ICM May Be In The Money
Rizvi, who has been chairman of the Rizvi Opportunistic Equity Fund for 18 years, reportedly plans to take an equity stake in ICM. He has no experience in the entertainment biz but may take a role on the board, according to The Wall Street Journal, which reported Rizvi’s investment at $75 million.
The agreement was strictly rumor at press time, but the gossip was printed in several newspapers.
If the deal goes down, ICM CEO Jeffrey Berg is expected to maintain day-to-day operations, and those in the know told the Journal that ICM may use some of Rizvi’s money to acquire other agencies. Currently, ICM is owned by its management and agents, the paper said.
Because of corporate consolidation, agent defection and the migration of big-name clients such as Julia Roberts and Cameron Diaz, ICM’s light has dimmed, according to the Journal. Meanwhile, agencies like
ICM retained Allen & Co. about 18 months ago to evaluate its investment and sale opportunities, according to Variety. One rumored buyer at the time was SFX founder Robert F.X. Sillerman.
If the agency has seen a visible regression, it’s in the medium of film, according to the trade mag.
In music, ICM has an extensive roster that includes piano wunderkinds