ICM Restructuring Rumor

A rumor that International Creative Management execs are in talks with major shareholder Rizvi Traverse Management to acquire control of the company remains just that – a rumor – for now despite a recent report.

Bloomberg News, citing “two people with knowledge of the discussion,” reported April 14 that ICM management could raise money through top execs and other sources to reduce Rizvi’s stake but the talks are reportedly in the early stages.

The sources reportedly told Bloomberg that ICM would then use the equity to “reward and retain top agents.”

Rizvi Traverse Management reportedly acquired a major stake in ICM by investing $75 million and backing a debt-and-equity transaction with Merrill Lynch & Co. in 2005 and 2006 to supply ICM with $100 million, part of which was used to buy Broder Webb Chervin Silbermann Agency in 2006, according to Bloomberg.

An ICM representative told Pollstar the company has no comment.