Creative Artists Agency said Wednesday that it had acquired full ownership in CAA-GBG Global Brand Management Group, which works with companies including Netflix, Budweiser and Coca-Cola.
CAA, known for representing Hollywood talent, music artists and athletes, formed the joint venture with the Hong Kong based Global Brands Group in 2016. The Century City agency previously owned a minority share in the joint venture.
Financial terms of the deal were not disclosed.
The move comes as talent agencies are looking for ways to diversify their business beyond the traditional focus on talent representation by investing in sports, social media stars and business brands.
Global Brands has faced mounting financial pressures. Last year, its U.S. subsidiary filed for Chapter 11 protection from creditors in New York.
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CAA Brand Management has more than 160 employees, and the group is co-led by Perry Wolfman and Noah Gelbart.
“Our clients are always looking for new and innovative ways to engage with audiences, be it through their stories, their passions and priorities, or their values and beliefs,” Kevin Huvane, CAA’s co-chairman, said in a statement. “This talented group of executives have built award-winning branded programs, and we are excited to bring their expertise in-house.”
CAA has announced plans to significantly increase its scale. The company in September said it would acquire rival talent agency ICM Partners.
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