Wake Forest University today announced it has reached an agreement with IMG to extend its multimedia rights and licensing agreements through 2027. The deal, which is retroactive from 2015, includes increased annual financial guarantees to the university as well as additional revenue sharing opportunities for both partners.
“Wake Forest and IMG have a long-standing partnership and we are pleased to continue the relationship for the next 10 years,” said Ron Wellman, Director of Athletics at Wake Forest University. “IMG has successfully allowed us to expand our national brand throughout the country and we look forward to a continued relationship.”
“We are proud to continue our long-standing relationship with Wake Forest University,” said Jason Lublin, president of IMG College. “Our partnership has evolved throughout the decades and continues to showcase the combined strength of IMG’s multimedia rights and licensing abilities in an ever-changing marketplace.”
The multimedia rights extension adds to an agreement that originally dates back to 1992. It includes IMG College’s exclusive representation and management of corporate partnerships, game broadcasts and coaches’ shows for radio, publications, stadium and venue signage, game promotions and game day hospitality.
As part of the extension, IMG will also gain additional multimedia sponsorship assets including the basketball floor apron at Lawrence Joel Veterans Memorial Coliseum, football field level signage at BB&T Field, concourse and entryway branding at both facilities and expanded social media opportunities.
Wake Forest University and IMG have also made a mutual commitment to continue upgrading the digital equipment at multiple WFU athletic facilities during the tenure of the agreement.
IMG will continue managing the university’s successful trademark licensing program for the duration of the agreement. Wake Forest’s licensing program has generated more than $1.5 million in licensing royalties since the school partnered with the Collegiate Licensing Company, the licensing affiliate of IMG College, in 2011.
Officially-licensed product for Wake Forest is now sold at nearly 750 locations. Licensing program revenue is up 30% since 2012. Revenue from the sale of Wake Forest licensed products supports both academics, through scholarships, as well as athletics.