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The Canada Pension Plan Investment Board (CPPIB) is getting into the celebrity business with an investment in a U.S.-based event operator and talent agency, writes Jacqueline Nelson for the Globe and Mail.
The board said that it had “struck a deal to invest in a U.S.-based event operator and talent agency that represents a wide range of artists and sports stars. CPPIB will take an 8 per cent equity stake in the privately-owned William Morris Endeavor Entertainment LLC (WME-IMG) worth $400-million (U.S.),” she writes.
The agency has been in business for nearly 120 years, representing artists such as Charlie Chaplin, Elvis Presley and Marilyn Monroe, continues Nelson. It has expanded into fashion and sports content, including the Ultimate Fighting Championship franchise.
“WME-IMG’s diversified group of global businesses and management team with a proven track record of building shareholder value position the company well for growth, particularly in content production and distribution,” Ryan Selwood, head of direct private equity at CPPIB, is quoted saying.
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