LOS ANGELES (CelebrityAccess MediaWire) — Senior agents at International Creative Management (ICM) aree reportedly looking to acquire a controlling stake in the company from a major shareholder, the Connecticut-based equity fund Rizvi Traverse Management LLC.
According to Bloomberg, ICM is reportedly looking to raise equity from top execs in order to reduce Rizvi's holdings in the company. Deadline Hollywood is reporting that while the talks are still in early stages, ICM's Jeff Berg and Chris Silbermann are hoping to make ICM more of a partnership and offer agents more of an equity stake in the firm.
Rizvi would remain a minority shareholder in ICM after the proposed restructuring.
Rizvi Traverse Management LLC acquired a major stake in ICM during a 2005 equity financing round that raised $100 million intended to 'fund strategic growth' at the agency. The following year, ICM used some of that capital to acquire literary agency Broder Webb Chervin Silbermann in a deal estimated to be worth $80 million. – CelebrityAccess Staff Writers