Talent agents at International Creative Management are in talks to acquire control of the company from major shareholder Rizvi Traverse Management LLC, two people with knowledge of the discussion said.
ICM, which counts Al Pacino and Robert Duvall as clients, may raise money from top executives and other sources to reduce Rizvi’s stake, said the people, who sought anonymity because the discussions are confidential. The talks are at an early stage and an agreement may not be reached, they said.
Management of the 36-year-old agency would use the equity to reward and retain top agents, one person said. Chairman Jeff Berg, President Chris Silbermann and other agents already hold some stock, said one of the people. Rizvi wouldn’t entirely exit its stake, they said.
Michelle Suess, spokeswoman for Los Angeles-based ICM, declined to comment. Justin Dini, an outside press contact for Rizvi, couldn’t immediately comment.
Rizvi, a private equity firm, also holds stakes in Playboy Enterprises Inc. (PLA) and Summit Entertainment LLC, maker of the “Twilight” vampire movies, according to the firm’s website.
The company gained control of ICM in a pair of transactions in 2005 and 2006 when it invested $75 million and backed a debt- and-equity transaction with Merrill Lynch & Co. that provided the agency with $100 million. ICM used some of the money to acquire the Broder Webb Chervin Silbermann agency.
ICM says on its website the firm’s TV practice helped assemble ABC’s “Dancing with the Stars,” CBS’s “Two and a Half Men” and Fox’s “House.” The website Deadline Hollywood reported the talks earlier today.
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