PARIS (Reuters) -The Artemis holding company of French luxury goods billionaire Francois-Henri Pinault has reached an agreement for a majority stake in Hollywood talent agency Creative Artists Agency (CAA), the parties involved said on Thursday.
Financial details of the deal, in which Artemis will buy the financial stake belonging to private equity firm TPG, were not provided.
“CAA’s exceptional insight, relationships, and access across key sectors, combined with their widely regarded level of collaboration and innovation, gives the company a formidable role in driving global opportunities for its diverse and culture-defining clients,” Pinault, who is chairman and CEO of Kering, the French group that owns fashion label Gucci, said in a statement.
Talks between the parties were reported in July.
TPG first invested in CAA in 2010 and increased its stake to 53% in a deal valuing the agency at $1.1 billion.
The Los Angeles-based agency, which represents thousands of actors, directors and music artists including Tom Hanks, Zendaya, Steven Spielberg, Ariana Grande and Beyonce, branched into representing athletes in 2006.
The sale comes at a tumultuous time in Hollywood, due to strikes of Hollywood actors, film and television writers disrupting shows and movies.
Global investment firm Temasek will remain a minority investor in the agency while CMC Capital will remain a “strategic partner”, according to the statement.
(Reporting by Sudip Kar-Gupta and Mimosa Spencer; editing by Jonathan Oatis and Tomasz Janowski)
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