ICM Partners has become the latest Hollywood talent agency to partner with a private equity firm, selling a one-third stake in the agency to Crestview Partners for about $150 million. The deal mark…
The deal marks a milestone for the current iteration of ICM, which became a partner-owned agency in May 2012 when Chris Silbermann and 28 other partners bought the company back from its previous private equity partner, Rizvi Traverse Management. Relations between Rizvi and ICM became fraught by the end of the relationship that spanned about seven years.
The influence of private investment cash in the talent agency business has become a point of concern for many in the creative community. The Writers Guild of America has pointed to this trend as a reason for the guild’s effort to tighten the rules of the road for agents that represent WGA members — a conflict that has led to lawsuits and more than 7,000 writers firing agents en masse last April.“The world’s changing night and day,” Silbermann said.
ICM hired investment bank Lazard last year to gauge the market interest in the agency. Crestview Partners felt like the right fit to Silbermann, who went into the investor courtship process with the memory of the Rizvi Traverse conflicts fresh in his mind.
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