In one of the first major moves since being acquired in September by French billionaire Francois-Henri Pinault in a $7 billion deal, Creative Artists Agency is forming a new sports-focused investment bank in partnership with dealmaker Michael Klein.
CAA’s merchant bank Evolution Media Capital is working with M. Klein & Company to create CAA Evolution, a new investment bank and advisory firm targeting the global sports, media, and entertainment industries.
The new entity will work on deals such as multibillion-dollar team sales and media company maneuvers, as well as advise on capital raising such as initial public offerings — areas previously considered largely outside the scope of CAA and Evolution Media Capital. The move pushes the agency into the kind of large-scale deal financing and advising that has been the province of firms such as the Raine Group and LionTree.
Over the past year, much of the agency world has seen an accelerating push for scale as consolidation continues to sweep through the business. Most recently, Excel Sports Management acquired REP 1 Football, bringing that agency into on-field player contract work for NFL players.
MKC will continue to operate as a separate firm outside of sports, media, and entertainment.
