UTA has become the latest talent agency to play in the public markets, forming a special-purpose acquisition company that will start trading tomorrow on the Nasdaq.
Under the ticker symbol “Utaa,” the Cayman Islands-based UTA Acquisition Corp. will specifically target gaming, the creator economy and adjacent areas. SPACs are also known as “blank-check” companies, and have the obligation to complete acquisitions in order to form newly defined entities. A number of SPACs have launched in the entertainment sector over the last couple of years.
Endeavor Group Holdings, after abandoning an IPO in 2019, carried through with the plan last spring and now trades on the New York Stock Exchange. CAA’s recent acquisition of ICM Partners has revived longtime speculation that the major agency is apt to pursue a stock offering.
With 20 million shares set to trade at $10 each, the value of the new entity is projected to generate $200 million. The...
Under the ticker symbol “Utaa,” the Cayman Islands-based UTA Acquisition Corp. will specifically target gaming, the creator economy and adjacent areas. SPACs are also known as “blank-check” companies, and have the obligation to complete acquisitions in order to form newly defined entities. A number of SPACs have launched in the entertainment sector over the last couple of years.
Endeavor Group Holdings, after abandoning an IPO in 2019, carried through with the plan last spring and now trades on the New York Stock Exchange. CAA’s recent acquisition of ICM Partners has revived longtime speculation that the major agency is apt to pursue a stock offering.
With 20 million shares set to trade at $10 each, the value of the new entity is projected to generate $200 million. The...
- 12/1/2021
- by Dade Hayes
- Deadline Film + TV
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