Evolution Media Capital making mark in sports
In less than four years, Evolution Media Capital, a boutique investment bank backed by Hollywood's biggest talent agency, Creative Artists Agency, has made a mark in the sports and entertainment landscape.
Deals in which EMC played a hand include sales of the Texas Rangers and Philadelphia 76ers as well as the new TV agreements between the Pac-12 conference and ESPN and Fox. EMC also advised on the sale of CKX, the parent company of "American Idol" producer 19 Entertainment. Overall, EMC has had a hand in more than 20 deals with a combined value of $15 billion.
For CAA, which holds a large stake in EMC and houses the firm in its Century City headquarters, the relationship is part of a strategy to expand beyond its traditional talent representation business and create new revenue streams at a time when the movie and television industries are tightening their belts.
With CAA representing lots of big-name athletes, including Derek Jeter and LeBron James, and EMC often in business with team owners, the two have to avoid any conflict of interest. Hess insists that there is a strict division between the two operations even though they share real estate.
For more on how EMC has made its mark, please see the story in Tuesday's Los Angeles Times.
-- Joe Flint
Photo: Robert Stanley, left, and Rick Hess, co-founders of Evolution Media Capital. Credit: Jay L. Clendenin / Los Angeles Times