WME-IMG Gets $55 Million Investment From Fidelity Management
The new infusion from the mutual fund giant comes on the heels of Japan's SoftBank $250 million investment in the agency. The cash is expected to help fund the agency's future ambitions, including acquisitions.
WME-IMG has received a $55 million investment from mutual fund giant Fidelity Management and Research Co., the latest in a series of investments into the Hollywood super agency.
The deal will combine the new infusion with last month's $250 million investment from Japanese telecom giant SoftBank to continue its global expansion through further investments, acquisitions and joint ventures. Its most recent instance of such was last week's partnership with the London-based contemporary art company Frieze.
WME-IMG said Wednesday in a statement that it will use both Fidelity and SoftBank's investments to grow the company "through new investments, acquisitions and joint ventures."
Since selling a majority stake to strategic investor Silver Lake Partners in order to create the combined agency, WME-IMG has perhaps been the most aggressive of the top agencies in its growth, acquiring 12 companies last year, including stylists' agency The Wall Group, Professional Bull Riders and the Miss Universe organization.
It also has launched four joint ventures over the past year, including an eSports league with the Turner Broadcasting System.