Having (somewhat belatedly) reclaimed his rightful place in the hedge fund world, Steve Cohen is ready to really stretch his wings, to go out and conquer new industries. He may or may not be about to buy a baseball team, which team—if it is so lucky—will inevitably win all of the World Series from then until eternity. Either way, he fully intends to take another town where he once tried to buy a baseball team and for five years has owned a rather lavish pad by storm: Hollywood.

The venture arm of Cohen’s Connecticut-based hedge fund Point72 is backing a coterie of agents from Hollywood’s top three agencies — WME, CAA and UTA — as Tinseltown grapples with massive furloughs and pay cuts that are expected to last the rest of the year, insiders said….

The size and terms of Cohen’s investment couldn’t immediately be learned, but with Hollywood production stalled by a combination of COVID-19 and a writers strike, Cohen, worth $14 billion, has a huge opportunity to grab talent at a discount, sources said.

“People are not making a lot of money right now so they may figure this is the time to take a shot,” an insider said of the departing agents from CAA, UTA and WME.

Let’s hope his Tinseltown try-out goes better than Dan Loeb’s.

Steve Cohen out to gobble up Hollywood big fish with new management company [Thornton/N.Y. Post]

Related