LOS ANGELES (CelebrityAccess) — Marketing investment company Stagwell Group announced that its fund, Stagwell Media LLC, has acquired a majority stake in the entertainment marketing division of Creative Artists Agency.
Stagwell says they plan to spin the division off from CAA to operate as a separate company, with CAA retaining a minority stake in the new, yet-to-be-named business. Jae Goodman, who served as co-head and chief creative officer of CAA Marketing, has been appointed CEO of the new entity, Stagwell said.
CAA Marketing is a recognized content creator who has worked for corporate clients such as Coca-Cola, GM, Chipotle, and Anheuser-Busch InBev, and has earned numerous accolades, including four Grand Prix awards in four different categories at the Cannes Lions International Festival of Creativity, 11 Emmy nominations with four wins, 10 Webby Awards, and the prestigious Grand CLIO.
While CAA is has sold their marketing unit, the company will still continue to represent corporate clients through its consulting business, which is led by Greg Luckman and maintains more than 150 employees in offices around the world.
Founded in 2015 by marketing and politics veteran Mark Penn, the Stagwell Group's portfolio already includes the influential Harris Poll, which they acquired from Nielsen earlier this year, and SKD Knickerbocker, a public affairs-focused political consultancy.
Terms of the transaction were not disclosed.