The Canada Pension Plan Investment Board is investing about $500 million to acquire an eight per cent interest in entertainment, sports and fashion giant WME IMG.

On Wednesday, the CPPIB announced the investment in the company, which runs a diverse line of business in more than 30 countries that includes representing artists and athletes, as well as owning or operating a number of fashion and entertainment events, including New York Fashion Week. In 2015, WME IMG acquired the Miss Universe Organization from Donald Trump. The following year, it bought the Ultimate Fighting Championship. Its activities include producing more than 52,000 hours of sports programming a year and talent and model management and discovery.

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“This investment in a unique, market leading platform in entertainment, sports and media further diversifies our portfolio,” said Ryan Selwood, managing director and head of direct private equity at the CPPIB. “WME IMG’s broadly diversified group of global businesses and management team with a proven track record of building shareholder value position the company well for growth, particularly in content production and distribution.”

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