Literary Agency PFD has been sold to agent Michael Foster and Matthew Freud who will merge it with MF Management and rename it The Rights House. As a result, ten of the agency's 32 staff are reportedly going to lose their jobs.
The name of PFD (Peters Fraser & Dunlop) one of Britain's oldest literary agencies, is set to disappear. PFD is home to the literary estates of J.B. Priestley C.S. Forester and V.S. Pritchett. It also acts for Simon Schama, Roger Scruton and Sir Peter Hall.
Under the terms of the agreement, Foster will merge his company MF Management with PFD and hold a controlling interest. Foster will be the senior partner at the new company, along with the PFD chief executive, Caroline Michel. Andrew Neil, who headed the consortium that bought PFD in 2008, will step down as chairman and will not retain a stake in the company. Freud, the founder investor in MF Management, will become the largest non-executive shareholder of The Rights House.
Foster's representation strength has been in film and TV, with clients including Chris Evans, Sam Neill, Julie Christie, Billie Piper and Alan Davies. He started MF Management in 2008.