Creative Artists Agency (CAA) says it has completed its takeover of CAA-GBG Global Brand Management Group.
CAA-GBG was originally created as a joint operation between CAA and holding company Global Brands Group in 2016. The two companies founded their joint venture in 2016, and became a major player in brand licensing.
Clients included Budweiser, Coca-Cola, The Cheesecake Factory, Formula One, Jaguar Land Rover, the Bob Marley Estate, Minecraft, Netflix, Playboy, Red Bull Racing, Riot Games, Skechers and many others.
However, GBG filed for bankruptcy last July after sales declined during the COVID-19 crisis. As a result, Creative Artists Agency decided to take over the operations of the former joint venture. CAA has announced that the brand management group will be renamed CAA Brand Management and will be folded into the daily operations of the parent agency.
Top executives Perry Wolfman and Noah Gelbart and the current employees of the company, which employs more than 160 people in 17 countries, will retain their jobs during the transition.
“We are extremely proud of the work our team has done, and continues to do, on behalf of our clients,” Wolfman and Gelbart said in a statement “Integrating CAA Brand Management into the day-to-day operations of the agency will provide us unique access to CAA’s resources and relationships, which will amplify our efforts globally.”
CAA’s co-chair Kevin Huvane says the partially owned subsidiary was always successful on its own, and so CAA had no hesitation in assuming full ownership.
“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,” said Kevin Huvane, co-chairman of CAA. “This talented group of executives have built award-winning branded programs, and we are excited to bring their expertise in-house.”
The financial terms for the deal have not been disclosed.
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