: M. Klein and Creative Artists Agency form CAA Evolution investment bank aimed at sports and media deals

M. Klein & Co. and Evolution Media Capital, which is the merchant banking unit of Creative Artists Agency, are joining forces to launch CAA Evolution, a new investment bank, The Wall Street Journal reported Monday. CAA Evolution will specialize in entertainment, sports and media deals, the companies told the WSJ. The bank sees opportunities in media company deal-making, sport team transactions, and capital-raising such as initial public offerings. CAA Evolution will compete with The Raine Group and LionTree out of offices in London, New York and Los Angeles, with about 60 people. M. Klein & Co., founded by Citigroup Inc. C banker Michael Klein, will remain focused on deals outside of the entertainment sector.

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