THR reports that the merging of the two firms will leave three major talent agencies – WME, CAA, and UTA – that comprise the majority of deal making for the industry.
Click inside to find out more about the deal…
The outlet writes that the companies’ sale pitch says that ICM’s books division will complement CAA’s film and TV focus, giving them a competitive edge.
CAA reps stars like Steven Spielberg, George Clooney, Brad Pitt, Scarlett Johansson, Will Smith and more, while ICM’s roster includes Shonda Rhimes, Michael Keaton, Samuel L. Jackson, Uma Thurman and Alec Baldwin.
“Our strong financial position enables us to continue to expand and diversify our businesses, with service and representation remaining central to what we do and who we are,” CAA’s Bryan Lourd, Kevin Huvane and Richard Lovett said in a statement.
ICM’s Chris Silbermann added, “Together, we will build upon our accomplishments and entrepreneurial spirit, and continue to demonstrate an unwavering commitment to the best interests of our clients, as well as empowering new, diverse voices within the industry.”
The merger reflects major changes happening within the representation industry during the ongoing COVID-19 pandemic, with the business taking a financial hit amid film and TV shutdowns as well as the cancellation of live events. UTA announced at the outset of the pandemic that employees would be taken pay cuts while major execs decided to forgo their salaries for the rest of the year.