CAA Closes ICM’s $750 Million Purchase; Subtracted From 105 ICMs To Move To A Total Of 425 CAAs – Update

Nearly nine months after the sudden deadline for CAA to acquire ICM Partners, the deal finally got government approval and was closed. That makes it the largest syndicate in the mega-agency space since the 2009 WMA-Endeavor merger. Sources close to the situation said the Justice Department finally approved the deal Monday night or early this morning and closed. Its value is approximately $750 million, while the combined company is valued at approximately $5 billion. United Company management is expected to address staff at City Hall on Thursday, when the newly merged departments will begin the integration process with meetings on July 11.

But pain comes first.

Approximately 105 positions will be eliminated from all ICMs and all areas. There will be 425 ICM agents and agency staff participating in the CAA, meaning approximately 80% will retain the CAA. These conversations will happen quickly. After the regulatory approval process was delayed, dozens of agents and other employees in recent months have delayed the deal nearly six months after the CAA and ICM originally planned. The bloodshed will accelerate and everyone will understand where they stand, otherwise it’s gone.

While ICM investor Crestview will receive approximately $200 million in cash provided by CAA and TPG to complete the transaction, we have heard from the incoming agency that the majority of the value of the flagship transaction will be in equities. This promotion will be valuable if the CAA and majority owner TPG are finally released to the company.

As Deadline reported earlier this month, the ICM agents the merged entity seeks to retain have received formal invitations and unconfirmed offers of cash and shares that have not yet been well received.

Recent tours include Daniel Cohan, Michael Kagan, Chris Von Gotts, Katie Cates, Andrew Rogers, Brittany Perlmutter, Joan Wills, Kyle Jaeger, James Robin Earl, Jessica Lace, Jol Carroll and more. Among them are Jeff Barry, Dan Beim, John Burnham, Josh Rami, Matt Sorger, April King, Ariel Meislin, Adam Ginwissian, Natalie Didier, Christina Bazdekis, Denise Draper, JR Ringer, Kevin Haas, Zack Carlisle, Brett Passy, Seth Lawrence and Will Kircher. Sources said that various departments at ICM, including branding, downstream products and alternatives, were heavily impacted. Longtime ICM spokesman Brad Turrell will be among them.

Those who left before they were forced to do so did so to retain their customers, who would be in danger if they waited for a release check. Nine months gave many non-deductibles time to plan the next step, and ICM allowed people to opt out of contracts.

It is said that more people are allowed in these days, mostly office workers.

ICM CEO Chris Silberman is expected to join CAA co-chairs Kevin Juan, Brian Lord and Richard Lovet and TPG representatives at the CAA ownership meeting. It is currently unknown what he will do after leaving office.

“Today marks a new chapter in our company history that puts us better than ever before to deliver exceptional opportunities for the world’s leading entertainers, athletes, thought leaders, brands and organizations in entertainment, sports and entertainment. culture,” said John, sir. and Lovet. We look forward to welcoming our new ICM colleagues to CAA and sharing their experiences, relationships and resources with our agents and managers around the world. “It has never been more in demand or more in demand in terms of capabilities. With the addition of new colleagues today, the scope of opportunities to help customers achieve their goals is endless.”

ICM’s main assets are its book and sports sections, as well as several prominent rhyme programs such as Shonda Rims, Vince Gilligan, and Bill Lawrence.

This ended decades of conflict between the two agencies, dating back to when Michael Ovitz and Ron Meyer led the CAA and Jeff Berg and Jim Wyatt led the ICM. They were fighting over major clients, and Berg turned to Ovits when Matsushita began negotiating major studio sales to save money, including his acquisition of MCA/Universal, MGM/UA, and Sony Corp’s acquisition of Columbia Pictures. challenged. They attacked each other for customers and agents, but eventually the CAA split and their main rivals became the merger of WME, WMA and Endeavour. ICM had legendary agents like Sam Connie in New York and Ed Limato, who moved to WME with clients like Denzel Washington and Berg, who had clients like James Cameron and James L. Arroyos for years. When Berg and Reese Withers parted ways with ICM years later, they took with them many of the most lucrative packages downsizing the agency.

M&As has always played an important role in ICM, which was founded in 1975 by the merger of Creative Management Associates and an internationally renowned agency. It was acquired by ICM in 2006 with literary agency Broder Webb Chervin Silbermann, current agency president Silberman and CEO Ted Cherwin, as well as most of ICM Partners’ TV lighting department, which includes Top Showers Law Lasso on its client list. breaking BadGilligan too a good doctorDavid Shori and craft fairybruce miller

After selling a third of its stake in Crestview Partners for $150 million in December 2019 to fund international growth, ICM Partners has launched acquisitions that increase its status as a sports representative to increase its broadcast and television power. ICM Partners made its largest-ever acquisition with London last October, acquiring a significant minority stake in Sweden-based boutique lighting agency Albatros, acquiring music-focused London Primary Talent International in Stockholm in March 2020 and August 2020. Stellar Group, the football and sports agency representing over 800 athletes, was formed to establish ICM Stellar Sports. Last July, the new Sports Division made its first acquisition of Select Sports Group, an independent agency led by NFL coaches, players, and directors.

Merging with a best-in-class agency to create an even greater representative company for our clients and colleagues is one of the main strategic reasons for this move. We couldn’t be more excited for our shared future, and we are excited for the thoughtful and thoughtful presentation we bring to our clients. “This is the ideal next step for our companies,” said Silberman and Cherwin.

The partner agencies are leaving the CAA with more than 3,200 employees working in 25 countries around the world. The CAA announced in January that it had entered into a long-term lease to move its headquarters to the Century City Center at 1950 Star Avenue in 2026. It will be the main tenant of a new 37-story commercial tower housed inside. It blocks the CAA and ICM headquarters and will be hosted by the Joint Agency.