Semel mum about IMG offer
EmptyFormer Yahoo CEO and Warner Bros. co-chair Terry Semel was among the many moguls at the Herb Allen & Co. retreat here whose main recreation, at least Thursday, seemed to be actively avoiding reporter questions — in his case, the possibility of a takeover of talent management company IMG.
"I made a bid for the company, and I don't know the result," was about all the exec would say. "You saw the stories. It looks like no."
Semel apparently bid about $3 billion to buy the company, but a response from IMG's Teddy Forstmann has not been forthcoming.
"We have other things in the hopper that we're looking at, so we'll continue to look at those," Semel said. "I wanted to take their management firm and turn it into a media company with a focus on digital distribution."
Semel also denied that he had solicited or collected any money from Dubai or the United Arab Emirates for the venture.
In other Sun Valley sightings, Paramount chairman Brad Grey and Viacom president and CEO Philippe Dauman declined comment on a New York Times report Thursday about Viacom founder Sumner Redstone settling with his daughter Shari to buy out her interest in the company. Dauman and Grey walked quickly away from the pair of journalists tracking them.
Dan Cox is a freelance writer based in Los Angeles.