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Hollywood agents feel the showbiz squeeze

2 minute read

A parking valet stands outside the Creative Artists Agency building in Los Angeles, California, September 24, 2012. REUTERS/Jonathan Alcorn

NEW YORK, Sept 28 (Reuters Breakingviews) - TPG-backed Creative Artists Agency is acquiring ICM Partners, the companies said on Monday. The tie-up creates more leverage as the folks on the other side of the table like Walt Disney (DIS.N) and Warner Media reorient their business to streaming from movie theaters and television read more . The once glamorous work of representing stars like Scarlett Johansson, who's in a legal fight with Disney, is under pressure as a result.

CAA rival Endeavor (EDR.N) is taking a different approach. The $12 billion group led by Ari Emanuel struck its own deal on Monday to acquire sports-betting business OpenBet for $1.2 billion. The move bolsters its presence in sports and further distances the company from its historical bread and butter of representation. Endeavor’s sports properties, including the Ultimate Fighting Championship , already accounted for 79% of its adjusted EBITDA for the quarter to June. Emanuel is betting it's an easier way to make a buck than keeping the talent happy. (By Jennifer Saba)

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Editing by Richard Beales and Marjorie Backman

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