Source: Ovitz Out At IMG

LOS ANGELES (CelebrityAccess MediaWire) — IMG Worldwide's board of directors has reportedly oustered Michael Ovitz after his failed bid to take over the agency last Friday. IMG is the world's largest sports and corporate agency, with a roster that includes Tiger Woods to Justin Timberlake as well as corporate clients.

According to TheWrap, the board held a conference call on Friday and the initial tally was 7-4 to remove Mr. Ovitz, an individual with knowledge of the company said that COO Mike Dolan asked Ovitz to resign on Monday. An insider told TheWrap that board members Irving Azoff, also chairman of Live Nation and former Univision CEO Jerry Perenchio led the charge against Mr. Ovitz.

Against a backdrop of IMG Worldwide Chairman and CEO Ted Forstmann's battle with brain cancer, Mr. Ovitz reportedly made a bid to take the company over by creating an "executive committee" that management would report to instead of the board. Currently IMG's management reports to Mr. Forstmann and Michael Dolan, the company's president and COO.

Mr. Ovitz, with backing from his fellow board member Herbert Siegel, also approached senior figures at IMG, expressing to them an interest in making a bid for the agency, TheWrap.

Mr. Forstmann and Mr. Ovitz have a long relationship, dating back to when the two considered making a bid for Polygram. Forstmann acquired IMG in 2004 for $750 million. – CelebrityAccess Staff Writers

Related Post