Francois-Henri Pinault’s Artemis acquires majority stake in CAA
French luxury goods billionaire Francois-Henri Pinault has agreed to take a majority stake in Creative Artists Agency, adding Hollywood’s leading talent agency to his family empire that includes fashion, wine and contemporary art, the parties involved said Tuesday.
Financial details of the deal, in which Artemis will acquire the financial stake of private equity firm TPG, were not disclosed.
The deal gives the Hollywood talent agency an enterprise value of $7 billion including debt, The Wall Street Journal reported.
“CAA’s exceptional insights, relationships and access to key sectors, combined with its widely recognized level of collaboration and innovation, give the company a formidable role in driving global opportunities for its diverse and culture-shaping customers,” said Pinault, Chairman and CEO from Kering, the French group that owns the fashion label Gucci, in a statement.
The presence of stars such as Beyoncé, Zendaya and Rihanna has become a key factor in turning fashion shows into the spotlight, and Kering’s larger rival LVMH recruited Pharrell Williams to head menswear designs for Louis Vuitton.
The Los Angeles-based agency, which represents thousands of actors, directors and music artists, including Beyoncé and Pinault’s wife Salma Hayek, began specializing in athlete representation in 2006.
Talks between the parties were reported in July.
TPG first invested in CAA in 2010, increasing its stake to 53% in a deal that valued the agency at $1.1 billion.
The sale comes at a turbulent time in Hollywood, as Hollywood actors, film and television writers go on strike to disrupt shows and films.
It also comes amid a flurry of deal deals in the luxury goods industry, including Kering’s recent purchases of fashion company Valentino and perfumer Creed, as high-end sellers begin to scale back purchases after a strong post-pandemic spending spree.
Global investment firm Temasek remains a minority investor in the agency, while CMC Capital remains a “strategic partner,” the statement said.
CAA’s leadership triumvirate of Bryan Lourd, Kevin Huvane and Richard Lovett will remain co-chairs of the agency, although Lourd will be named chief executive officer upon completion of the transaction, which is expected to close this year.
