United Talent Agency, which had made a wave of acquisitions from several small businesses, is facing a series of layoffs, the company announced on Wednesday. The cuts at the Jeremy Zimmer-led agency would impact a single-digit percentage of a workforce totaling 2,000 employees.
“We have grown a lot over the past few years and as a result we have decided to make some adjustments,” said a UTA said the spokesperson. “We are sadly parting ways with a small number of colleagues and are grateful for all they have contributed.”
Last year marked a period of expansion for the Beverly Hills-based agency, which secured a $125 million deal for strategic consultancy MediaLink, bought British literary and arts agency Curtis Brown Group , bought data company Mediahound and secured capital from private equity firm EQT. . In January, UTA added literary agency Fletcher & Company to its assets.
This month has seen a strategic shake-up at the highest levels of the company, with the company adding two new independent directors, Paul Wachter and Ceci Kurzman, to its board while UTA co-founder Jim Berkus , steps down as president after more than two decades.
Recently, Zimmer has been outspoken about the need for the industry to rethink talent deals, giving several interviews to business media advocating for a more transparent payment system from streaming partners. “For the creative community, what is needed comes down to accurately measuring the performance of one show or film against others – and an increased level of compensation for those who create outsized value,” said the head of UTA. writing in a Hollywood journalist Guest column in November.
The representation space has consolidated in recent years, as agency giants like UTA and WME look to specialist companies to grow their clientele. And Creative Artists Agency’s June 2022 closing of a $750 million deal for rival ICM led to agent defections even as he built a combined business of around 3,200 employees. Deadline earlier reported the UTA staff cuts made on Wednesday.
More soon.