Top Hollywood agency CAA in talks to sell itself to Kering boss -Bloomberg News
2023.07.14 05:07
© Reuters. FILE PHOTO: Cars are shown lined up at the valet parking area outside the Creative Artists Agency building in Los Angeles, California, September 24, 2012. REUTERS/Jonathan Alcorn
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(Reuters) – Creative Artists Agency (CAA), one of Hollywood’s biggest talent agencies, is in advanced talks to sell a majority stake to French billionaire Francois-Henri Pinault and could fetch a valuation of over $7 billion, Bloomberg News reported on Thursday.
Founded in 1975, CAA was at the forefront of packaging Hollywood actors, directors, writers and others for films and television shows during the 1990s, allowing it to sew up talent and boost revenues. During that period, CAA became the most powerful talent agency in entertainment.
The Los Angeles-based agency represents thousands of actors, directors and music artists, and its client roster includes celebrities such as Tom Hanks, Zendaya, Steven Spielberg, Ariana Grande, Beyonce, among others.
The agency branched into the representation of athletes in 2006.
The sale talk report comes at a time when Hollywood actors have decided to go on strike after talks with studios broke down, joining film and television writers who have been on picket lines since May and deepening the disruption of scores of shows and movies.
CAA’s talks with billionaire Pinault, who is also the CEO of Gucci-owner Kering (EPA:), could still end without an agreement, the Bloomberg report said, adding that a final decision has not been made.
CAA’s press office could not be immediately reached outside regular business hours, while a spokesperson for Pinault declined to comment.
A Kering spokesperson said that the company had no involvement in the talks.
CAA is backed by private equity group TPG Capital, which acquired a 35% stake in the talent agency in 2010. In 2021, CAA announced a deal to buy rival ICM Partners in a deal that merged two major Hollywood talent agencies.
TPG declined to comment.
