Michael Lewis for Variety Paradigm talent agency has secured a new investment from Crescent Drive Media, a company owned by the brother of agency chief Sam Gores, and has recruited industry. Sam Gores brother Tom Gores and his investment company Crescent Drive Media has taken an ownership stake in Paradigm, the agencys CEO Sam Gores announced in a letter to employees Thursday, obtained by TheWrap. But with expenses and payroll in the millions of dollars, Gores last spring decided to temporarily lay off staff and make salary cuts. 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Subsequent to his time at Warner Bros., Bruce was President of Legendary Television and Digital Media from June 2013 through May 2016, and from September 2016 through June 2017 was President, Business Operations for the Disney / ABC Television Group, with direct oversight of advertising sales, global affiliate sales andmarketing, digital media, strategy and business development, media operations, engineering and IT, and consumer insights. There is no agreement to sell Paradigm, nor is any sale imminent, Gores wrote in an internal memo to his staff. Agents banded together and threatened to leave, while others publicly complained that they felt Gores used Paradigm earnings to fund his lavish personal lifestyle, insiders told TheWrap in April. Such a music roster seemed enticing to Casey Wasserman, who on Wednesday officially finalized a deal to acquire the North American music assets, including the live-music representation business as well as a new operating unit. The Hollywood Reporter is a part of Penske Media Corporation. He was 41. With an expanded ownership team, financial stability and creative advisers like Bruce to help us assess new opportunities, I look forward to our next chapter., Also Read: Paradigm Revolt: CEO Sam Gores Backs Down After Music Agents Object to 50% Pay Cut. Tom, the youngest brother, started his career working for Alec at The Gores Group. But an individual with knowledge of the matter told TheWrap at the time that Wasserman was in talks to buy the agency. They effectively held him hostage.. The complaint says that as the U.S. began to fully deal with the coronavirus pandemic, Gores instituted a March Massacre, using the virus to cover for his long-planned, ruthless job cuts, which forced 200 Paradigm employees to fend for themselves without any pay and reliable health insurance. On March 20, Paradigm became the first major agency to announce layoffs and reduced pay for those who remained at the company. He ended up not cutting people because of negative press on the firings, an insider told TheWrap at the time. The firm has roughly $2 billion under management, an amount that would have taken Alec 500 million days to earn bagging groceries at his old hourly wage of 25 cents. The agency's original Beverly Hills office was located on the old MCA Inc. campus built in 1932[5] where conference rooms honor Jules Stein and Lew Wasserman, who occupied the space. She was 67. Financial details were not disclosed. In signing the agreement, it enables our literary agents to re-sign our writer clients and get them back to work. Both Paradigm and Mr. Gores expect to be 100 percent vindicated, and our intention is to respond further in court filings, added the often pugilistic Kinsella, Weitzman, Iser, Kump & Aldisert partner. Tom, the youngest of the three, runs Platinum Equity, a private equity firm in Beverly Hills, and owns the Detroit Pistons basketball team, which he bought in 2011. The other brothers havent done too badly, either. With an expanded ownership team, financial stability and creative advisers like Bruce to help us assess new opportunities, I look forward to our next chapter., Also Read: Paradigm Revolt: CEO Sam Gores Backs Down After Music Agents Object to 50% Pay Cut. [3] Gores expanding his agency through acquisitions and mergers. Ill contact you again on or before Friday with more information about the Employee Relief Fund. This is one of several important steps that put us in a financial position not only to weather this crisis, but to invest in future growth. Chef Floyd Cardoz, winner of "Top Chef Masters" Season 3, died at the age of 59 of coronavirus complications on March 25. Sam Gores (born 1954) is the chairman of Paradigm Talent Agency in Beverly Hills, California[1] and has been ranked among the top agents in Hollywood. Phil Valentine, Right-wing radio host, died after more than a month-long battle with COVID. Phone Numbers. [1] It later acquired New York-based Little Big Man, adding Coldplay and The Fray. She was 89. LOGIN, SPACs Have Already Topped 2020s Record Year, With $89 Billion Raised, Billie Eilish, Janelle Manae and Chris Martin of Coldplay (Photos: Getty Images), A merger between whats left of Paradigm and APA is the likely outcome, one top agent tells TheWrap. Debbee Klein also accused Gores of executing a . Gores represented Academy Award-winning actor Philip Seymour Hoffman,[3] and was described as the most un-agent agent in the business because hes a human being first, by another one of his clients, Laurence Fishburne. The plan was to have Klein engage in a conspiracy to pay the agency $500,000 from her salary so Gores could show Paradigms bank that its income stream was consistent with his prior representations. Didnt go as planned, the suit makes clear. With an expanded ownership team, financial stability and creative advisers like Bruce to help us assess new opportunities, I look forward to our next chapter.. On this Wikipedia the language links are at the top of the page across from the article title. [18], On 13 June 2018, Tiffany Young signed to the agency, almost a year after she left SM Entertainment in South Korea. He was 83. [3] After graduating from Genesee High School, he began studying at the American Academy of Dramatic Arts in New York,[3] and later graduated with the academy's first class in Pasadena in 1976. Because music is a seasonal business with more releases and tours coming in the warmer months of the year, the agency normally borrows money during the winter months and repays the loans with summer tour and release profits. While Paradigm wouldnt comment on the internal email Deadline got hold of, a spokesman for Paradigm denied that any laid off agent would be held in place. [6] They settled near Flint, Michigan. Broadway star Nick Cordero passed away on July 5 due to complications from coronavirus. Though Gores himself