Private equity firm TPG – the majority owner of the talent agency CAA – has filed to go public through an initial public offering (IPO). The company plans to list on Nasdaq under the ticker “TPG”.
The company, with $109 billion under management, has been active in the media, entertainment, and tech space in recent years. In addition to its CAA stake, the company has invested in other media and entertainment-related companies including Spotify, STX Entertainment, Vice Media, Fandom, Entertainment Partners and Cirque du Soleil. TPG joined a new round of funding for Vice just a few months ago in September.
TPG also reached an agreement with AT&T to cut off the telecom giant’s television businesses, including DirecTV, with a private equity fund holding a 30% stake in the new company. That deal ended in August.
In its S-1 form filed with the SEC on Thursday, TPG specifically cited its ability to select investments that align with “growth-oriented themes.” One of those themes is “Content Creation,” which TPG says has been built on its investment in CAA. TPG said in the filing that “In 2021, TPG Partners VI sold CAA to a [continuation vehicle] managed by TPG, creating a successful, full exit for TPG VI, an option for our limited partners to invest and an opportunity for TPG to continue to create value for investors us and collect management and performance fees. ”
The company says it is invested in more than 280 active companies.
Assuming the IPO is successful, the CAA will become Hollywood’s second-largest agency with public equity market exposure. Endeavor Group Holdings, the owner of WME, conducted an IPO earlier this year.
Of course, CAA will not be publicly traded like Endeavor, with buyers of TPG stock also being exposed to all of the company’s investments and to limited financial details being made public. That said, CAA has long been seen as a potential side opportunity for TPG over the years, and its recently announced acquisition of ICM only fanned that flame.
“It’s not a move to get there,” Lourd told THR in September. “It doesn’t rule it out, but it’s not part of the end game.”
The CAA revealed plans to buy ICM Partners in September, a deal that will further consolidate the agency space.
CAA co-chairman Bryan Lourd told THR after the ICM deal was announced that TPG “has been very helpful thinking about this, but when we say it’s Chris and ICM, it’s” yes “easiest we have ever received.”
This article was originally published by The Hollywood Reporter.
https://www.billboard.com/pro/caa-tpg-public-nasdaq-ipo-plans/ CAA TPG Holder Public Profile on Nasdaq – Billboard