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The agency, led by Chris Silbermann, is changing its name to ICM Partners after buying out majority owner Rizvi Traverse Management.
International Creative Management has finalized its deal to buy out majority owner Rizvi Traverse Management and has formed a new partnership structure for the agency, the company said Wednesday.
ICM will be renamed ICM Partners to reflect the changes. Control of the firm will now rest with its agents and executives. As part of the deal, Birmingham, Mich.-based private-equity firm Rizvi Traverse Management and Jeffrey Berg, former chairman and CEO of ICM, sold their ownership interest in ICM to the partnership. Berg will remain an agent with ICM. The deal was finalized May 22.
ICM's Chris Silbermann, formerly the agency's president, has long sought to transform the Century City-based firm into a partnership. He is a partner in the new firm but will relinquish the title of president; an ICM insider told The Hollywood Reporter that management would no longer use such titles.
The 29 members of the partnership represent the 150-agent ICM's core departments. The partners include Silbermann, Lorrie Bartlett, Bonnie Bernstein, Robert Broder, John Burnham, Ted Chervin, Nicole Clemens, Carter Cohn, Harley Copen, Kevin Crotty, Dan Donahue, Emile Gladstone, Mark Gordon, Sloan Harris, Paul Hook, Toni Howard, Chuck James, Michael Kagan, Steve Levine, Richard Levy, Greg Lipstone, Esther Newberg, Janet Carol Norton, Dar Rollins, Adam Schweitzer, Amanda Urban, Chris von Goetz, Joanne Wiles and Eddy Yablans.
"This is an important day for our clients and agents as we begin the transformation of ICM into ICM Partners," the partnership said in a statement. "Our mission remains to help our clients achieve their goals with the best, most strategic representation in the industry, while providing our fellow partners and associates with a culture of teamwork, collegiality and opportunity."