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Liberty Media linked with investment in CAA

Liberty, which owns around 34% of Live Nation, is believed to be in talks to acquire a stake in Creative Artists Agency

By Jon Chapple on 10 Jan 2019

An acquisition of CAA would give Liberty "greater negotiating leverage" for Formula 1

An acquisition of CAA would give Liberty "greater negotiating leverage" for Formula 1


image © FIA

Liberty Media Corporation, a significant shareholder in Live Nation, is reportedly in talks to acquire a stake in Creative Artists Agency (CAA).

According to the Financial Times, any investment by Liberty – which owns more than a third of Live Nation Entertainment stocks, as well as a majority interest in satellite radio giant SiriusXM and recently acquired streaming company Pandora Media – in CAA would give the company “greater negotiating leverage for its other businesses, namely Formula One”, the motor racing championship it acquired in late 2016.

Liberty and CAA are already partners on Formula 1, with CAA Sports handling sponsorship sales for the sport since April 2017.

Liberty and CAA are already partners on Formula 1, with CAA Sports handling sponsorship for the sport

A spokesperson for TPG, the private-equity firm which owns the majority of CAA, tells the FT it receives regular approaches about its investments but that it was not in “active discussions” regarding CAA, one of the world’s leading booking agencies.

Other investors in CAA, whose music roster includes Muse, Kane West, Katy Perry, Queen and Adam Lambert, AC/DC, Eagles, Foo Fighters and Florence and the Machine, include China’s CMC Capital Partners and Singaporean sovereign-wealth fund Temasek.

Greg Maffei, Liberty Media’s CEO, is chairman of both Live Nation and SiriusXM, and there has long been speculation from Wall Street that Liberty’s goal is to create a vertically integrated music business encompassing radio, streaming, concerts and ticketing.

Both CAA and Liberty declined to comment.

 


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