×
You will be redirected back to your article in seconds

TPG Capital Buys Majority Stake in CAA

TPG Capital has become a majority stakeholder in Creative Artists Agency, the first time in its history that the talent agency will be owned by an outside investor.

The private equity firm already held a 35% stake in CAA and has been discussing the possibility of deepening its investment in recent weeks. Precise details of the sale and TPG’s new position were not announced.

As part of the deal, CAA’s management team will remain in place and has extended its long-term contracts, the agency said.

“There’s nothing like CAA,” said TPG 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.”

An initial report by the New York Post on TPG’s investment speculated that it might position the agency for an initial public offering, but a release announcing the deal made no mention of plans to go public.

It’s not the first time private equity has invested in the agency world. WME and private equity firm Silver Lake teamed to buy IMG for $2.3 billion in 2013, and ICM was partly owned by Rizvi Traverse until its top agents banded together in 2012 to buy the company back and turn it into a partnership.

CAA’s client list includes A-list actors such as Jennifer Lawrence, Daniel Craig and George Clooney, as well as sports stars Cristiano Ronaldo and Carmelo Anthony.

But it has moved beyond talent representation. Sports has been a growing emphasis for the company’s diversification efforts, which have included advising property sales deals for clients including Madison Square Garden and Yankee Stadium. The agency has also moved into branding, working with such companies as Coca-Cola, General Motors, Chipotle and Farmers Insurance, and has invested in digital start-ups such as Funny or Die.

UBS and LionTree Advisers served as financial adviser to CAA. Wachtell, Lipton, Rosen & Katz served as legal counsel to CAA. Cleary Gottlieb Steen & Hamilton served as legal counsel to TPG.

More to come…

Popular on Variety

More Film

  • Vendrá-la-muerte-y-tendrá-tus-ojos

    Watch Trailer for ‘Death Will Come and Shall Have Your Eyes’ (EXCLUSIVE)

    SAN SEBASTIAN — “Death Will Come And Shall Have Your Eyes” Italy’s Cesare Pavese wrote memorably in a poem that enchanted Chilean film director José Luis Torres Leiva a decade or so back. Now he delivers a film of that title which world premieres at San Sebastian in main competition and talks about death without, [...]

  • Ad Astra Box Office

    Box Office: 'Downton Abbey,' 'Ad Astra' and 'Rambo' Prove Power of Older Audiences

    Older audiences still care about going to the movies. That’s the takeaway after Hollywood profited by providing cinephiles of drinking age with compelling content last weekend. Three new nationwide releases — Focus Features’ “Downton Abbey,” Disney-Fox’s “Ad Astra” and Lionsgate’s “Rambo: Last Blood” — catering to these crowds enjoyed a promising start. Most notably, “Downton Abbey,” [...]

  • EL-VERANO-QUE-VIVIMOS-PRESS-CONFERENCE

    Warner Bros. Grabs Atresmedia, Bambú’s 'El verano que vivimos' (EXCLUSIVE)

    SAN SEBASTIAN —    Warner Bros. Pictures Intl. has grabbed near-worldwide distribution rights to “El verano que vivimos,” a romantic melodrama directed by “Fariña” Carlos Sedes and co-produced with Atresmedia Cine, Bambú Producciones and La Claqueta. One of the most awaited local releases of next year, “El verano que vivimos” rolls from August for nine [...]

  • PATRICK

    Watch Trailer to San Sebastian’s ‘Patrick,’ Sold by The Match Factory (EXCLUSIVE)

    SAN SEBASTIAN —  Sales house The Match Factory is launching exclusively via Variety the trailer of “Patrick,” Gonçalo Waddington’s debut feature, as the film world premieres in the Official Selection at the San Sebastian Festival. Screening in main competition, “Patrick” recounts the story of an eight-year old Portuguese boy, Mario, who is re-discovered years later [...]

  • Brad Pitt stars in ONCE UPON

    Quentin Tarantino's 'Once Upon a Time in Hollywood' Gets Oct. 25 China Release

    Quentin Tarantino’s “Once Upon a Time in Hollywood” is scheduled for a China release on Oct. 25, three months after its U.S. debut. The mainland opening will hit after the country’s National Day holiday in the first week of October, which this year marks a key and politically sensitive anniversary — the 70th year of [...]

  • THE-CURSE-OF-THE-HANDSOME-MAN-photo2

    Filmax Acquires International on ‘The Curse of the Handsome Man’ (EXCLUSIVE)

    SAN SEBASTIAN  —  Barcelona-based boutique studio Filmax has acquired international rights to Argentine producer-director Beda Docampo’s “The Curse of the Handsome Man,” produced by Ibón Cormenzana’s Arcadia Motion Pictures alongside Cados Producciones and Damned Besso –based in Spain—in co-production with Cecilia Díez’s Zarlek Producciones (“Medianeras”) in Argentina. The film is backed by Spanish public broadcaster [...]

  • La-mala-familia

    Javi Tasio Talks ECAM Incubator Title ‘La Mala Familia’

    SAN SEBASTIAN  —  Via their BRBR collective, filmmakers Nacho A. Villar and Luis Rojo have directed award winning music videos, and commercias. Now they’ll make the leap to features with “La Mala Familia,” a gritty urban drama set in the outskirts of Madrid. Variety spoke with the film’s producer, Javi Tasio, who developed this project at ECAM’s [...]

More From Our Brands

Access exclusive content