Talent agency ICM Partners said Monday it was taking on private equity investment to help fund its growth, including future international acquisitions. The Los Angeles-based talent agency will receive roughly $150 million in investment from private equity firm Crestview Partners, according to a person familiar with the matter who was not authorized to discuss financial terms. In return, Crestview will receive about a one-third minority ownership stake in the talent agency, the person said. In 2012, ICM changed its ownership structure because of concerns among executives with the agency’s controlling owner Michigan-based private equity firm Rizvi Traverse Management. Endeavor Group Holdings Inc., the owner of talent agency WME and sports league UFC, withdrew its much-anticipated initial public offering in October, citing volatile market conditions.

Source: Los Angeles Times December 16, 2019 17:49 UTC