Terry Semel’s $1.5 billion offer for IMG was evidently way too low, and that lawsuit against Mark Burnett is turning out to be a major fly in the ointment for Terry’s deal and IMG’s plan to snag Burnett Productions. It’s all enough to make Terry give up on IMG and go after MGM.
NYP: Semel was prepared to pay $1.5 billion for IMG, but Forstmann wasn’t going to part with it for anything less than $3 billion.
While the bid-ask gap potentially could have been bridged, a $70 million lawsuit filed on Monday against reality show producer Mark Burnett by a former business partner brought the deal to a screeching halt.
IMG has been in talks to acquire Burnett’s company for a reported $250 million, and the lawsuit complicated not only that deal, but also any further moves by Semel.
But he’s not being deterred. According to the source, Semel is now contemplating a run at legendary film studio Metro-Goldwyn-Mayer.
What “a run” means, we’re not exactly sure. Should Harry Sloan be worried about his job? Or will Semel finally be the financing saviour the studio needs?
Business Insider Emails & Alerts
Site highlights each day to your inbox.