ICM Artists sold to Foster and Gustafson

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ICM has sold its classical music and performing arts subsidiary ICM Artists Ltd. to ICMA president and CEO David Foster and executive vp/managing partner Byron Gustafson. Terms of the sale were not disclosed.

Foster and Gustafson led a management buyout of ICMA in conjunction with Newsweb Artists Llc., a Chicago-based media company.

ICMA will retain its name during the transition period, with a new name to be announced later.

A subsidiary of ICM since 1976, ICMA represents a wide roster of classical instrumentalists, conductors and vocalists and manages the touring activities of orchestras, dance companies and performing ensembles. Its clients include Emanuel Ax, Daniel Barenboim, Yo-Yo Ma, Bobby McFerrin, the Vienna Boys Choir, the Mormon Tabernacle Choir, Anne Sofie von Otter, the Chieftains, Ravi Shankar and the Alvin Ailey American Dance Theater.

ICM business development officer and general counsel Richard Levy said: "Over the past several months, ICM has been carefully examining its business and identifying areas of growth to pursue that will deliver the greatest results to clients. With the agency's recapitalization and recent acquisition of the Broder Webb Shervin Silvermann Agency, ICM stated that it intends to grow in four core areas: film, television, publishing and popular music. Selling ICMA is consistent with the progression of our strategic plan."
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