Multimedia entertainment studio Electus International has acquired a majority stake in New York-based management and production firm Principato-Young Entertainment.
Under the deal, Peter Principato (pictured, left) has signed a long-term contract to become president and CEO of Principato-Young, and will work closely with Electus’ CEO Chris Grant and COO Drew Buckley. PYE co-founder Paul Young (right), meanwhile, is exiting the company after 17 years to establish a new management-production venture focused on collaborating with talent to create original content.
Principato will continue to manage a stable of high-profile clients and produce scripted and unscripted projects across the film and television landscape. In addition, he will work to increase PYE’s global distribution and digital footprint across emerging platforms and genres.
Principato-Young’s client roster currently includes the likes of Cristela Alonzo, Anthony Anderson, Will Arnett, Ike Barinholtz, Kenya Barris, Tracee Ellis Ross, R. Ben Garant, F. Gary Gray, Andrew Gurland, Tiffany Haddish, Regina Hall, Ed Helms, Keegan-Michael Key, Queen Latifah, Thomas Lennon, Kate McKinnon, Niecy Nash, Jordan Peele, Rob Riggle, Michael Showalter, John Travolta, David Wain and Matt Walsh, among others.
“From scripted to unscripted, across all platforms, serving and creating opportunities for talent is at the heart of Electus. We are thrilled to expand our partnership with PYE as we collaborate to create innovative content for a global marketplace,” Electus’ Grant and Buckley said in a joint statement. “We thank Paul Young for his many contributions to the exceptional company he co-founded, and wish him the very best in his next chapter. All of us at Electus are excited for what’s next as we continue working with Peter Principato and the fantastic partners, managers and clients of PYE.”
Financial details of the transaction were not disclosed.
Young’s new venture, meanwhile, will look to produce original content through a close collaboration with artists. He takes with him a list of clients that includes Oscar-winner Justin Hurwitz, Diane Ruggiero, Jessie Kahnweiler, Don D. Scott, Dan Lagana, Joan Scheckel, Kevin Napier, The Olde Money Boyz, Josh Feldman and Shoshannah Stern, John Lehr and Nancy Hower and Mark Cope and Carlo Moss, as well as writer-performers Calum Worthy and Miles Fisher.
“I am incredibly grateful to have been Peter’s partner for 17 years,” said Young. “We worked with amazing people to build this company, and it was one of the best experiences of my life. I will miss them, and I can’t wait to watch their future success.”
“I will be forever appreciative and proud of the 17 incredible years Paul and I worked together to build this company. I am very excited about this next phase of PYE. We have an unbelievably talented and passionate group of industry leaders on our team,” added Principato. “Together, with Electus, we will continue to build and grow our business in order to be the very best on behalf of our uniquely original clients.”