The acquisition by Creative Artists Agency (CAA) of ICM Partners has finally closed, nine months after the companies agreed a deal that continues a wave of Hollywood consolidation and shakes up the furiously competitive agency business.
Since it was announced last September the deal has been awaiting regulatory approval from the US Department of Justice. With the that approval now secured the deal is going through with a reported value of $750m, creating a combined company with assets worth $5bn.
The acquisition is the biggest Hollywood agency merger since WMA and Endeavor merged several years ago and comes as Hollywood’s other big talent broker, United Talent Agency (UTA), is itself expanding. Just two weeks ago UTA announced it will acquire UK literary and talent agency Curtis Brown.
ICM brings a strong client roster from music, film, TV, theatre, games, podcasting and politics to the combined operation. Its London-based ICM Stellar Sports serves more than 800 clients around the globe and maintains offices in 10 countries.
According to reports,105 ICM positions will be eliminated as the operations, which between them have 2,300 employees, combine, with 425 ICM staff joining CAA.
Commenting on the closing in a statement, CAA co-chairmen Kevin Huvane, Bryan Lourd and Richard Lovett said: “Today marks a new chapter in the history of our company, positioning us better than ever to deliver extraordinary opportunities for many of the world’s preeminent artists, athletes, thought leaders, brands, and organisations in entertainment, sports, and culture. We are thrilled to welcome our new ICM colleagues to CAA, and look forward to combining their expertise, relationships, and resources with those of our agents and executives around the world. Our diverse range of clients who entertain and inspire large global audiences have never been in more demand, nor have their opportunities been greater. With today’s addition of our new colleagues, the scope of possibilities for helping clients achieve their goals is limitless.”
ICM’s Chris Silbermann and Ted Chervin commented: “Combining with the best-in-class agency to build an even greater representation company for our clients and our colleagues is the core strategic reason for this move. We couldn’t be more enthusiastic about our future together, and are energised by the sophisticated, forward-thinking representation we offer clients. This is the ideal next step for our companies.”
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