International Creative Management (ICM) has finalised the management buyout of the agency and formed a partnership designed to place control of the firm with the agents and executives. The agency has been renamed ICM Partners.
The agents in the partnership include: Lorrie Bartlett, Bonnie Bernstein, Robert Broder, John Burnham, Ted Chervin, Nicole Clemens, Carter Cohn, Harley Copen, Kevin Crotty, Dan Donahue, Emile Gladstone, Mark Gordon, Sloan Harris, Paul Hook, Toni Howard, Chuck James, Michael Kagan, Steve Levine, Richard Levy, Greg Lipstone, Esther Newberg, Janet Carol Norton, Dar Rollins, Adam Schweitzer, Chris Silbermann, Amanda Urban, Chris von Goetz, Joanne Wiles and Eddy Yablans.
Rizvi Traverse and Jeffrey Berg, former chairman and CEO of ICM, sold their ownership interest in ICM to the partnership, and neither will participate in the management of the agency or serve on the agency’s board.
In a joint statement, the partnership said, “This is an important day for our clients and agents as we begin the transformation of ICM into ICM Partners. Our mission remains to help our clients achieve their goals with the best, most strategic representation in the industry, while providing our fellow partners and associates with a culture of teamwork, collegiality and opportunity.
“ICM has a long and rich history of representing the most talented artists in the business and playing a key role in bringing to market some of the greatest films, television series, live events and books of all time. ICM Partners, now under the complete control of a partnership of agents, is committed to expanding the agency’s core businesses of film, television, publishing and live events for the benefit of clients and associates alike.”
Traverse and Berg have sold their interest for a combination of cash, preferred non-voting shares and an ongoing interest in certain assets of the company.
Traverse invested in ICM in 2005, which allowed the agency to acquire the Broder Webb Chervin Silbermann Agency in 2006.
“We congratulate the new partners of ICM and believe the transfer of ownership is the right direction for the agency, and the appropriate conclusion to the investment made in 2005,” Traverse said.
Berg said: “This deal allows the next generation of leadership to participate in the success of the business, which is what we promised when we secured Rizvi Traverse as investors. I look forward to working with the partners in representing artists in all areas of the company.”