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Saturday, May 18, 2024

United Talent Agency Raises $200M for SPAC

  • United Talent Agency has raised $200 million.
  • The company plans to launch a blank-check company.
UTA/Design: Alex Brooks

United Talent Agency plans to raise $200 million to launch a blank-check company led by former Nintendo president Reggie Fils-Aimé.

The SPAC — called UTA Acquisition Corporation — is selling 20 million shares at $10 apiece and is expected to close its offering on Dec. 6 with trading on the NASDAQ.

UTA Acquisition is looking to acquire a company that operates in gaming, digital media, or entertainment and has unique intellectual property, proven leadership, and the potential to scale.

Known for its work in television and film, UTA has been expanding its footprint.

  • The agency secured a deal in February with FaZe Clan, helping the esports and entertainment company expand into podcasting and unscripted content.
  • In March, it acquired Echo Location Talent Agency, a London-based firm that represents popular music artists Marshmello, Diplo, and Alesso.
  • Last month, the agency teamed up with Stampede Ventures to launch HappyNest, a production company with a focus on animated kids and family content.

UTA isn’t the only talent and media company tapping into SPACs and the public market.

Endeavor raised $511 million in its initial public offering in April. In September, Creative Artists Agency agreed to acquire ICM Partners, creating speculation that the combined entity could consider a stock offering.

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