Days after reports surfaced that United Talent Agency and Paradigm would merge, Paradigm’s chief executive and chairman Sam Gores announced that working discussions between both parties have ended. According to a new report, the deal was taken f the table as Sunday, June 9.
The merger would have combined UTA’s roster actors and comedians with Paradigm’s unprecedented booking capabilities. Together, UTA and Paradigm would have undoubtedly controlled one the greatest entertainment agencies in the world, marking one the biggest deals in music history.
However, Gores explained that after “careful consideration” it was ultimately decided the merger will not happen. “…in the end,” he said, “what is more compelling for us is how unique the culture at Paradigm is and how powerful our independent path can be.”
Jeremy Zimmer, UTA’s chief executive, issued a separate statement his own. In a reveal to Billboard, he said, “We admire Sam and the business he and his colleagues have built. We are disappointed we didn’t come to an agreement. But we wish him and everyone at Paradigm the best.”
Gores’ full statement reads as follows:
I want to address the events the past week and the press reports surrounding a potential transaction between Paradigm and UTA.
The fact is that our industry is in an era significant change and also unprecedented opportunity.
The complexion what the agency business will look like has led all the major agencies including ourselves to look at ways to strengthen their platforms and provide more resources to clients.
UTA made an fer to acquire Paradigm that would have represented one the largest talent agency transactions in the history our business.
The fer was made for both the Talent/Literary and Music divisions. This fer is a tribute to the work that all us have done and the quality the asset we have created together.
After careful consideration and in consultation with leaders both the Music and Talent/Literary executive groups, I have made the decision to shut down discussions and not make this deal.
There are reasons why a combination like this would have made sense for both agencies, but in the end, what is more compelling for us is how unique the culture at Paradigm is and how powerful our independent path can be.
For obvious reasons, it is not possible to communicate with the entire company when a conversation like this occurs. Those who know me and the history how we have built Paradigm know that I always make decisions regarding the future the business by considering what is ultimately in the best interest our agency as a whole and all our clients.
The past week has given us the opportunity to make us stronger both internally and externally. We should be proud what we have built and be proud our courage to bet on ourselves.
Let’s all get back to work and continue to do what we do so well.
For the Art For the Artist.
Sam
Source: Billboard