Creative Artists Agency is acquiring ICM Partners, a mammoth deal that would be the biggest joining forces of two major agencies since WMA and Endeavor. Expectation is that the deal will be completed before the year is out.
Many details need to be worked out, as this came together lightning quick. There will surely be reaction from guilds and on antitrust matters. But in a moment where content creators are getting bigger in M&A deals, why not agencies? The intention here is, after all of the drama of the pandemic and the ending of the packaging business after a prolonged dispute with the WGA, CAA is doubling down on its commitment to the representation business. That includes not only film and television, but also sports, publishing and ancillary businesses. The union of these agencies would bring its collective strengths and manpower together to make for more viable talent representation at a time when studio-owning conglomerates are leaning heavily into streaming as the future of entertainment consumption. While theatrical moviegoing will always be part of the equation, a streaming future means that it is incumbent on agencies and the talent they rep to make as much upfront as possible, because there often will not be the box office bonuses and break-even gross deals that made movie stardom so lucrative.
For the full story, visit Deadline – https://deadline.com/2021/09/caa-acquiring-icm-partners-1234844517/
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