A3 Artists Agency is “ceasing operations” after selling its internet and alternative divisions to Gersh, TheWrap has learnt. A3 Chairman Adam Bold just notified staff members that the agency will be closing on Monday, February 12th, evening, in a memo that was initially made public by Deadline.
The message stated, “The decision was not made lightly and comes after extensive analysis.” “We are unable to continue operating sustainably, despite our best efforts.”
The closure signifies the end of the road for the agency, which was first established as Abrams Artists Agency in 1977 before being purchased by Bold in 2018 and rebranded as A3. Some administrative work will continue for a brief while after that.
The news comes two months after the business’s president and CEO filed a lawsuit in December accusing Bold of having “doomed the company.” According to the lawsuit, Bold oversaw the business during “an astonishing run of terror” and “secretly” arranged to sell Gersh shares of the company.
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The lawsuit further stated that Bold was known among the staff as a “sex pest” and a “creep,” and that he took illegal narcotics during work-related functions. Bold vehemently refuted the charges, branding them as “a shake down and pure extortion,” and claimed to have supporting documentation. Additionally, he claimed that the lawyer for Atterman and Cho had a “personal vendetta.”
Bold, the self-made entrepreneur, was accused by agency CEO Robert Atterman and president Brian Cho in a December explosive lawsuit. The plaintiffs accused Bold of destroying the company through drug and sexual harassment on a regular basis.
Lawsuit Against Selfmade Businessman Bold
The December lawsuit stated, “Bold has squandered everything in an astounding spree of terror.” “A3 is in a state of dissolution and anarchy as its agents leap from the sinking ship and either flee to A3 competitors or await the next shoe to fall in disbelief and dread.”
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Bold characterized the lawsuit as “naked extortion and a shakedown” at the time. “With supporting evidence, I can categorically deny all allegations about drug use and sexual misconduct.”
Bold was in the process of finalizing a deal to sell A3’s digital representation assets to competitor agency Gersh when the legal dispute arose. Amidst their ongoing dispute with Bold, Atterman and Cho are reportedly contemplating the formation of a new representation firm, according to sources.