Temasek buys stake in Creative Artists Agency
Cars are shown lined up at the valet parking area outside the Creative Artists Agency building in Los Angeles, California. (File photo: Reuters)
SINGAPORE: Singapore-based investment company Temasek Holdings has bought a stake in entertainment and sports agency Creative Artists Agency (CAA).CAA, which has a presence in China, announced the move on Tuesday (Sep 26). It did not give details on the size of the stake or value of Temasek’s investment. Its other investors include China media and entertainment fund CMC and TPG Capital, which retains a majority stake in CAA.“As one the most successful and sophisticated investors in the world, Temasek provides an extraordinary level of insight and resources as we continue to provide the best opportunities for the company and our clients,” said CAA president Richard Lovett. “Today’s announcement speaks to the incredible growth and relentless innovation across all areas of the agency. We have a combination of partners that provide global firepower for our continued success.”CAA advises blue-chip consumer brands, including JP Morgan Chase, Intel, Bose, KPMG and IMAX, among others.Its sports arm boasts more than 1,000 individual athlete, broadcaster and coaching clients. Its sports business manages more than US$37 billion in media rights transactions, CAA said.CAA also has a merchant bank, Evolution Media, which represents buyers or sellers of professional sports franchises and raises capital or structured debt financing for entertainment entities.