Fidelity buys into WME IMG

Investment firm Fidelity Management and Research has become a strategic investor in WME IMG, sinking US$55 million into the rights, talent and distribution company.

WME IMG, which has recently outlined ambitions to move more deeply into content sales with the hire of Gary Marenzi, said it will use the Fidelity cash, along with other recent investment from SoftBank, for investment, acquisitions and joint ventures.

SoftBank recently invested US$250 million into WME IMG. Along with the Fidelity cash, the firm now has a sizable warchest.

WME IMG produces 50,000 hours of sports content a year. It recently acquired the Miss Universe Organization from US presidential candidate Donald Trump, and created a joint venture with Turner Broadcasting on esports league ELeague.

Fidelity Management is a mutual fund investor, with investments in a wide range of businesses across various sectors.

WME IMG this week announced several sales for hit UK drama The Night Manager (pictured).