Deadline: ICM Buyout Complete

The alleged management buyout at ICM is now reportedly complete, and the company is said to soon be owned by agents.

Nikki Finke at Deadline Hollywood has breathlessly reported updates of ICM President Chris Silbermann’s attempts to buy the 40 percent of the company owned by investor Suhail Rizvi.

Along for the ride is Rick Levy, ICM’s chief business development officer and general counsel, who has reportedly split with chairman Jeff Berg over the plan. Berg’s ownership is also being bought out, according to Finke, and will be offered to continue at the agency as Chairman Emeritus.

“This is truly exciting to be able to say to agents, ‘You’re going to own your company,’” a source told Finke. “It will emphasize ICM’s entrepreneurial culture and begin an expansion.”

However, if all this pans out as Finke reports, there will be an exodus, too. Agents who are not offered partnerships could pack up and seek amenable climes.