
* Global recorded music sales fell 1.3% in the first half of the year to $13.9 billion, their slowest decline in four years. The number of units sold rose 1.7%, the International Federation of the Phonographic Industry said.
* A recording industry trade group filed a new round of lawsuits against 762 people it suspected of distributing its songs for free over Internet peer-to-peer networks. The Recording Industry Assn. of America has now sued about 5,400 people over the last year.
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