THE ABDICATION OF MICHAEL Ovitz is all but complete. His Creative Artists Agency on Aug. 23 announced the formation of a nine-person managing director committee, led by three co-chairmen, to run the agency after Ovitz departs Oct. 1 to become president of Walt Disney. Agents and top executives at CAA, which represents the likes of Tom Hanks, Kevin Costner, and Steven Spielberg, still are working out a plan to buy the agency from Ovitz and his two founding partners, Ron Meyer and Bill Haber. The likely price tag: more than $100 million.

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