HOLLYWOOD’S PARADIGM BUYS MUSIC AGENCY MONTEREY

In what has been an open rumor for weeks as well as hinted at in Hypebot a press release (excerpted here) was finally issued on Tuesday afternoon:

Rapidly growing Hollywood agency “Paradigm will further broaden its base of artist representation with the acquisition of Monterey Peninsula Artists, it was announced today by Sam Gores, President and CEO.”

“Monterey Peninsula Artists is a leader in the world of music talent booking, winning Pollstar Magazine’s Agency of the Year Award 9 times in the past 15 years. Monterey represents a diverse roster of artists including Aerosmith, The Black Crowes, Black Eyed Peas, Dave Matthews Band, Huey Lewis and the News, Steve Miller Band, Trey Anastasio/Phish, Toby Keith, The Dead, Gov’t Mule, Chris Isaak, kd lang, Live, Lyle Lovett, Randy Newman, moe., O.A.R., Medeski Martin & Wood, Tracy Chapman, The Doobie Brothers and Wyclef Jean, among others.”

In a joint comment from (Monterey co- founders) Weiner and Bohlander, “After (almost 25) years of receiving offers from the other major agencies, it is no surprise that this is the first time we became very serious about the unique opportunity to join forces with a company like Paradigm and a leader like Sam Gores, who shares the same focus, dedication to artists and approach to business that we have at Monterey — simply stated, we all strive to represent the best, and put the artist and their careers first. It’s a great fit.”

“With offices in Monterey, Calif., Nashville and New York, Weiner, Bohlander and the entire Monterey Peninsula team will continue to work in the same capacity, and now operate as a division of Paradigm. This includes long time luminary agents Jonathan Levine and Chip Hooper. Hooper, who received Pollstar’s Concert Industry Award for Agent of the Year three times, including 2002, will take on increased responsibility at Monterey.”

“At a time when other major agencies are cutting back, Paradigm’s acquisition of Monterey comes on the heels of several key strategic moves to expand the agency’s base of agents and artist representation over the past year. Beginning with setting up shop in the world-renowned former MCA Headquarters in Beverly Hills, Gores also, in recent months, snapped up boutique literary agency, Genesis, making Paradigm’s literary Department one of the most formidable in the industry, repping such high-profile projects as 24, RESCUE ME and television’s new critically acclaimed smash hit, DESPERATE HOUSEWIVES, as well as this week-end’s box-office success, SAW.”

Another major twist in the aquisition is that the Monterey Chicago division has spun off as Monterey International taking with them such major artists as Joss Stone, Shelby Lynn, Los Lonely Boys, as well as Bonnie Raitt and Los Lobos who both moved over from the Monterey Pennisula. The Nashville and small New York offices make the move to Paradigm, however.

All of this activity comes at a time when the music side of the agency business is struggling to recover from a poor summer and weak fall touring season marked by signifigant staff cuts and a restructuring at tour industry giant Clear Channel. Mid-size agency player The Agency Group just shuttered it’s Nashville office after only 18 months and full service mega-agency ICM appears to be up for sale.

DISCLOSURE: Hypebot is owned by boutique agency Skyline Music who just expanded with a new Los Angeles office.

READ THE FULL PRESS RELEASE HERE.