FRIDAY AM: There's been a lot of news coming in to me about the progress of a WMA/Endeavor merger. Some sources are saying there'll be a WMA board meeting soon to discuss it. Others tell me that the tax consequences are looking difficult to overcome. It al has to do with LLC and "S" corporations, which greatly complicate things because it could involve writing checks in the millions of dollars to the U.S. government. And there could be a 3rd company involved as an investor and/or partner. (Hint: There was, at one point. And I'm not talking about ICM investor Rizvi Traverse whom Ari Emanuel invited for a meal at Toscana Thursday night.) But, recently, founding partners at Endeavor have been phoning clients to make sure they've signed their agency contracts. One screenwriter who has been there awhile was surprised that, 2 hours after a partner called, the contract was messengered to the writer's office. Then again, that happened right before Broder merged with ICM. And also a few years ago when WMA was in the final stages to merge with United Talent in a deal that never closed.
UPDATE: That WMA/Endeavor Merger
By Nikki Finke | Category: Media | Friday February 27, 2009 @ 9:15am PST
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Bet Broder is kicking themselves for not merging with CAA…
since when do writers sign contracts with agencies?
I had a conversation yesterday with an Endeavor agent regarding the possible signing of a music client – when queried about Endeavor’s rather limited music industry stable, I was told that would be very different fairly soon…implying that at least internally, a merger with WMA (and their very significant music arm) could be imminent…
So WHO’S THE THIRD PARTY, Nikke??! What a tease! Don’t leave us hangin’ girl!
Any writer being told to sign his or her contract should use this newfound leverage to his or her advantage. Tell your agent you’ll only sign it if they reduce their commission from 10% to 5%. Tell them they will only get 10% if they really work hard for you.
“I’m also being led to believe that any deal may involve more than just these two companies. (I have my own thought as to who the third company might be, but it’s purely speculative.)” – Why refrain from speculation? Spill the beans, please.
Too easy.
U T A Period.
Your move CAA
well that new WMA bldg. sure will be big enough to house them all. just curious what sort of bloodbath will happen once it goes down. 3rd party investor? an IMG or some sort of hedgefunder?
endeavor merges with wma…..michael bloomberg becomes the first jewish pope…..same odds
This is going to be an epic clusterf*ck.
Irv should be the first to go. Dead weight. He’s probably campaigning to meet with Ari to save his job. Jim and Dave (two total incompetent morons who should never have been given keys to the kingdom) better watch their backs as Irv will likely stab em in the back. Good luck Ari – you’ve got lots of housecleaning to do – Brad Slater, Gaby/John, Smoller, etc.
I’m an endeavor TV client and I haven’t been asked to sign my contract. Should I be worried? I know they’re notoriously lazy (and I have a job but there have been months I have not and I have not been impressed), i wonder if I can start keeping my 10% if they don’t care to send me my contract with them.
huh?