In its first major play since last year's $100m cash injection by investors, ICM has signed an agreement to acquire The Broder Webb Chervin Silbermann (BWCS) Agency.
The move boosts ICM's credibility in the television arena and will see BWCS managing partner Chris Silbermann become ICM co-presidentalongside co-president Ed Limato.
All of BWCS' 27 agents will join ICM and move with the agency to its new CenturyCity offices in early 2007.
Silbermann will also serve as co-head of worldwide television along with BWCSpartner Ted Chervin. BWCS founding partner Robert Broder will become vicechairman of ICM, and BWCS partners Elliot Webb and Dan Donahue will becomeexecutive vice presidents.
As part of the restructure former BWCS co-president Nancy Josephson is leavingthe agency.
The transaction, expected to close next month, will bolster ICM's position as theBWCS stable includes North Countryand Whale Rider director NikiCaro, Shattered Glass directorBilly Ray and filmmaker Noah Baumbach.
Founded in 1978, the BWCS stable also represents an impressive roster of television creators and executiveproducers on such shows as Grey's Anatomy, and My Name Is Earl, Law And Order: SVU, and Scrubs.
"The acquisition of BWCS is the perfect example of how we intend to expand ouragency throughout all core areas," ICM chairman and chief executive officerJeffrey Berg said.
"BWCS brings us a group of outstanding agents with impressive artists that willelevate our service for clients as the fluidity between television and filmcontinues to increase.We are extremely pleased to welcome the BWCS teamto the agency."
"Given the sweeping changes in the entertainment business over the last fewyears, we felt that aligning with a global brand like ICM was a fantasticevolution for the agency," Silbermann added. "Our companies complement eachother perfectly, and this transaction will increase the strength with which wecan represent our clients."
Rizvi Traverse and Merrill Lynch's Global Asset Based Finance providedfinancing for this transaction and Merrill Lynch advised Rizvi Traverse.Allenand Company served as an advisor to BWCS on the deal. Terms of the dealwere not disclosed.
ICm completed a $100m recapitalisation deal with Connecticut-based investor Suhail Rizvi and Merrill Lynch's Asset Based Finance Group late last year.