In the latest twist to a saga that has contained more intrigue, backbiting and suspense than a novel by one of their clients, literary agency PFD was yesterday bought by a consortium headed by broadcaster Andrew Neil.
Last year the literary world was rocked by a mass walkout from PFD agents that looked after clients including Ricky Gervais, Nick Hornby and Ewan McGregor. After failing with a bid to buy the agency from its owners, US sports marketing giant CSS Stellar, they formed a new company United Agents. The spat coincided with the arrival of Caroline Michel, one of the most powerful figures in publishing and a formidable networker, as PFD chief executive. Neil said yesterday's deal, worth £3.75m rising to £4m depending on various performance targets, would draw a line under the saga and enable Michel to concentrate on rebuilding its client list.
The writer and broadcaster said the company still had a strong cashflow as it had retained the rights to the back catalogue of most of the writers and actors it previously represented. Its client list still includes the likes of Simon Schama and the rights to the works of CS Forester, Nancy Mitford and many others.
The agency, which is more than 80 years old, had suffered "reputational damage" as a result of the split, admitted Neil, who said the agency would announce a string of big name signings between now and Christmas. CSS Stellar turned down last year's management buyout approach because it had received a rival offer of £8m from intellectual property group Chorion, later withdrawn. But it has now been forced to settle for an offer of less than half that amount.
