WMA, Endeavor Approve Landmark Merger Of Talent Agencies
William Morris Agency (WMA) and Endeavor yesterday "took a giant leap into showbiz's future," approving a merger that "promises to change the landscape for the talent representation" business, according to Littleton & Fleming of DAILY VARIETY. The deal is "expected to close within a few weeks, though it still requires approval from labor officials" in California and N.Y., and also "may face an antitrust review" by the Justice Department. The conglomerate, to be known as William Morris Endeavor (WME) Entertainment, creates the "largest competitor to CAA since that agency solidified its position as Hollywood's dominant tenpercentery more than two decades ago." But company leaders "will undoubtedly face a formidable task in achieving harmony between the wildly different cultures and backgrounds of the two agencies" (DAILY VARIETY, 4/28).
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Wiatt Will Serve As
Chair Of Agency |
MAKE NEW FRIENDS, KEEP THE OLD: The HOLLYWOOD REPORTER's Gregg Kilday notes the WME Entertainment moniker preserves the "venerable William Morris name that has become synonymous with repping talent while giving Endeavor room in the spotlight." WMA Chair & CEO Jim Wiatt will serve as Chair of the new agency, while Endeavor Founder Ari Emanuel and Managing Partner Patrick Whitesell, as well as WMA President Dave Wirtschafter, will serve as co-CEOs. Kilday notes the merger will "recharge WMA's film and TV departments by bringing in a wealth of talent repped by Endeavor." It also will "open the doors for the Endeavor side to have a stronger presence in music, publishing and corporate representation, areas that are WMA's strengths." Currently, WMA houses about 300 agents, and Endeavor has about 80. WME Entertainment is "expected to shed about 100 agents, many of which will come from the WMA ranks" (HOLLYWOOD REPORTER, 4/28).
TIMES ARE A CHANGIN': In L.A., Dawn Chmielewski writes "like all Hollywood agencies," both WMA and Endeavor are "trying to figure out what roles agencies play in the new world of digital entertainment" (L.A. TIMES, 4/28). In N.Y., Michael Cieply writes Hollywood is "scrambling to shore up traditional movie, television and music businesses that are struggling with a digital revolution, while reaching for a grip on forms of entertainment that are still taking shape." The merger ends a "period of relative stability among the major agencies, raising the possibility of new combinations and a stronger thrust by talent representatives into fresh lines of business involving finance, digital distribution or corporate alliances" (N.Y. TIMES, 4/28). The WALL STREET JOURNAL's Lauren Schuker notes the merger "comes amid a wave of change in Hollywood, where the lavish payouts that movie stars received are shrinking along with studios' profit margins" (WALL STREET JOURNAL, 4/28).
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