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CAA acquires ICM Partners in deal valued at $750M

CAA closed on its deal to acquire ICM Partners in a deal valued around $750M, creating a "mega agency in the biggest linkup in the space" since the WMA-Endeavor merger in '09, according to Andreeva & Fleming of DEADLINE. The combined enterprise value is around $5B. The merged company’s leadership is "expected to address staff at a town hall Thursday," with the newly combined departments "set to begin their integration process with get-togethers on July 11." Around 105 positions "will be eliminated, all from ICM, and coming from all areas." There will be 425 ICM agents and staffers from the agency "joining CAA," meaning around 80% "will be retained by CAA." A couple of dozen agents and other staffers have "left in the past few months after the regulatory approval process dragged on." The combined agencies leaves CAA with "more than 3,200 total employees operating in 25 countries worldwide" (DEADLINE.com, 6/28). VARIETY's Jennifer Maas noted CAA and ICM have "expressed a similar ethos in recent years about keeping a tight focus on talent representation matters rather than expanding into new businesses and teaming on projects and business development with clients" (6/28). In L.A., Anousha Sakoui notes the deal "reduces the number of top agencies to three dominant players": CAA, WME and UTA. The combination of the two companies will "give the emerging entity the heft to better compete against" Endeavor, which has "been on a growth spree and last year held an initial public offering" (L.A. TIMES, 6/29).

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