WXII Winston-Salem’s ISP Sports Acquired By IMG Worldwide
Headquarters Will Remain In Winston-Salem
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WINSTON-SALEM, N.C. — ISP Sports, a college media rights management company based in Winston-Salem, announced Wednesday that it will be acquired by IMG Worldwide, a global sports, entertainment and media company.
Financial details of the acquisition were not made public, but ISP said the newly merged group, named IMG College, will be headquartered in Winston-Salem.
No ISP employees will be losing their jobs, the company said, but around 25 new employees will be hired locally.
Winston-Salem Alan Joines said the new positions would be knowledge-based, good paying jobs.
“We’ve been moving hard to move our economy to one based on knowledge industries, and certainly this type of industry at ISP represents and brings the best of both worlds to our community,” said Joines, who has championed the effort to transform the local business landscape away from companies inclined to relocate oversees.
“It will also be terrific for the college sports fan as this combination provides a great opportunity for us to provide more, better and higher quality programming, as well as expanding the base of customers,” IMG CEO Ted Forstmann said. IMG is headquartered in New York City.
ISP Sports, founded in 1992, provides marketing, licensing and media services to many of the country’s most well-known college sports programs, such as Wake Forest, Georgia, Duke, South Carolina, Georgia Tech, Elon and Virginia Tech.
“I am very proud of the team and business we have built over nearly 20 years at ISP,” ISP founder and CEO Ben Sutton Jr. said. “We are excited about the potential for future growth as part of the incredible company Ted Forstmann and his team at IMG have developed over the past five years.”
Sutton, who earned an undergraduate degree and law degree at Wake Forest University, developed the idea for ISP Sports during his nine-year tenure as sports marketing director at the WFU.
“They have grown with Wake Forest, as well as many universities across the country,” WFU athletics director Rob Wellman said. “And they service all of us exceptionally well. We believe that this move is even going to brighten our future in terms of our multimedia rights.”