The Agent Dance: Breaking! ICM Gobbles Up BWCS
THR reports that ICM is finally throwing around some of the cash in its "$100 million war chest," swallowing up the smaller Broder Webb Chervin Silbermann shark-tank after five months of super-secret negotiations. The deal isn't exactly as sexy as the ICM-Endeavor or Endeavor-UTA rumors that were kicking around seemingly forever, but it should given the industry a small measure of relief from the blue balls it's been experiencing from months of chatter about talent agency mergers. Think of it as the clumsy handjob you settle for after no amount of whining gets you the oral you'd much prefer. Hey, dirty business like this demands dirty metaphors.
UPDATE: Who needs a handjob when you can spend time reading the official press release? It's after the jump, satisfying all your cravings for flatly written PR agency prose:
ICM SIGNS AGREEMENT TO ACQUIRE BRODER WEBB CHERVIN
SILBERMANN AGENCY
July 27, 2006 (Los Angeles) - International Creative Management, Inc. ("ICM"), one of the world's largest talent and literary agencies, today signed an agreement to acquire The Broder Webb Chervin Silbermann ("BWCS") Agency. The transaction, expected to close next month, further strengthens ICM's presence in the entertainment industry.
Founded in 1978, BWCS is a leading literary agency and has long been a dominant force in the series television business. The agency represents creators and executive producers on several primetime television shows including "Grey's Anatomy," "My Name is Earl," "Law and Order: SVU," "Scrubs," "Two and a Half Men" and "King of Queens." BWCS has also developed a growing film literary business, representing directors, writers and producers on such films as Flightplan, North Country, Shattered Glass, and Catch Me If You Can. In addition, the agency represents line producers, directors of photography, composers, costume designers, editors and production designers.
Chris Silbermann, managing partner of BWCS, will become co-president of ICM, alongside co-president Ed Limato and will also serve as co-head, worldwide television, along with BWCS partner Ted Chervin. Robert Broder, founding partner of BWCS, will become vice chairman of ICM, and BWCS Partners Elliot Webb and Dan Donahue will become executive vice presidents. As part of the reorganization, Nancy Josephson, formerly co-president, has chosen to end her association with the agency. All of BWCS' 27 agents will join ICM and move with the agency to its new Century City offices in early 2007.
"The acquisition of BWCS is the perfect example of how we intend to expand our agency throughout all core areas," said Jeffrey Berg, chairman and chief executive officer of ICM. "BWCS brings us a group of outstanding agents with impressive artists that will elevate our service for clients as the fluidity between television and film continues to increase. We are extremely pleased to welcome the BWCS team to the agency."
"While BWCS has enjoyed a tradition of success, the benefits of becoming part of a larger organization with an established talent department as well as renowned film, music and publishing divisions, will mean greater access and a wider range of opportunities for our clients and those we expect to attract as a result of this transaction," said Mr. Broder.
Mr. Silbermann commented, "Given the sweeping changes in the entertainment business over the last few years, we felt that aligning with a global brand like ICM was a fantastic evolution for the agency. Our companies complement each other perfectly, and this transaction will increase the strength with which we can represent our clients."
Mr. Berg continued, "Following our recapitalization, this is the first in a series of moves to acquire and develop highly successful businesses that will bring us, and our clients, the greatest results. We have our growth plan firmly in place and will continue to make the right strategic acquisitions."
Historically, BWCS has represented such highly successful television shows as "Cheers," "Frasier," "Will and Grace," "The X-Files," and "Baywatch." ICM has represented "Friends," "Sex and the City," "American Dreams," and "Cops" in addition to current series such as "House," "Dancing with the Stars," "The Simpsons," "According to Jim," and "America's Next Top Model."
The terms of the deal were not disclosed. Rizvi Traverse and Merrill Lynch's Global Asset Based Finance provided financing for this transaction and Merrill Lynch advised Rizvi Traverse. In addition, Allen and Company served as an advisor to BWCS on this transaction.