In the wake of an agency exodus, news of which broke on Aug. 23, parties on both sides of the divide — the agencies and the newly minted managers — have tried to portray the situation as amicable
An investor presentation for a newly launching management-production firm that has hired CAA, UTA and WME reps.
Taking aim at CAA, WME and UTA, the document reads: “The current representation system is broken, lack of transparency has eroded trust. Big agencies do not spend most of their time on the largest earners, agents are distracted by bloated client lists.” It continues, “Smaller firms don’t have high-level executives/staff while larger firms have become too big and have lost the ability to give time and focus to high-level celebrities.
The deck, as the packet is called, plays up the company’s early backers, comparing them to the founders of WME and CAA."All the principals of Moxie Media are higher-level and more established in the business than when Mike Ovitz & Ron Meyer formed CAA" or when Ari Emanuel and Tom Strickler created Endeavor, the document claims.
One issue for the new company is that it has been revealed that controversial billionaire Steve Cohen, CEO of hedge fund Point72 Asset Management, is believed to have put in $25 million for a 30 percent stake in the new venture, though an insider disputes that figure. Cohen is a prominent Trump backer, having shelled out $1 million for the president’s inauguration, prompting some talent to question whether they want to be associated with the new company.
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