Diana Marszalek 28 Sep 2017 // 5:56PM GMT
NEW YORK — Stagwell Group, Mark Penn’s two-year-old marketing investment firm, has bought a majority stake in Creative Artist Agency’s entertainment marketing division, creating a new company jointly owned by the two firms.
Jae Goodman, CAA Marketing's co-head and chief creative officer, will lead the new Stagwell-CAA company as its CEO. The new organization doesn’t have a name yet.
In announcing the acquisition, Stagwell said its aim is to provide marketers the “deep experience” and “leadership” needed to successfully leverage entertainment and pop culture to connect with consumers.
“Stagwell is pleased to welcome a new world class creative group that has worked at the highest level to the Stagwell team and I look forward to partnering with CAA on its continued success,” said Penn, Stagwell’s president and managing partner. “I’ve known Jae Goodman for over two decades and we share the believe that outstanding creative is key to driving measureable business results.”
Stagwell’s investment in CAA is the latest in a multitude of acquisitions that the company has made since Penn, a former Burson-Marsteller chief executive, left his most recent job at Microsoft to start the firm with $250 million in capital. In 2016, the Stagwell Group bought a minority stake in Finn Partners while also creating a joint PR venture with the firm. More recently, Stagwell's acquisitions have included Nielsen’s TV pilot testing and mobile assets, the healthcare and consumer agency Scout and Targeted Victory, a GOP digital agency.
There's also been a broader industry movement towards fusing pop culture and entertainment with marketing agencies.