A private equity firm has furthered its commitment to the world’s most valuable sports agency, Creative Artists Agency. According to sources of The Hollywood Reporter, TPG Capital — whose initial investment in CAA came four years ago — has increased its ownership stake in CAA to over 50 percent. Per Deadline.com, TPG is paying roughly $225 million for its new ownership stake.
“The money is expected to be distributed for further growth throughout the agency’s various divisions, from its traditional talent representation to its corporate marketing practice,” THR said.
Added TPG co-founder Jim Coulter: “There’s nothing like CAA. CAA is an unrivaled industry leader, with an exceptionally talented and uncommonly stable management team. They have built their global and diversified platform through relentless innovation and a collaborative culture of client service.
“The company has had extraordinary growth across its divisions, alongside intelligent asset-building and principal investment strategies, and we are enthusiastic about the continued success ahead.”
CAA represents NFL, NBA, MLB and NHL athletes, with its football division leading the charge and managing the contracts of some of the league’s top quarterbacks, including Peyton Manning (Denver Broncos), Drew Brees (New Orleans Saints), Matt Ryan (Atlanta Falcons) and Tony Romo (Dallas Cowboys). The mega agency currently houses almost 1,000 years worth of contracts totaling $5.6 billion.