US talent firm WME-IMG secures $1bn from Canada Pension Plan
Talent management business WME-ING has secured $1.1bn of investment from the Canada Pension Plan Investment Board and Singapore's sovereign wealth fund, GIC, which will value the agency at $6.3bn. WME-ING plans to use the funds to buy out minority partners in the Ultimate Fighting Championship that it acquired in 2016 for $4bn, fund acquisitions and enable partners to take cash out of the business. WME-ING has also been expanding its TV activities, picking up sales and distribution rights to international programming.

WME-IMG secures $1bn funding

US-based talent management and sales outfit WME-IMG is set to receive more than US$1bn in investment, which will be partly used to fuel further acquisitions.

The US$1.1bn funding, which is coming from the Canada Pension Plan Investment Board and Singapore’s sovereign wealth fund GIC, values the business at around US$6.3bn.

WME-IMG’s majority shareholder Silver Lake Partners revealed the news to investors yesterday and said it would be using the cash injection to fund new acquisitions.

The agency will also buy out minority partners in the Ultimate Fighting Championship, which it bought for US$4bn last year, and enable senior management to take cash out of the business.

It is the latest investment in the entertainment and sports agent giant, following injections from Fidelity and Japan’s SoftBank last year. The latter deal valued the company at US$5.5bn.

WME-IMG has been expanding its TV activities over recent years and recently secured international sales rights to BBC America thriller Killing Eve.

It also agreed a deal with Agatha Christie Productions to become international distributor for its forthcoming slate of Christie dramas.

The company, which was formed when WME bought IMG in 2013, also appointed former NBA exec Michael Ma to oversee its recently launched joint venture in China.

The JV was formed in June 2016 with Sequoia Capital China and partners including Tencent in an attempt to expand its entertainment activity in the country.