Logo

ICM Chairman Denies Endeavor Takeover Rumors

Jan 31, 2006  •  Post A Comment

In an internal e-mail sent to all of the company’s agents, International Creative Management Chairman and CEO Jeff Berg told his colleagues the Beverly Hills-based agency was not buying another agency.

“Many of you may have been hearing rumors that ICM has closed a deal to acquire another talent agency or that such a deal is imminent,” Mr. Berg wrote in a Jan. 30 e-mail. “While we have a policy of not commenting on rumors in the press, I want to let each of you know that these rumors are untrue.”

At the end of last week and the beginning of this week rumors were flying across Hollywood and on several entertainment Web sites that ICM was about to purchase rival agency Endeavor. The rumor of a major purchase has been swirling ever since ICM announced in November it had completed a recapitalization with the help of Rizvi Traverse Management and Merrill Lynch’s Asset Based Finance Group to pursue plans for expansion.

“We will continue to explore ways for ICM to grow and offer new services to our clients,” Mr. Berg added in his e-mail. “If and when there is news to announce, I will notify you first. In the meantime, it’s business as usual.”