Almost nine months to the day after the surprise announcement that CAA was acquiring ICM Partners, the deal is finally going through after getting government approval to create a mega agency in the biggest linkup in the space since the WMA-Endeavor merger. Sources close to the situation said the Department of Justice finally approved the deal late last night or this morning, and it closed. It is valued around $750 million, and the combined value of assets is around $5 billion.
More than 50 positions are expected to be eliminated; that includes the couple of dozen agents and other staffers who have left in the past few months after the regulatory approval process dragged on, delaying the deal by about six months from the time frame CAA and ICM originally had projected. The bloodletting will be expedited and everyone will know where they stand shortly, if they don’t know already.
As Deadline reported earlier this month, the ICM agents whom the combined company wants to keep recently received formal invitations and non-negotiable offers, which have not been received well.
Recent departures include Daniel Cohan, Michael Kagan, Chris Von Goetz, Katie Cates, Andrew Rogers, Brittany Perlmuter, Joanne Wiles, Kyle Jaeger, James Robins Early, Jessica Lacy and Chris Smith. They join a number of agents who left over the past eight months, including Jeff Barry, Dan Baime, John Burnham, Josh Rahm, Matt Sorger, April King, Ariel Meislin, Adam Ginivisian, Nathalie Didier, Christina Bazdekis, Denise Draper, JR Ringer, Kevin Hussey, Zach Carlisle, Brett Passis, Seth Lawrence and Will Kircher. Several ICM departments have been greatly impacted, sources said, including branding, post-production and alternative.
“Today marks a new chapter in the history of our company, positioning us better than ever to deliver extraordinary opportunities for many of the world’s preeminent artists, athletes, thought leaders, brands, and organizations in entertainment, sports, and culture,” said CAA’s Co-Chairmen Kevin Huvane, Bryan Lourd, and Richard Lovett. “We are thrilled to welcome our new ICM colleagues to CAA, and look forward to combining their expertise, relationships, and resources with those of our agents and executives around the world. Our diverse range of clients who entertain and inspire large global audiences have never been in more demand, nor have their opportunities been greater. With today’s addition of our new colleagues, the scope of possibilities for helping clients achieve their goals is limitless.”
The top assets ICM is bringing to the table are its books and sports divisions as well as a few top showrunners such as Shonda Rhimes, Vince Gilligan and Bill Lawrence.
“Combining with the best-in-class agency to build an even greater representation company for our clients and our colleagues is the core strategic reason for this move. We couldn’t be more enthusiastic about our future together, and are energized by the sophisticated, forward-thinking representation we offer clients. This is the ideal next step for our companies,” said ICM’s Chris Silbermann and Ted Chervin.