Hollywood agency CAA in talks with François-Henri Pinault – Bloomberg – 07/14/2023 10:46

(Updated with a Pinault spokesperson declining to comment, according to the spokesperson Kering is not involved in the talks)

July 13 (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, the agency reported on Thursday. Bloomberg said, citing sources familiar with the matter.

According to Bloomberg, the agency could be valued at more than $7 billion (6.24 billion euros).

Founded in 1975, CAA was at the forefront of recruiting actors, directors, screenwriters and other talent for films and television shows in the 1990s, which allowed it to increase its revenue and become the strongest talent agency in the industry.

Based in Los Angeles, CAA represents thousands of actors, directors and musicians, and includes such celebrities as Tom Hanks, Zendaya, Steven Spielberg, Ariana Grande and Beyoncé among its clients.

The agency began representing athletes in 2006.

News of the sale comes at a time when Hollywood actors have decided to go on strike after unsuccessful talks with studios, involving film and TV screenwriters, and the disruption of several series and movies.

Talks between the CAA and Gucci owner Kering PRTP.PA’s president and CEO François-Henri Pinault may not lead to an agreement, according to Bloomberg, who specified that no final decisions have been made.

The CAA’s press service could not be immediately contacted, while a spokesman for François-Henri Pinault declined to comment.

A Kering spokeswoman said the company was not involved in the discussions.

CAA is backed by private equity group TPG Capital, which acquired a 35% stake in the agency in 2010.

In 2021, CAA announced a deal to acquire rival ICM Partners.

TPG declined to comment.

(Reporting by Gursimran Kaur, Jyoti Narayan and Rishabh Jaiswal in Bangalore; French version Diana Mandia, Editing by Kate Entringer)

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