Last week the world of talent management experienced a major turn when William Morris Endeavor Entertainment LLC teamed with Silver Lake to purchase IMG Worldwide. The move to acquire IMG will have a strong impact on the talent management industry as a whole, but will specifically affect the sports world.
This acquisition is going to bring together two of the larger organizations that were, at one time, focusing on different parts of the entertainment world. William Morris was once focused on the music, television, movies and theater aspects of entertainment. Some of their biggest clients included the likes of World Wrestling Entertainment, the Ultimate Fighting Championship and the National Football League. It was their job to negotiate the million and sometimes billion dollar deals that would get these organizations featured on major television outlets.
IMG is a sports agency that has represented such stars as Peyton Manning, Rafael Nadal, Steve Nash and Lindsey Vonn.
This move is important for many within the sports world as it has become more recognizable that athletes have a great deal of value beyond their performance on the field or court. Athletes such as LeBron James, Shaun White and others are learning how to brand themselves in a way that allows them to continue to increase the strength of their bank account well beyond their athletic abilities. IMG will now have more backing to go after higher name athletes while stronger contacts in other areas of entertainment to open their clients up to new opportunities.
Changes such as these are important to notice as the world of entertainment becomes an amalgam of what it once was. While making a long term impact like Michael Jordan is a far off goal for many, there is still an opportunity for athletes to push themselves into new revenue streams. Effective managers have to be able to negotiate relevant deals for their clients while helping them move into markets that will continue to make them money long before their playing careers are over.
The $2.2 billion dollar deal that allowed William Morris Endeavor and Silver Lake to purchase IMG Worldwide may not have received much mainstream coverage, but the results of these powerful groups coming together is going to have a great effect on the sports and entertainment world.
If you’re in the market for talent management services the R&B Management Group can help give you some direction towards the goals that you have in mind.