Paradigm talent agency has secured a new investment from Crescent Drive Media, a company owned by the brother of agency chief Sam Gores, and has recruited industry veteran Bruce Rosenblum as an investment adviser.
The moves come as Paradigm is grappling with a cash flow crunch exacerbated by the coronavirus crisis. Gores also continues to discuss a transaction involving the agency’s music assets with sports agent and entrepreneur Casey Wasserman.
Gores confirmed the investment from Crescent Drive, which is owned by investor Tom Gores, who already has a stake in the agency. Financial details were not disclosed. The move to bring in Rosenblum suggests that Sam Gores is considering a broader transaction for the agency.
“This is one of several important steps that put us in a financial position not only to weather this crisis, but to invest in future growth,” Gores wrote. “With an expanded ownership team, financial stability and creative advisers like Bruce to help us assess new opportunities, I look forward to our next chapter.”
Rosenblum spent 26 years with Warner Bros. TV, rising to head of the division before leaving in 2013. He served as head of TV and digital for Legendary from 2013 to 2016 and headed business operations at Disney/ABC TV Group from 2016 to 2017. He was also chairman of the Television Academy from 2012 to 2016.
Wasserman is understood to be discussing a form of a partnership with the Gores brothers that would allow him to manage Paradigm’s music talent management and tour booking operations, which are considerable. The shuttering of live events amid the pandemic hit Paradigm’s revenue hard especially as it scuttled the lucrative summer touring season.
A rep for Wasserman declined to comment. Sam Gores declined to elaborate beyond the memo.
(Pictured: Bruce Rosenblum)