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Literary agency PFD has been acquired by film and TV agent Michael Foster, and is to be merged with his firm - MF Management - creating a new company called The Rights House.
Staff were informed of the move, with Foster taking a controlling interest in the company, this morning. He and PFD head Caroline Michel will act as senior partners in the new entity. No financial terms were disclosed.
It is understood the merger could result in up to 10 redundancies from the approximately 35 members of staff at PFD. Andrew Neil will also step down as company chairman.
The existing investors in PFD will remain shareholders in the new company, and Matthew Freud, the founder investor in MF Management, will become the largest non-executive shareholder. Foster's stake was not disclosed.
In a statement, the Rights House said it believed "a number of premier UK agents" would join the group over the coming months "strengthening the agency's representation in both talent and literary management".
The new company, under which both PFD and MF Management will continue to exist as brands, will represent clients such as Chris Evans, Allison Pearson, Simon Schama, Julie Christie and Paddy Ashdown.