CAA To Sell Majority Stake?

TPG Capital is reportedly on the verge of taking a majority stake in CAA. 

The private equity firm acquired a 35 percent stake in the agency four years ago. The talks to increase TPG’s stake to 51 percent are in the late stages, sources told the New York Post.

One source said the agreement could be announced within the week. TPG has not interfered in the agency’s day-to-day decisions, and there would be no major changes moving forward, according to reports.

The money would help senior staff like Richard Lovett, Bryan Lourd and Kevin Huvane gain liquidity.

“They’re going to take the money and spread it around,” a source told the Post. “There are people in comedy, movie and sports divisions who all feel they want to know what their future is.”

TPG’s first investment in CAA valued the agency at $700 million and it included the creation of a $500 million investment fund to expand interest in sports and technology.

The current investment would unlock end-of-year cash for employee bonuses. It would also bring CAA closer to launching an initial public offering, which is also being considered by WME, according to sources.