CAA-GBG Global Brand Management Group, one of the leading brand management agencies in the world, will now be under the full ownership of CAA, the company announced on Wednesday.
Prior to this transaction, CAA-GBG was a joint operation between CAA and holding company Global Brands Group, which filed for bankruptcy last July. The two companies founded the venture in 2016, and since then it has grown into a premier business for brand management, handling programs for Budweiser, Coca-Cola, The Cheesecake Factory, Formula One, Jaguar Land Rover, the Bob Marley Estate, Minecraft, Netflix, Playboy, Red Bull Racing, Riot Games, Skechers and many others.
According to CAA, the management group will immediately be renamed CAA Brand Management, and will be folded into the daily operations of the agency. Perry Wolfman and Noah Gelbart, the current co-leaders of the group, will continue in their positions, and the current employees of the company, which consists of over 160 people spread across 17 countries, will retain their jobs during the transition.
“We are extremely proud of the work our team has done, and continues to do, on behalf of our clients,” Wolfman and Gelbart said in a statement. “Integrating CAA Brand Management into the day-to-day operations of the agency will provide us unique access to CAA’s resources and relationships, which will amplify our efforts globally.”
The law firms Wachtell, Lipton, Rosen & Katz, Macfarlanes LLP, and White & Case LLP served as legal advisors to CAA during negotiations to acquire full control of the company. The financial terms for the deal have not been disclosed.
“Our clients are always looking for new and innovative ways to engage with audiences, be it through their stories, their passions and priorities, or their values and beliefs,” Kevin Huvane, co-chairman of CAA, said in a statement. “This talented group of executives have built award-winning branded programs, and we are excited to bring their expertise in-house.”