French luxury giant buys control of talent titan CAA

Artemis, the investment arm of the French billionaire Pinault family, reached an agreement to acquire a majority stake in US talent giant Creative Artists Agency, the companies announced Thursday.

Terms were not disclosed in the deal in which Artemis, the owner of Kering luxury group, will purchase the stake from global investment heavyweight TPG.

US media have said in recent days a deal would be valued at around 7 billion dollars.

Founded in 1975, CAA represents leading actors such as Brad Pitt and Jennifer Anniston as well as sports stars like basketball player Chris Paul.

Actress Salma Hayek, who is married to Artemis CEO Francois-Henri Pinault, is also represented by CAA.

Artemis was founded in 1992. Pinault has a net worth of $34.4 billion, according to Forbes.

The holdings of Artemis include luxury company Kering, the parent company of Gucci and Saint Laurent, as well as Christie's and several wine estates.

Singapore-headquartered global investment firm Temasek will remain a minority investor in CAA, according to the press release.(AFP)