Stagwell Buys Entertainment Marketing Business

Stagwell, the investment advisory group formed by PSB co-founder Mark Penn, has acquired a majority stake in the entertainment marketing division of Creative Artists Agency (CAA), adding to its portfolio which includes entertainment research subsidiary NRG. Terms have not been disclosed.

Founded two years ago, Stagwell focuses on buying 'digital-first' companies that use technology and data to inform creative work - including advertising, research, data analytics and public relations. After acquiring NRG, which provides global tracking metrics for Hollywood studios, Stagwell acquired Nielsen custom research assets including the Harris brand and Harris Poll, Nielsen's Mobile Insights Survey and its Total Communications Survey, which have been renamed HarrisX. A year ago, Stagwell also bought Canadian tech company Hubub, which has formed the core of Stagwell Technologies, developing big data platforms and new advertising technologies for the marketing services industry.

CAA will retain a minority position in the new firm, which will be named shortly. The business will provide clients with experience and leadership to help marketers use entertainment and popular culture and create consumer connections, and it will be led by Jae Goodman (pictured), who served as co-head and Chief Creative Officer of what was previously known as CAA Marketing.

Penn comments: 'Stagwell is pleased to welcome a new world class creative group that has worked at the highest level and I look forward to partnering with CAA on its continued success. I've known Jae Goodman for over two decades and we share the belief that outstanding creativity is key to driving measurable business results. Jae and his team are phenomenal at delivering for clients and I'm looking forward to our partnership'.

Web site: www.stagwellgroup.com .