CEO of UTA, David Kramer, discusses Paramount-WBD merger, Marvel's box office slowdown, and capitalizing on shifts in CAA and WME
In a recent appearance at the Financial Times Business of Entertainment Summit in Los Angeles, UTA CEO David Kramer shared his insights on the current state of the movie and TV industry. Kramer pointed to 'discoveries' like 'Weapons' and 'Sinners' as recent bright spots in the industry, indicating a positive trend in movie production. He also expressed mixed feelings about Paramount's reported interest in acquiring all of Warner Bros. Discovery. Kramer noted the swiftness of the potential bid for Warner Bros. Discovery as unexpected, but emphasized the importance of the buyers' health in the industry. The six-week span between the close of the Paramount-Skydance merger and reports of a potential WBD overture was also noted as quick by Kramer. He believes that Warner Bros. Discovery has been a potential target for some time, and he sees opportunities in recent developments at bigger rivals. UTA remains the No. 3 agency, and Kramer believes there will be three significant players in the 'movies near me' business in the next 3-5 years. Kramer affirmed that UTA has hired away some WME agents during the transition, but did not offer additional details. Meanwhile, WME has gone through M&A transactions, slimming down and going private after the separation from the UFC as TKO Group was formed. On the other hand, CAA has been sold to French billionaire Francois-Henri Pinault, although there are no available search results indicating which 'movies' David Kramer has recently acquired or merged to strengthen his position in talent representation companies. Kramer expressed confidence in a rebound for Marvel, despite a few movies that didn't work recently. He also expressed hope for a return to original and risk-taking, creative content in the movie and TV industry. The movie business, according to Kramer, has been dramatically altered by the pandemic and the 2023 strikes. Kramer was named CEO of UTA in March, and he believes that more options in the industry are beneficial. However, he also emphasized the need for stability and the importance of the buyers' health in the industry's future. Overall, Kramer's comments highlight the ongoing changes and challenges in the entertainment industry, as well as the opportunities for growth and innovation in the coming years.
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