UTA, MRC and Valence Media to form joint television venture.

UTA is teaming with Valence Media and its independent studio, Media Rights Capital, on a new joint content venture. Dubbed Civic Center Media, the new venture will develop, produce and finance premium television series, and the search for an executive to lead it is now underway. UTA will own an undisclosed minority stake, and financial details of the transaction were not revealed. "We've enjoyed a terrific relationship with UTA for more than 15 years," Valence co-CEOs Modi Wiczyk and Asif Satchu said in a joint statement. "UTA sees the opportunities both within and beyond the traditional studio system and prioritizes new business models that protect and advance artists. Even more, they have always had deep passion and an uncanny eye for identifying gifted talent and groundbreaking creators. We're excited to build this venture with them."