Hollywood's ICM buys out equity owners

LOS ANGELES, Dec. 10 (UPI) -- The leadership of Hollywood's International Creative Management says it has bought out the private-equity group that held controlling interest on the firm.

The move gives the senior agents at ICM a direct financial interest in the firm, which represents such top-shelf talent as Jodie Foster and Al Pacino.

"Our primary objective always has been to remain highly competitive as we turn to the next generation of leaders at our agency," said an e-mail sent to ICM employees by Chairman Jeff Berg and President Chris Silbermann. "We are confident this new partnership will position the agency, its clients and employees well for the future."

The Los Angeles Times said Berg, 64, was expected to take on a more-limited role in ICM and allow the 43-year-old Silbermann to call most of the shots. The Times said the past relationship between the two has been described as chilly; however, they appeared to have worked well together in putting together the buyout deal with Rizvi Traverse Management.

Rizvi will turn over control of ICM on Jan. 1 but will continue to receive a share of the revenues from ICM assets such as the television series "Modern Family" and "Big-Bang Theory."