Private equity firm TPG Capital has bought a 35 percent stake in Creative Artists Agency, one of the largest talent agencies in Hollywood and a powerhouse in representing actors, directors and athletes.
Financial terms weren’t disclosed Friday.
CAA represents actors such as George Clooney, Brad Pitt and Meryl Streep as well as athletes ranging from New York Yankees’ baseball player Derek Jeter to Real Madrid soccer player Cristiano Ronaldo.
The agency and the investment firm also pledged to create a $500 million fund for future investments. The firms didn’t say if they will contribute to the fund or if it will be raised from third-party investors. The amount would be available to the companies for joint ventures and is separate from TPG’s investment in CAA.
TPG will gain representation on what will become a 10-member board. CAA’s six managing partners also agreed to sign on for new multiyear deals. While those partners will cash out some of their stakes in the transaction, all of CAA’s approximately 1,000 employees are to receive a bonus from the influx of capital.
TPG, with $47 billion under management, owns stakes in companies such as Burger King, Lenovo and Graphic Packaging Holding Co.
Two years ago, CAA partnered with former Merrill Lynch employees to create a venture called Evolution Media Capital LLC, which recently represented Hall of Fame pitcher Nolan Ryan and sports lawyer Chuck Greenberg in their successful bid to buy the Texas Rangers baseball team for $590 million.
Disney Pledges $15 million In L.A. Fire Aid As More Celebs Learn They’ve Lost Their Homes
The Pacific Palisades wildfires torched the home of "This Is Us" star Milo Ventimiglia, perhaps most poignantly destroying the father-to-be's newly installed crib.
CBS cameras caught the actor walking through his charred house for the first time, standing in what was once his kitchen and looking at a neighborhood in ruin. "Your heart just breaks."
He and his pregnant wife, Jarah Mariano, evacuated Tuesday with their dog and they watched on security cameras as the flames ripped through the house, destroying everything, including a new crib.
"There's a kind of shock moment where you're going, 'Oh, this is real. This is happening.' What good is it to continue watching?' And then at a certain point we just turned it off, like 'What good is it to continue watching?'"
Firefighters sought to make gains Friday during a respite in the heavy winds that fanned the flames as numerous groups pledged aid to help victims and rebuild, including a $15 million donation pledge from the Walt Disney Co.
More stars learn their homes are gone
While seeing the remains of his home, Ventimiglia was struck by a connection to his "This Is Us" character, Jack Pearson, who died after inhaling smoke in a house fire. "It's not lost on me life imitating art."
Mandy Moore, who played Ventimiglia's wife on "This Is Us," nearly lost her home in the Eaton fire, which scorched large areas of the Altadena neighborhood. She said Thursday that part of her house is standing but is unlivable, and her husband lost his music studio and all his instruments.
Mel Gibson's home is "completely gone," his publicist Alan Nierob confirmed Friday. The Oscar winner revealed the loss of his home earlier Friday while appearing on Joe Rogan's... Read More