Stagwell Media has acquired a majority stake in CAA’s entertainment marketing division in a move that will create a separate company. The agency will retain a minority stake in the new entity, which will get a name soon. Jae Goodman, who served as co-head and chief creative officer of CAA Marketing, has been appointed CEO.

It’s the latest big-money move for CAA, which yesterday announced that Singapore-based sovereign wealth fund Temasek made a strategic investment to further growth including via acquisition. In April, CAA partnered with China’s CMC Capital Partners to form CAA China, with CMC securing a minority strategic investment.

TPG Capital remains CAA’s majority shareholder. Terms of the Stagwell deal were not disclosed.

“We are confident that under Mark and Jae’s leadership, and positioned alongside Stagwell’s other first-class service companies, there is tremendous opportunity to further build upon the success the group has achieved for its brand clients,” CAA president Richard Lovett said in announcing the deal. “We are excited to remain a partner in the new venture.”

CAA Marketing’s clients include Coca-Cola, GM, Chipotle and Anheuser-Busch InBev. The division has earned four Grand Prix awards at Cannes Lions, four Emmy wins and Grand CLIO. The agency will continue to rep corporate marketers including JPMorgan Chase, Intel, Bose and KPMG through its Consulting division led by Greg Luckman that provides clients strategic advisory, sponsorship analytics/negotiation, experiential and hospitality.

The Stagwell Group Logo

“Stagwell is pleased to welcome a new world-class creative group that has worked at the highest level to the Stagwell team, and I look forward to partnering with CAA on its continued success,” said Stagwell Group president and managing partner Mark Penn. “I’ve known Jae Goodman for over two decades and we share the belief that outstanding creativity is key to driving measurable business results. Jae and his team are phenomenal at delivering for clients and I’m looking forward to our partnership.”

In July, The Stagwell Group, which invests in marketing services companies, purchased assets from Nielsen that deal with TV testing. That came after it acquired Nielsen’s National Research Group in 2015, and marked Stagwell’s 14th investment in less than two years before today’s deal.

Also in the Stagwell portfolio: MMI Agency, healthcare and consumer experts SCOUT, research leader Harris Insights & Analytics, performance marketing firm PMX Agency, creative digital leader Code and Theory, strategic communications agency SKDKnickerbocker, public relations firm Finn Partners, communications agency Wye Communications, digital advocacy shop Targeted Victory, creative advertising consultancy Wolfgang, and technology innovator Stagwell Technologies.