CAA Sells Majority Stake to TPG Capital
TPG Capital, a private equity firm that controls more than $66 billion in assets, has bought a majority stake in CAA, the first time the entertainment and sports agency has been under the ownership of an outside investor.
Financial terms were not disclosed. Deadline reports that TPG is spending around $225 million in equity to take a 53% stake in the agency. The deal comes four years after TPG invested $500 million to retain a 35% stake in CAA.
As part of the investment, CAA’s management team will remain with the company, extending their contracts — “long-term” — with the company.
Said the agency in a statement: “We are excited about expanding the ways we serve clients and taking advantage of countless new opportunities as technology, content, brands, sports, and media converge. TPG is an invaluable partner in the ongoing execution of our plan, providing their vast business-building expertise, unparalleled global network, and ready access to capital for further growth.”
In addition to its entertainment and sports practices, CAA also helps manage Evolution Media Partners, which has previously invested in digital media companies like Base79.Tags: Acquisitions, Base79, CAA, Creative Artists Agency, Evolution Media Capital, Evolution Media Partners, Investments, TPG Capital