Creative Artists Agency buys rival to create Hollywood talent giant

Scarlett Johansson. Picture: TONI ANNE BARSON/WIREIMAGE/GETTY IMAGES

The deal has been years in the making, executives of both companies said, growing out of conversations about their similar approach to business. The talks grew more serious as the entertainment industry consolidated around a few giant companies, including some with little background in dealing with talent, and the pandemic put extra pressure on agencies.

CAA has the backing of TPG, the private equity firm that owns a majority stake in the company. TPG bought a 35% stake in CAA in 2010, and later assumed majority ownership. There has long been speculation it would look to either sell some of its stake or take CAA public. The firms are also coping with a shift to online entertainment, which is changing the way their stars are compensated. Agencies like ICM have made millions of dollars over the years taking on a greater role in creating programming, including holding ownership interests, through so-called packaging deals. But under new agreements between the agencies and the Writers Guild of America, agencies will no longer collect packaging fees.

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