Buyout firm acquires 35% stake in CAA

It's one of the highest-profile investments by TPG, and it gives Creative Artists Agency a chance to expand into new ventures. As part of the deal, TPG co-founder Jim Coulter will join the CAA board. From The Wrap:

CAA's partners - Bryan Lourd, Kevin Huvane, David O'Connor and Richard Lovett - all agreed to the purchase, and also agreed to sign five-year employment contracts that commits them to staying at the agency in the medium term. CAA has sought to expand in the sports market, while facing a more competitive environment from the new powerhouse in town, WME. That, combined with depressed prices for movie talent and fewer productions being made made all around, has made the agency game a more difficult one.