Creative Artists Agency "is expanding its hospitality and event business into China," according to Liz Mullen of SPORTSBUSINESS JOURNAL.
CAA Premium Experience, the hospitality, event management and marketing division of the Hollywood agency, "signed a multiyear deal to partner with Beijing-based sports and entertainment conglomerate iRena International, which operates some of the largest stadiums in China." Financial terms of the deal "were not disclosed."
But Robert Tuchman, an exec working in CAA Premium Experience, said that "the deal was for four years with options to renew."
Tuchman said, "There are clauses in there to renew at any time and there is the potential that we may do that even before this agreement is out." The deal gives CAA access to the China market and "gives iRena a vehicle to create exclusive sports and entertainment hospitality and experiences for high-net-worth individuals and companies in the country." IRena "maintains long-term partnerships with China’s Olympic team" and the Chinese national football teams, and it co-promoted the NBA China Global Games in Shenzhen in '15.
The partnership with iRena "is the latest step in CAA’s concerted drive to become a global player in corporate hospitality."
The agency "launched its hospitality and events business in February 2014 by acquiring Inside Sports & Entertainment." Last year, CAA "bought Tuchman’s firm, Goviva, and Beyond Sports & Entertainment."
Last June, at the time of the second round of acquisitions, CAA "merged all three former rival firms into one and renamed it CAA Premium Experience."
Tuchman said that since then, business is up 20-30% for the combined entity, "compared with what the three firms were doing separately" (SPORTSBUSINESS JOURNAL, issue 1/11).
