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Los Angeles-based CAA’s top executives including co-chair Bryan Lourd could sell a 5% stake in the deal, reducing their holdings in the business to about a third, the report said, citing documents shared to potential lenders.
A final decision on a payout has yet to be made, the newspaper said.
Artemis, French luxury goods billionaire Francois-Henri Pinault’s family holding company, is planning to invest $2.8 billion of its own money and will hold a 56% stake in the agency, the report said. It will have CAA borrow $425 million in loans.
Artemis and CAA did not respond to Reuters requests for comments.
Earlier this month, Artemis reached an agreement for a majority stake in CAA. Financial details of the deal were not provided.
CAA represents thousands of actors, directors and music artists including Beyonce and Pinault’s wife, Salma Hayek. The agency branched into representing athletes in 2006.
