CAA Parent Company Files for IPO

Private equity firm TPG, the majority owner of talent agency Creative Artists Agency, has filed for an initial public offering with plans to raise $100 million.

TPG has $109 billion in assets under management with a diverse portfolio that includes Spotify and Vice Media, but the firm has established a footprint in sports through CAA.

An IPO would make CAA the second Hollywood agency to go public after UFC parent company Endeavor hit the New York Stock Exchange in April — also through an IPO.

Over the past year, TPG has steadily increased its position in sports.

• In August, its Footballco property bought into Italian soccer media site CalcioMercato.com in a deal valued at $10 million.
• Last month, the firm participated in an $840 million funding round for sports technology firm Dream Sports.

Perfect Timing

CAA — which claims to be the first major talent agency to build a sports business — reached an agreement in September to acquire ICM Partners. If approved, it would be the largest agency deal since William Morris and Endeavor merged in 2009.

TPG generated $3.9 billion in revenue in the nine months ended Sept. 30, 2021, up from $564 million for the same period last year.