LOS ANGELES (CelebrityAccess) — Private equity firm TPG Capital is reportedly in negotiations to increase its ownership stake, possibly even taking a majority interest in Creative Artists Agency.
According to the New York Post, who first reported the story, the deal may close as early as next week. A source told the Post that if the deal closes, current management is expected to remain in place at the agency.
The source also noted that TPG may be making the additional investment with an eye towards taking the agency public.
TPG Capital, with $66bn under management, already holds a 35% stake in the talent agency, as well as other entertainment concerns such as Virgin entertainment, and MGM. According to the New York Post, the deal may close as early as next week.
The agreement, if closed, would mark the first time that an outside entity has held a majority stake in CAA's partnership.