, the deal finally got government approval and closed. This creates a mega agency in the biggest linkup in the space since the WMA-Endeavor merger. Sources close to the situation said the Department of Justice finally approved the deal late last night or this morning, and it closed. It is valued around $750 million, and the combined value of assets is around $5 billion.
Those who left before they were pushed did so to retain their clients, which would have been jeopardized if they’d waited on a severance check. The nine months gave time to many who were not going to make the cut to plot their next move, and ICM let people out of their contracts, we’re told. This brings to a close decades of collisions between the two agencies that go back to when Michael Ovitz and Ron Meyer headed CAA and Jeff Berg and Jim Wiatt headed ICM. They battled over big clients, and Berg contested Ovitz when the latter began brokering huge sales of studios, including when Matsushita acquired MCA/Universal, the rescue of MGM/UA, and when Sony Corp bought Columbia Pictures.
Holy shit.
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