Boat Rocker Media Inc. has sold its stake in talent management company Untitled Entertainment Inc. to TPG Inc. for approximately C$51.6 million.
Global investment firm TPG boasts investments in the entertainment sector, including Calm, Creative Artists Agency (CAA), DirecTV, Entertainment Partners, Fandom, MusixMatch and Spotify. TPG’s new talent management company seeks to acquire, invest in and build diversified global businesses focused on talent management, representation and related sectors.
As part of the transaction, Michelle Pratt has been appointed CEO and Eric Taiz has been appointed COO of the newly formed company, both effective immediately. Pratt has served in a variety of leadership roles at Boat Rocker for more than 15 years, while Taiz has served in various roles at Boat Rocker since 2018.
Boat Rocker intends to use the cash proceeds from the transaction primarily to further its content-driven strategy, focusing on investments in its intellectual property, particularly scripted television programming, premium documentaries and animation.
“Our collaboration with Untitled over the past five years has opened the door to a strong partnership and talent relationship,” said Boat Rocker’s Ivan Schneeberg and David Fortier. “This exciting new opportunity to continue our business with Untitled and partner with world-class investor TPG allows us to focus on our core business – our own IP – while staying connected to the agency industry. Through our partnership with the firm, we are pleased to continue working with Michel and Eric, two highly talented individuals who deeply understand the talent management business. With continued market uncertainty, we believe more than ever that the best way forward is to use our capital and corporate resources to take maximum control of our destiny and have maximum flexibility in our IP strategy.”
Financing for the investment was provided by TPG Growth. LionTree Advisors acted as financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Stikeman Elliott LLP acted as legal advisors to Boat Rocker on the transaction.