Crestview Partners, a New York based private equity firm with approximately $9 billion of aggregate capital commitments, has purchased a minority interest in International Creative Management Partners, giving them a valuable stake in one of the Big Four Hollywood talent agencies.
According to Variety, who first reported the deal, "...the investment money would be used in part to help 'reward' employees at all levels of the agency. It will also help fund acquisition of other agencies and related assets. And it will be used to help recruit top agents." For Crestview, who has also invested in media companies such as Charter Communications, Insight Communications, and radio station owner Cumulus Media, it was a natural fit. Crestview is "singularly focused on supporting our vision of being a representation company first and foremost," ICM partner Chris Silbermann noted. "...(T)hey are supporting the cultural significance of what a partnership means."
Pryor Cashman served as entertainment law counsel to Crestview, who was also advised by Davis Polk & Wardwell. Pryor's bi-coastal team was led by Los Angeles partner Karen Robson, with assistance from New York partner Michael Weinsier and Los Angeles associate Jamice Oxley.
The full article is available here.
About Pryor Cashman's Media + Entertainment Practice
Pryor Cashman's Media & Entertainment Practice has been instrumental in assisting in deals that have shaped the industry and open new development, production and distribution avenues for our clients. Experienced in both traditional and new media platforms, our attorneys apply cross-disciplinary legal skills and decades of industry insights to craft and close complex transactions that meet our clients' short- and long-term strategic goals.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.