ICM close to deal for partnership reorg

ICM toppers Chris Silbermann and Jeff Berg are close to finalizing a deal with the agency's majority owner, private equity shingle Rizvi Traverse, that will allow the tenpercentery to transition to a partner-owned structure. Details of the deal remain murky but it appears that Rizvi Traverse will cede at least some of its equity interest in ICM in order to allow Silbermann and Berg to reorganize the company and bring more of its top agents into equity-owner positions. The deal was characterized by knowledgable sources as a "transfer of ownership" to the new partnership rather than a formal management buyout, and it was emphasized that no money will change hands in the transaction. There was speculation that the deal may allow Rizvi Traverse to hang on to all or some of ICM's more lucrative receivables, such as its packaging-fee coin from syndie hits including "The Big Bang Theory" and "Modern Family." At present Berg serves as ICM chairman and CEO, with Silbermann overseeing day-to-day operations as prexy. Those titles may change under the new partnership structure. Other management roles at the agency also will evolve under the new partnership structure, sources said. Shifting to a partnership structure means that ICM will more closely mirror WME, UTA and other large percenteries. The number of agents in line for elevation to partner status is still unclear (one source said "more than two and less than 100"). The designation will include top players from all of the agency's key divisions: TV, film, publishing, concerts and touring and marketing. Silbermann has been leading the charge to overhaul the agency's ownership structure for most of this year. ICM insiders felt the urgency to act as the year drew to a close and after a string of agents decamped to rival percenteries during the past few months. It's understood that the sides reached a handshake agreement on the new structure today but that the deal is not expected to be finalized until early next year. Contact Cynthia Littleton at cynthia.littleton@variety.com