ICM Sells Classical Agency

ICM Artists, the classical music and performing arts division of International Creative Management, was recently sold for an undisclosed amount, the company announced November 2nd.

ICMA president and CEO David Foster told Bloomberg News the unit has been acquired by a group of eight of its executives, along with some financing from Newsweb Artists LLC, a Newsweb Corp. affiliate. Foster and executive VP and executive partner Byron Gustafson reportedly led the venture. With the divestiture, parent company ICM will focus on its core business, as the market for classical music has declined in the past decade.

“ICM [recently] stated that it intends to grow in four core areas: film, television, publishing and popular music. Selling ICMA is consistent with the progression of our strategic plan,” said ICM chief business development officer Richard Levy in a statement.

Foster told Bloomberg the buyout will provide more flexibility and financial independence for classical music management.

“The big difference with classical music is that you spend a lot of time with immortal, creative works, whether it’s Beethoven’s symphonies or Verdi’s operas, so the artists’ careers in this field are much, much, much longer,” he said.

Other ICM employees reportedly set to join the ranks of the agency along with Foster and Gustafson include Patricia Winter, Neil Benson, Jonathan Brill, MaryPat Buerkle, Jason Bagdade and Caroline Woodfield.

The agency is set to announce a new name by the middle of next year.