ICM Partners has laid off about half a dozen agents as the Hollywood talent agency and its rivals are grappling with a months-long standoff with the Writers Guild of America. Crestview Partners will invest about $150 million in exchange for a minority ownership stake that is about one-third of Los Angeles-based ICM Partners, sources said. ICM expects to use the proceeds from Crestview Partners to acquire agencies in Europe. An ICM spokesman confirmed the agency had a “handful” of layoffs, but said they were normal for this time of year. The job cuts represent a small fraction of the company’s 600 employees in L.A., New York, Washington, D.C., and London.

Source: Los Angeles Times December 17, 2019 02:48 UTC