Semel’s Route To IMG Passes Through Dubai

Terry Semel, the former Yahoo (NSDQ: YHOO) CEO, is involved in a bid to return to his Hollywood roots: his media/investment firm Windsor Media is in talks with sports marketing and entertainment talent agency IMG, as we reported before, and is now working with Dubai International Capital for financing of the deal, reports Times UK. DIC was established in October 2004 as the international investment arm of Dubai Holding, the holding company owned by the Government of Dubai….recently DIC acquired a 3 percent stake in Sony (NYSE: SNE) Corp for $1.5 billion.

IMG is owned by PE firm Forstmann Little & Co., which bought IMG in 2004 for around $750 million. The firm recently hired Chris Albrecht, the former CEO of HBO, as the head of its global media unit. Forstmann would like a bid in the $3 billion range, though sources have said that asking price is a bit too hopeful.