CAA acquires full ownership of global brand management group CAA-GBG with new name – CAA Brand Management
CENTURY CITY (CelebrityAccess) – Creative Artists Agency (CAA) has taken full ownership of CAA-GBG (Global Brand Management Group), which has more impact on marketing and brand licensing. With full ownership, the company was renamed CAA Brand Management. Financial terms of the transaction were not disclosed.
CAA and GBG formed the joint venture in 2016, with CAA owning approximately 27%, with GBG owning the remainder. GBG announced in mid-2021 that it would end its business transactions due to a lack of liquidity. GBG eventually filed for bankruptcy in July 2021, leading to CAA taking full ownership, as reported THR.
CAA will now have a direct line in managing brand extension and licensing programs for clients such as Netflix, Coca-Cola, Formula 1, Budweiser, Red Bull Racing, Minecraft, Skechers, and many more. Current co-leaders Noah Gelbart and Perry Wolfman will lead the management of the CAA brand. During the transition, the 160 employees will keep their jobs.
“We are extremely proud of the work our team has done and continues to do on behalf of our clients,” Wolfman and Gelbart said in a statement. “Integrating CAA brand management into day-to-day agency operations will provide us with one-stop access to CAA’s resources and relationships, which will amplify our efforts globally.”