Creative Artists Agency has sold a majority stake to TPG Capital in a deal that will keep the agency’s top management in place, it was announced Monday.
“There’s nothing like CAA,” said the private equity firm co-founder Jim Coulter in a statement. “CAA is an unrivaled industry leader, with an exceptionally talented and uncommonly stable management team. They have built their global and diversified platform through relentless innovation and a collaborative culture of client service. The Company has had extraordinary growth across its divisions, alongside intelligent asset-building and principal investment strategies, and we are enthusiastic about the continued success ahead.”
Under the deal, CAA’s management team will have its long-term contracts extended.
“We are excited about expanding the ways we serve clients and taking advantage of countless new opportunities as technology, content, brands, sports and media converge,” CAA said in a statement. “TPG is an invaluable partner in the ongoing execution of our plan, providing their vast business-building expertise, unparalleled global network, and ready access to capital for further growth. With TPG’s increased investment in our vision, we have never been more inspired by the possibilities that lie ahead.”
As TheWrap previously reported, the deal was close to completion last week. TPG had already bought a 35 percent stake in CAA in 2010 at a reported valuation of $700 million.
The deal marks a significant change in the power structure of one of Hollywood’s most powerful talent agencies, which has a major sports and corporate businesses, and has previously been controlled by the managing partners, including Bryan Lourd, Kevin Huvane, Richard Lovett and David O’Connor.
It also alters the fast-changing landscape of Hollywood talent agencies. WME bought the powerhouse sports marketing firm IMG in partnership with Silver Lake Partners, another private equity firm, which is now the majority owner of WME. Despite the ownership percentages, WME chairmen Ari Emanuel and Patrick Whitesell still retain control of the company,