LOS ANGELES (CelebrityAccess) — In a surprising turn of events, Jeff Berg's recently launched Resolution Talent Agency appears to be ceasing operations.
According to The Hollywood Reporter, Berg informed the firm's approximately fifty agents and support staff on Monday that the agency would be winding down, telling the staffers that the company's financial partner, Chinese hedge fund Bison Capital had not lived up to its funding obligations.
Berg launched Resolution in January 2013 after an almost 30-year stint at ICM, positioning the new agency in the press as a challenger to the major agencies. At launch, he brought in ICM's Terry Rhodes and Steve Schenck, formerly of Paradise Artists, to oversee Resolution's music unit, however Rhodes left the firm in July.
Resolution reps a few music artists, including Bryan Adam, as well as television and movie actors such as Lindsey Lohan, Rose McGowan, and Nick Cassavetes.
Bison Capital, who came aboard in March 2014 with an initial investment of $200 million, replaced Resolution's initial financial backers, the Phoenix-based private investment firm Najafi Companies. However, Bison appears to have had a tempestuous relationship with Resolution, and according to Deadline Hollywood, was often late with promised funding, putting Resolution under financial duress.
Bison Capital, led by Peixin Xu, holds a stake in a number of media firms, including AirMedia Group Inc., a Chinese advertising company, and appeared to be an inroad into China's entertainment world for Resolution, an important aspect of the agency's business strategy, according to past press releases from the agency.
According to THR, Berg's focus now is on finding new homes for his staff and clients. More on this story as it develops. — Staff Writers
