Creative Artists Agency (CAA) is acquiring ICM Partners in the largest agency merger in nearly a decade, according to Variety. The deal, which, if approved, will significantly alter the entertainment landscape, is the latest push toward consolidation of the industry as a whole.
“Today’s storytellers, athletes, thought-leaders, and trend-setters who can move, inspire, and attract large, global audiences have unprecedented opportunity and ability to achieve their goals and aspirations,” CAA’s leaders, Bryan Lourd, Kevin Huvane and Richard Lovett, said in a statement. “The strategic combination of CAA and ICM bolsters our collective resources, expertise, and relationships to deliver even more opportunities for our world-class clients to build their careers and their brands across multiple disciplines and platforms in an evolving marketplace.”
No financial terms have been disclosed; however, the merger is equity based, so it involves no cash. In structuring the deal that way, CAA’s goal was reportedly to ensure that ICM executives were in it for the long haul rather than relying solely on a big payoff.
ICM and CAA headquarters are located across the street from each other in LA’s Century City. ICM has a staff of approximately 400 across its three locations, with additional offices in New York and London. CAA is much larger, employing over 2,000 people in cities around the world, including New York, London, Beijing, Shanghai, Chicago, Nashville, Las Vegas, Munich, Geneva, and more.
CAA already has a top-tier talent roster, but will benefit from acquiring ICM’s thriving below-the-line operation, according to Deadline. The merger is expected to close later this year.