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Fidelity invests in WME-IMG

Business

Fidelity invests in WME-IMG

By Danielle Wightman-Stone

Apr 25, 2016

Fidelity Management and Research Company, one of the world’s largest mutual fund companies, has invested 55 million dollars in talent, sports and fashion agency WME-IMG, which runs fashion week’s across the world including in New York, Berlin, Australia and Istanbul. Fidelity now joins SoftBank and Silver Lake as the agency’s strategic partners.

WME-IMG said it will use the latest investments to “advance its global growth strategy” through new investments, acquisitions, and joint ventures, and follows Softbank’s 250 million dollar investment announced last month.

The move is part of the agency’s continued growth strategy, which has included expanding its capabilities and client services globally and to broaden its owned event portfolio and content offerings through properties like The Wall Group and Miss Universe, acquired last year. In addition, earlier this month it also formed a strategic partnership with Frieze, a London-based media and events company.

This latest investment comes two years after WME acquired IMG for 2.4 billion dollars, which owns or operates more than 30 fashion weeks and produces a number of fashion programmes, via its OTT channel, Made to Measure, the first-ever fashion dedicated channel featuring live and archival runway footage and original documentaries.