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Ex-Yahoo CEO Terry Semel to snap up IMG?

The former chief is is reportedly banking on his Internet experience at Yahoo to bolster IMG's Internet operations and media offerings.

Former Yahoo CEO Terry Semel is reportedly on the prowl for sports, entertainment, and media company IMG.

Semel is apparently banking on his Internet experience at Yahoo to give IMG's Internet operations a boost, as well as beef up its media and content offerings, according to a report in the New York Post.

Semel, who apparently is looking to buy IMG from Ted Forstmann, is reportedly meeting with private equity firms and others to carry off the deal. Forstmann, however, apparently wants a hefty $3 billion price tag to carry off the deal.

Whether Semel will be successful in acquiring IMG and creating a digital giant has yet to be seen, but his track record in turning around Yahoo isn't in his favor. The Internet search pioneer has been struggling to win back market share against younger competitor Google and currently is weighing its options on whether to hook up with Google or Microsoft in a business transaction or go it alone.