It’s over.
After weeks of feverish speculation about turmoil and infighting at ICM, the agency has reached a deal in which majority shareholder Rizvi Traverse will gradually sell its shares to an agency-wide partnership, according to several individuals with knowledge of the situation.
The new ownership
structure championed by ICM president Chris Silbermann will operate in a partnership similar to one employed at many law firms.
"The partnership is a broad-based group […] It's about the evolution of the business," one individual with knowledge of the situation said.
News of the partnership was announced in a company-wide memo on Friday, just hours before ICM’s annual Christmas party.