Micah Green, the co-head of the film finance and sales group at Creative Artists Agency, is leaving his agency home to start a new venture with billionaire Dan Friedkin, Variety has learned. The new company is still being formed and has not been named, but it will be investing in the media and entertainment business.

Green plans to leave CAA by the start of next month’s Cannes Film Festival. He will be at the French Riviera gathering on behalf of the new venture.

The company will be based in Los Angeles and will be hiring staff in the coming weeks. Green became friendly with Friedkin while the entrepreneur’s Imperative Entertainment was bidding on the rights to “Killers of the Flower Moon: An American Crime and the Birth of the FBI,” a hot literary property that sold last year for $5 million.

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Friedkin is the CEO of Gulf States Toyota Distributors.  The new company will be run independently of Imperative.

Sources say that Green is embarking on the new venture with CAA’s blessing. Green has deep connections in the indie film world. He joined CAA in 2005. Green was previously at Cinetic Media, which he founded in 2000 with talent manager and attorney John Sloss. He began working with Sloss in 1997.

Roeg Sutherland, Green’s longtime partner, will continue to lead CAA’s film finance and sales group. Sutherland has also been heading up the agency’s film finance efforts in China. Under Green and Sutherland, CAA put together funding for a number of award-winning films such as “12 Years a Slave,” “Hacksaw Ridge,” “American Hustle,” “The Revenant,” and “Birdman,” as well as the upcoming thriller “Inner City” with Denzel Washington and George Clooney’s “Suburbicon.”