LOS ANGELES (CelebrityAccess) — On Monday, entertainment and sports giant Creative Artists Agency announced plans to acquire rival major talent agency ICM Partners.
According to CAA, the blockbuster deal will create deeper, broader, and more competitive opportunities for the agency’s clients and partners in the ever-evolving entertainment, media, and sports landscapes.
“Today’s storytellers, athletes, thought-leaders, and trend-setters who can move, inspire, and attract large, global audiences have unprecedented opportunity and ability to achieve their goals and aspirations,” said CAA’s Bryan Lourd, Kevin Huvane, and Richard Lovett. “The strategic combination of CAA and ICM bolsters our collective resources, expertise, and relationships to deliver even more opportunities for our world-class clients to build their careers and their brands across multiple disciplines and platforms in an evolving marketplace. Our strong financial position enables us to continue to expand and diversify our businesses, with service and representation remaining central to what we do and who we are. We’re fortunate to have a partner in ICM who shares our commitment to the widest and most inclusive vision possible for what our clients and company can accomplish together.”
“We’re thrilled to partner and combine forces with the talented CAA team,” said ICM’s Chris Silbermann, who will join CAA’s shareholder board. “Together, we will build upon our accomplishments and entrepreneurial spirit, and continue to demonstrate an unwavering commitment to the best interests of our clients, as well as empowering new, diverse voices within the industry.”
The acquisition will significantly expand CAA’ global reach across the sports, media, and entertainment landscape. ICM Partners represents a roster of thousands of actors, athletes, influencers, and artists, including Eminen, Skrillex, Spike Lee, Mavis Staples, Buddy Guy, The Libertines, and Chris Rock, among numerous others.
The deal also includes ICM’s London-based ICM Stellar Sports, which serves more than 800 clients around the globe and maintains offices in 10 countries.
The acquisition follows 2 years of turmoil for the agency business, where talent representation and creative firms saw all aspects of their business buffeted by the impacts of COVID-19, forcing many major agencies to furlough staff for extended periods of time.
The transaction is expected to close later this year, subject to the satisfaction of customary closing conditions, including the receipt of regulatory approvals.
Allen & Company LLC served as financial advisor for CAA, and Wachtell, Lipton, Rosen & Katz as legal advisor. Lazard served as financial advisor for ICM, with Sheppard Mullin and Davis Polk & Wardwell LLP as legal advisors.
Financial terms were not disclosed.