Business

GIC, Canadian pension fund to invest $1.36b in US talent firm

US talent management agency WME-IMG, which counts Japan's SoftBank Group among its investors, said it would receive a US$1 billion (S$1.36 billion) investment from Singapore's sovereign wealth fund GIC and Canada's largest pension fund manager. Mr Eric Wilmes, managing director of private equity at GIC, said: "WME-IMG has demonstrated a capacity to grow and diversify in an increasingly complex environment for sports, entertainment and fashion globally.

"As a long-term investor, GIC believes the company will benefit from the strong trend of consumers demanding quality content."

Canada Pension Plan Investment Board (CPPIB), in a separate statement, said it would invest about US$400 million for an 8 per cent stake in WME-IMG, which owns brands such as Ultimate Fighting Championship and the Miss Universe Organisation.

"This investment in a unique market-leading platform in entertainment, sports and media further diversifies our portfolio," said Mr Ryan Selwood, managing director, head of direct private equity, private investments, CPPIB. - REUTERS

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