TPG, the private-equity firm with $66 billion in assets, acquired a majority stake in Creative Artists Agency, adding to its holding in Hollywood’s biggest talent agency.
The new funds provide CAA with capital to grow, according to a statement today. Financial terms weren’t disclosed. TPG first invested in the Los Angeles-based agency in 2010.
TPG, based in Fort Worth, Texas, is stepping up its investment at a time when technology is changing the entertainment business, giving artists represented by CAA new outlets, from Netflix to YouTube.
“We are excited about expanding the ways we serve clients and taking advantage of countless new opportunities as technology, content, brands, sports and media converge,” CAA said in the statement.