Creative Artists Agency is in advanced discussions to sell a majority stake in itself to Francois-Henri Pinault, the French billionaire behind luxury fashion house Kering SA, according to people familiar with the matter.

The TPG-backed talent agency could fetch a valuation of at least $7 billion, said the people, who asked to not be identified because the information isn’t public. A final decision hasn’t been made and talks could still end without an agreement, one of the people said.

Representatives for CAA and TPG declined to comment, while a representative for Pinault didn’t immediately respond to requests for comment.

Since its inception in 1975, Los Angeles-based CAA remains one of the world’s premier representation firms, offering talent management services and packaged content for Hollywood studios. The company, like its rivals WME and United Talent Agency, is backed with funds managed by a private equity firm.

In 2010, TPG acquired a 35% stake in CAA. Headquartered in Fort Worth, Texas, the asset manager in 2014 boosted its ownership share to 53% to take control of the business at a $1.1 billion valuation. TPG has made at least one major add-on deal since then, agreeing to buy a smaller companion agency in ICM Partners two years ago.

A sale of CAA comes at a critical time for show business. The industry has been trying to adjust to quickly evolving streaming trends in a quest to reach profitability. As of Thursday, the industry is also facing a strike by actors as well as writers, the first time the two unions have gone on strike together in six decades.