CENTURY CITY (CelebrityAccess) – Creative Artists Agency (CAA) has taken full ownership of CAA-GBG (Global Brand Management Group), making more of an impact on brand marketing and licensing. With complete ownership, the company has been renamed CAA Brand Management. The financial terms of the deal were not disclosed.
CAA and GBG formed the joint venture in 2016, with CAA owning approximately 27%, with GBG owning the rest. GBG announced in mid-2021 that they would be winding down their business transactions due to a lack of liquidity. GBG ultimately filed bankruptcy in July 2021, which led to CAA taking complete ownership, as reported by THR.
CAA will now have a direct line in managing brand extension and licensing programs for clients such as Netflix, Coca-Cola, Formula One, Budweiser, Red Bull Racing, Minecraft, Skechers, and many others. Current co-leaders Noah Gelbart and Perry Wolfman will lead CAA Brand Management. During the transition, all 160 employees will retain 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 the day-to-day operations of the agency will provide us unique access to CAA’s resources and relationships, which will amplify our efforts globally.”