Tech Investors Silver Lake Buy Major Stake In William Morris Endeavor Agency

Mega-booking agency William Morris Endeavor Entertainment (WME) has sold a major stake to a company best know for investing in technology, private equity firm Silver Lake. While the official announcement does share the specifics of the deal, Deadline Hollywood reports that Silver Lake has acquired a 31% non-controlling stake in the agency.

William Morris Endeavor is one of the world largest talent agencies in the world with music division clients that range from The Beastie Boys to The The Beach Boys and Rage Against The Machine To Roger Waters.

Private Equity firm Silver Lake launched in 1999 and focuses on leveraged buyouts and capital investments in technology-related companies with about $14 billion currently under management. It's portfolio includes Groupon, Skype, and online games maker Zynga.

Silver Lake managing partner Egon Durban will join WME's Executive Committee along with the company's Co-CEOs and will also help create a new Technology Advisory Council that will identify technology related growth opportunities for WME's clients.

WME's day to day operations will continue to be run by its current leadership team and Management Board. Ariel Emanuel, Patrick Whitesell and the entire management team have all renewed long-term contracts with WME.

"Our partnership with Silver Lake will accelerate WME's transformation into a technologically innovative entertainment and media company and ensure we can best support our clients across all digital media channels. This investment will give WME access to Silver Lake's expertise, resources and relationships across the global technology industry, ensuring our clients and the content they create are strategically positioned for the future as the convergence of technology, entertainment and media accelerates," said WME's management in a statement. – via CelebrityAccess