Last week saw the rumor mill begin to whir again over the future of successful talent agency Paradigm.
The LA Times reported that live giant CAA was considering an acquisition bid for Paradigm, which represents artists including Ed Sheeran (US), Shawn Mendes, Diplo and Coldplay.
The report claimed that CAA had held “exploratory discussions” with Paradigm about a deal.
However, in an internal note to staff on Thursday (January 30), Paradigm CEO Sam Gores told his employees, unequivocally, that the company was not for sale.
“I want to address a recent press report suggesting the potential sale of Paradigm,” said Gores’ note. “Let me state emphatically – we are not for sale, nor are we selling the agency.”
Paradigm, which has over 700 employees worldwide, was last year rumored to be an acquisition target of another large-scale player in its market, United Talent Agency.
However, in June 2019, Paradigm called off talks with UTA, which, it was reported, wanted to buy the former company’s music and literary divisions. (Paradigm also operates in book publishing, film & TV and other verticals).
You can read Sam Gores’ full note to staff regarding the CAA rumors, sent Thursday, below:
I want to address a recent press report suggesting the potential sale of Paradigm,” said Gores’ note. “Let me state emphatically – we are not for sale, nor are we selling the agency.
As many of you are aware, the influx of private equity into talent agencies and the WGA stand-off, among other factors, are pushing agencies to pursue strong, diversified companies such as Paradigm.
As I have said before, we like the independent and successful path we’re on. Our focus continues to be growing Paradigm and providing the best possible opportunities for our colleagues, our artists and the art that they create.
Let’s ignore the chatter and idle speculation and stay focused on the important work at hand. I look forward to seeing you at Town Hall on Monday.
SamMusic Business Worldwide