Breaking: François-Henri Pinault’s Artémis Acquires Majority Stake in CAA

French billionaire François-Henri Pinault and his family investment firm, Artémis, have officially acquired a majority stake in Creative Artists Agency, one of the premier talent agencies in entertainment and sports, and replace TPG as the agency’s primary holding company.

CAA’s music department has a deep talent roster, which includes megastars like Beyoncé, Bob Dylan, Bruce Springsteen, Eagles, Red Hot Chili Peppers, Harry Styles, Lady Gaga, The Weeknd and J,Lo among many others. Artémis’ consolidated assets total $40 billion and include luxury brands such as Gucci, Saint Laurent and Balenciaga as well as Christie’s Auction House. The acquisition is expected to be completed later this year.

Financial terms were not disclosed, but several reports out today put CAA’s valuation at $7 billion, which would put the deal at roughly $3.5 billion.

Bryan Lourd, Kevin Huvane and Richard Lovett will continue to lead CAA and remain as co-chairmen. When the deal is complete, Lourd will take over as chief executive officer and Jim Burtson, who led CAA in the negotiations, will stay onboard as president.

“Artémis is a strategic investor of the highest order, with global reach and resources across countless areas of our clients’ interests, a deeply sophisticated understanding of global brands and how to support their growth, and a passion for creativity and innovation that matches ours and that of our clients,” said Lourd, Lovett, Huvane and Burtson in a joint statement. “François-Henri Pinault and his remarkable team, led by Héloïse Temple-Boyer and Alban Greget, share our vision for a future of limitless new opportunities. We are enormously grateful to TPG for their strategic expertise, invaluable support, and friendship over 13 years. We enjoyed tremendous growth and success together and look forward to continuing to collaborate on projects ahead.”

Reports of the “advanced negotiations” broke in July as the two parties attended the Allen & Company Sun Valley Conference in Idaho, showing that the investment firm views the entertainment agency as a growing business.

“As a leader in its field with an outstanding management team, a crystal-clear focus on providing world-class service to world-class clients and a tremendous track record of growth, CAA has all the relevant characteristics to be part of the Artémis family, adding increased diversity, both in terms of geographical footprint and business activities, to our other assets,” Pinault, Artémis CEO, said in a release. “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. We look forward to supporting the agency’s very bright path ahead.”

CAA, which topped Pollstar’s 2023 mid-year promoters chart, is one of the largest music talent agencies in the world along with WME, UTA and Wasserman Music. It has excelled under the guidance of Rob Light, who has worked at the agency for nearly four decades. He has headed the music department for 25 years and had a hand in the evolution of the live music business as its transformed into the revenue juggernaut it is today.

The agency made a monumental move last summer when it acquired another major talent agency in ICM Partners, a deal that was valued at $750 million.

This is a breaking news story, more details to follow.