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UTA says new investors will allow further growth

By | Published on Wednesday 8 August 2018

UTA

Talent agency UTA yesterday announced that two global investment outfits have taken minority stakes in the company, namely Investcorp and the Public Sector Pension Investment Board.

The agency said that the lovely cash pile generated by the new investments will be used to continue and accelerate recent growth, as well as to “enhance UTA’s services, and continue to invest in resources to support its clients and colleagues in a time of change and innovation in content creation and distribution”. What fun!

UTA has been growing and diversifying in recent years, principally through acquisition. In 2015 it boosted its music credentials by buying The Agency Group, and then earlier this year it expanded its presence in dance music by acquiring the Circle Talent Agency.

Other deals have expanded its interests in the gaming, e-sports and public speaking domains. It also has a stake in media firm Core, the American Idol-owning business that went through a period of restructuring after filing for bankruptcy in 2016, and which has just rebranded as Industrial Media.

In a joint statement confirming the new investors, UTA’s Jeremy Zimmer, David Kramer and Jay Sures said yesterday: “This is a transformative event for UTA. There has never been a greater moment of change and opportunity in our industry for artists, creators and companies like ours”.

They went on: “We were deliberate about finding the right investment partners who recognise UTA as a business that puts clients first, exemplifies a collaborative and diverse culture, and is focused long term on capitalising on the unique opportunities that disruption and transformation provide. We found that in Investcorp and PSP Investments”.

For their part, PSP says it is “excited” to partner with Team UTA, while Investcorp is, obviously, “THRILLED” by its new adventure in entertainment.



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