ICM near to deal for partnership reorg

ICM cake toppers Chris Silbermann and Shaun Berg are near to finalizing an offer using the agency's majority owner, private equity finance shingle Rizvi Traverse, that will permit the tenpercentery to transition to some partner-possessed structure. Particulars from the deal remain murky however it seems that Rizvi Traverse will cede a minimum of a number of its equity curiosity about ICM to be able to allow Silbermann and Berg to reorganize the organization and produce much more of its top agents into equity-owner positions. The offer was indicated by aware sources like a "transfer of possession" towards the new partnership as opposed to a formal management buyout, also it was stressed that nothing will rotate within the transaction. There is speculation the deal may allow Rizvi Traverse to hold onto any a number of ICM's more profitable receivables, for example its packaging-fee gold coin from syndie hits including "The Large Bang Theory" and "Modern Family." At the moment Berg can serve as ICM chairman and Boss, with Silbermann managing day-to-day procedures as prexy. Individuals game titles may change underneath the new partnership structure. Other management roles in the agency will also evolve underneath the new partnership structure, sources stated. Shifting to some partnership structure implies that ICM will more carefully mirror WME, UTA along with other large percenteries. The amount of agents in line for elevation to partner status continues to be unclear (one source stated "a lot more than two and under 100"). The designation includes top gamers from all the agency's key divisions: TV, film, posting, concerts and touring and marketing. Silbermann continues to be leading the charge to overhaul the agency's possession structure for many of the year. ICM associates felt the emergency to do something because the year came to some close and following a string of agents decamped to rival percenteries throughout yesteryear couple of several weeks. It's understood the sides arrived at a handshake agreement around the new structure today but the deal isn't likely to be completed until early the coming year. Contact Cynthia Littleton at cynthia.littleton@variety.com