ICM Now ‘ICM Partners’

No longer can the name International Creative Management be used to describe the agency. With the finalization of a management buyout of the company, it will now be known as ICM Partners.

As had been reported April 30, investment firm Rizvi Traverse and former ICM chairman and CEO Jeffrey Berg sold their ownership interest in ICM to a partnership composed of several of the company’s core agents.

Neither Berg nor Rizvi will participate in the management of the agency nor serve on its board of directors. The parties sold their interest for a combination of cash, preferred non-voting shares and an ongoing interest in certain assets of the company.

The buyout forms a partnership structured to bring control of the firm to its agents and executives. It is apparently the result of ICM President Chris Silbermann’s successful attempt to purchase the 40 percent of the company owned by Suhail Rizvi, who made his investment in 2005, allowing ICM to acquire Broder Webb Chervin Silbermann Agency in 2006.

The partnership includes dozens of top agents, including music chief Steve Levine.

“This is an important day for our clients and agents as we begin the transformation of ICM into ICM Partners,” the partnership said in a statement.

“Our mission remains to help our clients achieve their goals with the best, most strategic representation in the industry, while providing our fellow partners and associates with a culture of teamwork, collegiality and opportunity. ICM has a long and rich history of representing the most talented artists in the business and playing a key role in bringing to market some of the greatest films, television series, live events and books of all time. ICM Partners, now under the complete control of a partnership of agents, is committed to expanding the agency’s core businesses of film, television, publishing and live events for the benefit of clients and associates alike.”

Rizvi Traverse stated, “We congratulate the new partners of ICM and believe the transfer of ownership is the right direction for the agency, and the appropriate conclusion to the investment made in 2005.”