Hollywood talent agency CAA is in advanced talks to sell a majority stake to Francois-Henri Pinault, the French billionaire behind luxury and fashion empire Kering, according to a report in Bloombe…
The deal would value CAA, which was founded in 1975 and is backed by TPG, at $7 billion, as per Bloomberg’s report, based on anonymous sources., a spokesperson for Pinault and his investment vehicle Artemis declined to comment. A rep for Kering, meanwhile, denied any involvement of the group. CAA did not respond to requests for comment by press time.
Rumors of a pending sale between CAA and Pinault have emerged at a critical time for Hollywood and for talent. confirmed on Thursday that it would go on strike against the film and TV companies that comprise the Alliance of Motion Picture and Television Producers , joining the WGA which has been on the picket lines since May 2. It marks only the second time in Hollywood history that actors have joined writers on the picket lines.
An Artemis acquisition of CAA would bring Kering closer to the entertainment world. The luxury group has already made headway in the film landscape in recent years, becoming a major sponsor of the Cannes Film Festival and organizing aprogram that showcases inspiring female actors, filmmakers and producers.
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