isn't actually named as a defendant in Klein's initial complaint, the Paradigm repeatedly with tales of unrewarded loyalty, the claims of "his sexual dalliances with. Compassion!" THR has reached out to Paradigm for comment on the lawsuit. A fired talent agent has filed a lawsuit accusing Sam Gores, the CEO of Paradigm Talent Agency, of using corporate funds to pay for prostitutes. Paradigm made a major strategic move in 2004 by acquiring independent music agency Monterey Peninsula Artists,[10] and followed up on that gain in 2006 by acquiring New York based music booking agency Little Big Man. All the agencies had to make that tough call based on recurring revenues and what you had coming in And you always have to keep those options on the table the longer the pandemic drags on. After announcing the sale of Paradigms music assets to Wasserman, the agency said it is in active discussions for its talent and literary business, without explaining precisely what that means. Discovery Content, iHeartMedia CEO Sees A Certain Rationality Returning to the Podcast Deal Space, Writers Guilds David Young Takes Medical Leave of Absence, Ellen Stutzman Steps in as Chief Negotiator, AMC Theatres Quarterly Loss Increases to $287M, Overall Revenues Fall, Live Events Boost Endeavor, as Ari Emanuel Says Firm Is Well-Positioned Even if Writers Strike, Disney Loses Control of Special District to Florida Gov. Thus far, Gores Fredston has raised over $17 million to support initiatives for at-risk kids, and its a reasonable assumption that this figure will only grow over time. No directors left. They claim this was a without-paperwork agreement in effect since the start of 2020, borne out by the formers altered take-home pay. Bruce also servedas the Chairman and CEO of the Television Academy from January 2012 through December 2016. The Wrap exclusively reported last June that the mogul had begun negotiations to acquire the assets. From the beginning, we have Sadly, his father died of cancer shortly after the deal closed. Order Online. An 8-to-5 job just wasnt a fit, he once told an interviewer. After several years at The Gage Group, Gores left to open his own agency, SGA Representation,[1][3] and began to expand his business over time by acquiring other agencies. Kleins chief attorney tells Deadline this move is ultimately about more than just her. Gores also disclosed that he will not take a paycheck for the rest of the year and possibly longer, until the music touring revenue-based agency rebounds in the future. With offices in 10 cities and clients including Janelle Monae and Phish, hes become one of the top agents in Hollywoodbut, while wildly successful, hes a relative pauper compared to his billionaire brothers. Just like their father did for them, the Gores brothers are giving kids the possibility of a better futureand if the recipients are anything like their benefactors, that future could turn out to be very bright indeed. Claim this business (281) 888-4103. The correspondence to rivals was specifically about agents that were not laid off and therefore had enforceable contracts. The complaint alleges that Gores was privately in favor of the UTA deal, even signing a document agreeing to the merger subject to certain conditions. Gores partners vetoed the $250 million UTA deal, and the complaint says he lied to the public and Paradigms line agents, claiming he made the decision to call off the merger., Klein, a 23-year Paradigm veteran, also alleges that she had to repeatedly endure Gores repugnant and outdated sexism and demeaning treatment of women, including listening to his disgusting and lascivious comments about his sex life. The complaint also says Klein was passed over for promotion of less qualified male agents at her expense., The lawsuit said Klein had a binding oral employment contract under which she could only be terminated for good cause, meaning her job loss was in direct breach of the employment contract. She also claimed that Gores tried to defraud his lenders by pressuring Klein to loan the company $500,000 of her salary, in an effort to make the balance sheet look better. Send us a tip using our annonymous form. She was 74. Casey Wasserman Acquires Paradigm's North American Music Assets, 180 Paradigm staffers were permanently let go, Verve Acquires New Deal, Boutique Agency for TV Directors. The world continues to be upended by the coronavirus pandemic, with more people contracting COVID-19 as the days pass. Because, as it turns out, the man formerly known as Eliasnow Alec Gores, founder and CEO of leveraged buyout firm The Gores Grouphas a net worth currently estimated at $2.1 billion. Gores also continues to discuss a transaction involving the agencys music assets with sports agent and entrepreneur Casey Wasserman. A third fund debuted in 2011, aptly called Gores Capital Partners III. Neither Sam, nor Paradigm, would ever stand in the way of someone wanting to hire an employee who had been temporarily laid off, whether covered by a contract or not. His company has been acquiring agencies, many of them in the music industry" by Claire Hoffman, Forbes: The World's Billionaires - Tom Gores, Palestinian Surprise: "TALENT AND LITERARY AGENT SAM GORES", "Board of Trustees | The American Academy of Dramatic Arts", "Coronavirus unemployment: Paradigm staff say they were misled - Los Angeles Times", "Paradigm Revolt: CEO Sam Gores Backs Down After Music Agents Object to 50% Pay Cut", "Paradigm Agent's Lawsuit May Be First of Many Coronavirus Breach of Contract Claims", "Paradigm Hit With Blistering $2M Breach Of Contract Suit By Debbee Klein; Sam Gores' Agency Says "False, Frivolous & Scurrilous" Update", "Company funds used for prostitutes, alleges ex-partner at Paradigm Talent Agency", "Former agent's allegations of company funds paying for prostitutes 'pure fabrication,' talent agency says", "Paradigm's Sam Gores Accused of Using Corporate Funds for Prostitutes", "Debbee Klein and Paradigm Agree to Settle Dispute in Arbitration", "Paradigm Responds To Debbee Klein's Suit: Sam Gores' Ex-Asst Calls Prostitutes Claims "Blatant Lies"; Agency Seeks Arbitration For Case", Americada: "Gores, King and White Join Academys Board", https://en.wikipedia.org/w/index.php?title=Sam_Gores&oldid=1128888634, Articles with unsourced statements from March 2018, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 22 December 2022, at 13:58. 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