As billionaire Tom Gores' investment vehicle takes an ownership stake in Paradigm, more change may becoming to the financially challenged agency as several deep-pocketed investors eye its music division
As billionaire Tom Gores' investment vehicle takes an ownership stake in Paradigm, more change may becoming to the financially challenged agency as several deep-pocketed investors eye its music division, including Casey Wasserman and Ron Burkle, sources tellSources close to the negotiations say Wasserman, Burkle and Tom Gores would be partners in a spun-off entity, but Wasserman – whose titular agency is second only to CAA in the sports representation space – would have operational control...
Paradigm boasts an expansive music roster — including Billie Eilish, Coldplay, Kacey Musgraves and Imagine Dragons — after years of buying boutique firms. But that side of the representation business has been hit hard by the novel coronavirus pandemic, which has brought live music to a halt. Burkle, who is already in business with Paradigm via U.K. and European music businesses including Coda and X-ray Touring, is currently owed some $5 million from Paradigm, according to a source, and, if unpaid, it would revert to an ownership stake in the agency. Paradigm declined comment.
The trio have deep ties. Wasserman was a former intern at Burkle’s Yucaipa Companies. And Burkle is a longtime friend of the Gores brothers. Burkle, himself, is already invested heavily in the representation space with stakes in the U.K.-based Independent Talent Group, with clients including Daniel Craig and Felicity Jones, and Independent Sports & Entertainment, with a roster that includes baseball stars Miguel Cabrera and Justin Verlander.
Tom Gores, chairman and CEO of investment firm Platinum Equity and owner of the Detroit Pistons, has a net worth estimated at $4.65 billion, per Bloomberg's Billionaires Index as of June 7.
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