CAA is looking to raise around $400M to buy back equity from its agents and executives
This is a meaningful way of rewarding the agency’s top earners who’ve built the company, while keeping them in house; a move that’s very much akin to the upside an IPO would bring. CAA’s move to raise such cash comes in the wake of theThe financing, which should come together within the next few weeks has CAA borrowing $1.15 billion in a seven-year loan so as to refinance close to $760M in debt. That debt stems from a number of activities including acquisitions made on behalf of CAA.
Once funded, employees with equity positions will have the option to sell less than half of them, or ride out the upsides of their stakes. CAA’s Bryan Lourd, Richard Lovett and Kevin Huvane will have the option to sell shares, thought the majority of the agency’s 2K staff do not have any equity stakes.
I understand that CAA stakeholders are TPG, Temasek and China Media Capital are all supportive of the agency’s raising of capital, but will not be selling any of their shares.CAA did not provide any comment when reached.
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