Electus has acquired a majority stake in management firm Principato-Young. With the acquisition, co-founder Peter Principato takes over as president and CEO of the firm. Longtime partner Paul Young is exiting the company.
Principato-Young’s talent roster includes Cristela Alonzo, Anthony Anderson, Will Arnett, Ike Barinholtz, Kenya Barris, Tracee Ellis Ross, R. Ben Garant, F. Gary Gray, Andrew Gurland, Tiffany Haddish, Regina Hall, Ed Helms, Keegan-Michael Key, Queen Latifah, Thomas Lennon, Kate McKinnon, Niecy Nash, Jordan Peele, Rob Riggle, Michael Showalter, John Travolta, David Wain, Matt Walsh.
“From scripted to unscripted, across all platforms, serving and creating opportunities for talent is at the heart of Electus,” Electus CEO Chris Grant and COO Drew Buckley said in a statement. “We are thrilled to expand our partnership with PYE as we collaborate to create innovative content for a global marketplace. We thank Paul Young for his many contributions to the exceptional company he co-founded, and wish him the very best in his next chapter. All of us at Electus are excited for what’s next as we continue working with Peter Principato and the fantastic partners, managers and clients of PYE.”
Young is set to launch a new management-production venture that will focus on collaborating with talent to create original content.
“I am incredibly grateful to have been Peter’s partner for seventeen years,” Young said. “We worked with amazing people to build this company, and it was one of the best experiences of my life. I will miss them, and I can’t wait to watch their future success.”
Added Principato, “I will be forever appreciative and proud of the 17 incredible years Paul and I worked together to build this company. I am very excited about this next phase of PYE. We have an unbelievably talented and passionate group of industry leaders on our team. Together, with Electus, we will continue to build and grow our business in order to be the very best on behalf of our uniquely original clients.”
Principato, a former agent, and Young, a former Paramount exec, founded their firm in 2000.