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After months of talk and much speculation, Monday evening Endeavor and William Morris Agency announced that they will merge, creating William Morris Endeavor (WME) Entertainment.
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Gary Minnaert Hollywood Sign |
This combination is a testament to the need for economies of scale and greater negotiating power with the media giants, who are squeezing paychecks as they cope with the recession and a shifting industry. Together the two agencies will represent top talent not just in movies, TV and theater, but also publishing, sports, and corporate marketing. (See my commentary from earlier today)
The two very different agencies today voted yes on the merger, which is expected to close sometime this quarter. Right now, Endeavor's top brass are over at William Morris' Beverly Hills headquarters meeting their new colleagues. Endeavor's Ari Emanuel and Patrick Whitesell, and William Morris' Dave Wirtschafter will be co-CEOs, while William Morris' chief Jim Wiatt will act as Chairman. And yes, Emanuel is White House Chief of Staff Rahm Emanuel's brother.
The new agency poses a new threat to Creative Artists Agency, the industry behemoth. But we're also sure to see CAA and some of the other smaller agencies use this as an opportunity to poach clients.
Sources tell me that some CAA agents are calling around town, asking which writers and actors represented by William Morris or Endeavor are ripe for plucking, those rising stars or established ones who'd be open to a move.
We'll see if CAA, whose leader Richard Lovett has always focused on increasing market share, can grow his business during the transition.
I heard through the grapevine that CAA partner Bryan Lourd recently entertained a group of high-powered Hollywood execs and stars in Palm Springs with a glamorous dinner at the Neutra House (The Kaufman Desert House)
Endeavor clients Edward Norton and "Capote" director Bennett Miller were among those at the dinner. Miller has since left Endeavor for CAA.Questions? Comments?
Data is a real-time snapshot *Data is delayed at least 15 minutes