UTA is finally making its money moves.
The Hollywood Reporter has learned that the agency has sold what is being described as a “significant equity stake” to Investcorp and the Public Sector Pension Investment Board. Figures and other financial terms were not disclosed, although a source familiar with the deal said that all UTA employees — including assistants and support staff — would get a financial benefit from the transaction. The move comes a little over a month after UTA hired independent investment bank Moelis & Company to help identify an investor that could fuel the agency’s expansion.
“This is a transformative event for UTA,” CEO Jeremy Zimmer, who with co-presidents David Kramer and Jay Sures led the search for outside investors, said in a statement. “We were deliberate about finding the right investment partners who recognize UTA as a business that puts clients first, exemplifies a collaborative and diverse culture, and is focused long term on capitalizing on the unique opportunities that disruption and transformation provide.”
The move is seen as cementing UTA’s status among Hollywood’s top three talent agencies. UTA has long been rumored to be looking to take on sizable outside financing, ever since larger rivals CAA and Endeavor took their businesses to the next level several years ago with now-majority owners TPG Capital and Silver Lake Partners, respectively. It has expanded its representation reach through the acquisition of specialized agencies such as N.S. Bienstock (broadcast news), The Agency Group (music) and Greater Talent Network (speakers).
This article was originally published by The Hollywood Reporter.