EXCLUSIVE: For the past few weeks, rumors have been rampant about the increasingly difficult relationship between ICM and Connecticut-based Rizvi Traverse Management’s equity fund operator Suhail Rizvi, who in 2006 injected that $100 million infusion into ICM. A lot of ICM’s competitors in the agency world have been chattering about it. Now, finally, I’m separating what’s real from what’s not. I’ve learned that ICM’s Chris Silbermann and Jeff Berg are “in early talks” to restructure the agency’s ownership so that it becomes more of a partnership. What’s being explored is for Rizvi to stay in, but the executive management team wants to accelerate giving more equity to ICM’s agents as a “motivating” tool. It also could be possible, but nothing has been decided yet, that ICM could go to the capital markets for a buyout transaction as part of a bigger overall restructuring plan. It’s now been five years since Berg combined ICM with the Broder Webb Chervin Silbermann Agency. Since then, Rizvi has been buying big pieces of Summit Entertainment, Playboy, Twitter, and so on.
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