Singapore-Based Temasek Buys Stake in CAA
Entertainment and sports agency Creative Artists Agency said Tuesday that Temasek, a Singapore-based investment company, has acquired a stake in it.
The companies didn't disclose the size of the stake or the price tag of the deal, but said, "the strategic investment will be used as capital to further CAA's tremendous growth, including through acquisitions, and follows this year’s investment by China’s leading media and entertainment fund, CMC, alongside Fubon Group, including Taiwan Mobile."
TPG Capital retains its 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."
Temasek has experience in the telecommunications, media and technology sector, with portfolio companies including Alibaba Group and Airbnb.
CAA says it was the first agency to build a sports business, create an investment bank, launch a venture fund, found technology startup companies and establish a business in China, among other industry innovations.
This article was originally published by The Hollywood Reporter.