TPG Launches Talent Company; Buys Boat Rocker's Untitled Stake

Dow Jones06-28

By Colin Kellaher

Private-equity firm TPG is launching a new talent management and representation company, with an initial investment in Hollywood talent manager Untitled Entertainment.

TPG on Friday said the new company will acquire, invest behind and build a diversified global business centered on talent management, representation and adjacent verticals.

Canadian entertainment company Boat Rocker Media said it has sold its majority stake in Untitled to TPG in exchange for about 51.6 million Canadian dollars (US$37.7 million) and an 8.8% interest in TPG's new company.

TPG said Michel Pratte, who had been president of Boat Rocker, will be chief executive of the new company, while Untitled's founding partners, Jason Weinberg and Stephanie Simon, will each roll a significant financial interest into the new entity and will continue as co-CEOs leading Untitled.

TPG, with $224 billion of assets under management, said it is funding the investment through TPG Growth, its middle-market and growth equity platform.

Toronto-based Boat Rocker said it will use the cash proceeds from the transaction to support its content-first strategy, adding that it may also pursue strategic M&A opportunities.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

June 28, 2024 08:43 ET (12:43 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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