CAA acquires full ownership of brand management company
Creative Artists Agency said Wednesday it had acquired full ownership of CAA-GBG Global Brand Management Group, which works with companies including Netflix, Budweiser and Coca-Cola.
CAA, known for representing Hollywood talent, musical artists and athletes, formed the joint venture with Hong Kong-based Global Brands in 2016. Agencies Century City previously held a minority stake in the joint venture.
Financial terms of the deal were not disclosed.
The move comes as talent agencies look for ways to diversify their businesses beyond the traditional focus on talent representation by investing in sports, social media stars and commercial brands.
Global Brands faced increasing financial pressures. Last year, its US subsidiary filed for Chapter 11 creditor protection in New York.
CAA Brand Management has over 160 employees and the group is co-led by Perry Wolfman and Noah Gelbart.
“Our customers are always looking for new and innovative ways to engage with the public, whether through their stories, their passions and priorities, or their values and beliefs,” said Kevin Huvane, Co-Chair of CAA, in a press release. “This group of talented executives have created award-winning brand programs, and we’re excited to bring their expertise in-house.”
CAA has announced its intention to significantly increase its scale. The company announced in September that it would acquire rival talent agency ICM Partners.
CAA, which employs approximately 2,000 people worldwide, will move into Century City’s new headquarters on the Avenue of Stars in 2026.