Sources: Liberty Media Discussing Potential Investment In CAA
F1 owner Liberty Media is "in talks to invest in" CAA, according to sources cited by Matthew Garrahan of the FINANCIAL TIMES. CAA is "one of Hollywood's most powerful entertainment agencies and has the industry's largest sports representation business." It also "advises on sports media and commercial deals." Liberty Media's interest in CAA "points to a convergence between rights holders, distribution channels and talent and is indicative of other shifts in the media sector." An investment in CAA would give Liberty, which also owns the Braves, "greater negotiating leverage for its other businesses" -- namely F1. Liberty "knows CAA well, having hired the agency to sell its sponsorship rights" after it bought F1 in '17. CAA is controlled by private equity firm TPG, which has a stake of more than 60%. But a source said that TPG has "not been involved in the CAA-Liberty Media discussions." Sources also "cautioned that there was no guarantee they would lead to a deal" (FT.com, 1/10).