ISP will be combined with IMG's existing college sports group and its founder and chief executive officer, Ben Sutton Jr. will become president of the newly combined business, which will be based in Winston-Salem.
IMG did not disclose the terms of the deal but it is hoped that the new unit will see annual sales of more than $400 million and employ over 700 staff.
"This acquisition will complement our existing college business, which is an increasingly significant part of IMG," IMG CEO Ted Forstmann said in a statement.
Based in Winston-Salem, North Carolina, ISP has marketing deals with some key college athletic programs, including Alabama, Duke, Notre Dame and UCLA. It also has deals with conferences, events and venues across the country.
IMG College manages multimedia rights for colleges and collegiate athletic conferences, including corporate sponsorships, radio and TV programs, internet, national advertising and signage sales.
The unit, which was created by the acquisitions of Collegiate Licensing Co in 2007 and Host Communications in 2008, also handles licensing and is involved in the stadium financing and seating businesses through its IMG Legends venture with the New York Yankees baseball and Dallas Cowboys football teams.