board of directors chose Forstmann Little's arch-rival, Kohlberg Kravis Roberts & Co. The episode was popularized in the book Barbarians at the Gate: The Fall of RJR Nabisco. Other headline transactions the firm participated in include Revlon (1985), which resulted in the so-called Revlon Duty, and Citadel Broadcasting, of which Forstmann Little owns 27%, following a merger with ABC Radio in 2006. In 2004, Forstmann Little acquired IMG in a $750 million deal, and in 2005 bought 24 Hour Fitness for $1.6 billion. Dissolution In 2011, Theodore Forstmann, the last surviving founder, died of brain cancer. The law firm Akin Gump Strauss Hauer & Feld dissolved the firm by selling off its assets. IMG was sold in 2013 for $2.3 billion to William Morris Endeavor. The last asset to be sold was 24 Hour Fitness, which was purchased for $2 billion by AEA Investors. References External links Forstmann Little & Company (Archive of Company Website from May 2000) American companies established in 1978 Financial services companies established in 1978 Financial services companies disestablished in 2015 Private equity firms of the United States 1978 establishments in New York (state) 2015 disestablishments in New York (state) American companies disestablished in 2015