CAA Owner TPG Files to Go Public on Nasdaq

The private equity fund, which also has stakes in Vice Media, Spotify and others, will pursue an IPO and trade on the Nasdaq.

An exterior view of Nasdaq Marketsite as Redbox Goes Public at NASDAQ on October 25, 2021 in New York City.
Jamie McCarthy

The private equity firm TPG — the majority owner of talent agency CAA — has filed to go public via an initial public offering (IPO). The company plans to list on the Nasdaq under the ticker “TPG.”

The firm, which has $109 billion under management, has been active in the media, entertainment and technology space in recent years. In addition to its CAA stake, the company has invested in other media and entertainment-related companies including Spotify, STX Entertainment, Vice Media, Fandom, Entertainment Partners and Cirque du Soleil. TPG participated in a new funding round for Vice just a few months ago in September.

TPG also struck a deal with AT&T to spin off the telecom giant’s TV businesses, including DirecTV, with the private equity fund holding 30 percent of the new company. That deal closed in August.

In its form S-1 filing with the SEC on Thursday, TPG specifically cited its ability to pick investments that align with its “growth-oriented themes.” One of those themes is “Content Creation,” which TPG says has been built off of its investment in CAA. TPG said in the filing that “In 2021, TPG Partners VI sold CAA to a [continuation vehicle] managed by TPG, creating a full, successful exit for TPG VI, an option for our limited partners to roll their investment, and an opportunity for TPG to continue creating value for our investors and earning management and performance fees.”

The company says it is invested in more than 280 active companies.

Assuming the IPO is successful, CAA would become the second major Hollywood agency to have exposure to the public equity markets. Endeavor Group Holdings, the owner of WME, went public in an IPO earlier this year.

Of course, CAA would not be publicly-traded in the same way that Endeavor is, with buyers of TPG shares also gaining exposure to all of the firm’s investments, and with limited financial details being made public. That being said, CAA has long been cited as a potential spinoff opportunity for TPG over the years, and its recently-announced ICM acquisition only further fueled that fire.

“This is not a move to get to that,” Lourd told THR in September. “It doesn’t rule it out, but it is not part of the endgame”

CAA revealed its plans to acquire ICM Partners in September, a deal that would further consolidate the agency space.

CAA co-chairman Bryan Lourd told THR after the ICM deal was announced that TPG “have been super-helpful in thinking through this, but when we said it was Chris and ICM, it was the easiest ‘yes’ we have ever gotten.”

This article was originally published by The Hollywood Reporter.

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