Hollywood is reeling from news of a new management company that is attracting some of the top agents in town. The firm has already made hires from Endeavor, United Talent Agency, and Creative Artists Agency.
The new company, which has not yet announced its name, was founded by longtime CAA agent Peter Micelli. Among the early financial backers is hedge fund CEO and Trump supporter Steve Cohen, which has proven controversial among Hollywood insiders. Cohen paid a $1.8 billion fine to the Security and Exchange Commission in 2013, and his firm was sued for sexual harassment in 2018.
The agency has slowly been drawing top agents for months. It hit a breaking point on Aug. 23, when four agents at CAA announced they were immediately leaving the company for the new venture. According to the Hollywood Reporter, this news blindsided the CAA chairs.
This is in keeping with a larger trend in Hollywood, as agents become enticed by the promise of greater freedom once they cross over into management. CAA announced major layoffs in July, and Hollywood conglomerate Endeavor made budget cuts that affected 20% of employees at talent agency WME. UTA has also cut salaries and furloughed staff.