Showbusiness merger for top literary agency

12 April 2012

THE prestigious agency at the centre of one of the most bitter disputes in literary London was taken over by one of the capital's top showbusiness agents, Michael Foster, today.

PFD, which has suffered turbulent times since about 20 of its staff quit to form rival business United Agents, is being merged with Mr Foster's MF Management and will be known as The Rights House.

The new powerhouse agents for authors, actors and presenters will have a roster of clients that includes Julie Christie, Trinny and Susannah, Twiggy, Sebastian Coe, Billie Piper, Sam Neill, Alan Davies, Lord Heseltine, Monty Don and historian Norman Stone.

Broadcaster Andrew Neil, who led a team of City investors in buying PFD for £4million two years ago, is stepping down as chairman and will have no further dealings in the business.

Ten of the 32 staff employed by PFD are set to lose their jobs in the takeover by Mr Foster's three-person team. They learned of the move today.

Caroline Michel, one of the most glamorous figures in literary London who was brought in as PFD's chief executive after the original split, will stay on.

Sources close to the deal today said she and Mr Foster, who are friends, would both be senior partners - although he has the controlling interest. The existing investors are to remain as shareholders. Matthew Freud, the public relations executive who was the founder investor in MF Management, will become the largest non-executive shareholder.

An insider said the new company expected to bring in "premier" British agents in the next few months to represent its authors, actors and presenters.

They are understood to believe more work can be done to exploit existing rights, particularly in the digital arena and internationally.

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