William Morris Agency LLC is among the first entertainment agencies to tap into the private equity business.
The agency first inked a deal with AT&T Inc. and venture capital firms Accel Partners and Venrock Associates to create the MailRoom Fund, which will focus on discovering, funding and building small, high-impact companies in the consumer media technology arena, according to a joint statement.
Richard Wolpert, chief strategy officer at RealNetworks and former president of Disney Online, a broadband service provider offered by the Media Networks business of the Walt Disney Co., will manage the fund.
William Morris also approved an investment in Performance Acquisition Corp., a special purpose acquisition company co-founded by John M. Mass, William Morris' executive vice president and head of corporate development and new ventures.
Mr. Mass and the talent agency have given the SPAC a right of first review agreement to present potential target businesses with a fair-market value in excess of $375 million, according to SEC documents. Arleen Jacobius