Hollywood talent agency CAA changes hands for $7 billion
TPG is selling its majority stake in Creative Artists Agency to French billionaire François-Henri Pinault, the company announced Thursday.
Why it matters: One of the largest sales in the Hollywood talent agency space, this is the latest deal following CAA's acquisition of rival firm ICM last year.
Details: CAA will be placed under Artémis, the Pinault family's investment company.
- Financial terms were not disclosed, but previous reports put the price around $7 billion.
- Singapore-headquartered global investment firm Temasek will remain a minority investor in CAA, and CMC Capital remains a CAA strategic partner.
- The deal is expected to close by end of year. TPG owned the agency for 13 years.
Zoom in: CAA's current leadership will remain with the agency. Bryan Lourd, Kevin Huvane, and Richard Lovett will remain as co-chairmen of the agency. Lourd will be named CEO after the deal's close. Jim Burtson, who led the CAA deal team, will remain President of CAA.
Of note: Pinault's wife, Salma Hayek, is a longtime CAA client whose representation team is led by Lourd.
Tim Baysinger co-authors the Axios Pro Media deals newsletter. Sign up here.