Deal severs last tie between private equity firm and tenpercentery
Rizvi Traverse has found a buyer for the portfolio of backend stakes in TV series, movies and other projects that the private equity firm kept after its divorce from ICM earlier this year.The portfolio sold to a Gotham-based investment firm for north of $150 million. Sources close to the situation confirmed the sale but declined to identify the firm, which is not believed to have a high profile in the showbiz world. Rizvi put the receivables on the market in June (Daily Variety, June 15). The sale effectively severs the firm’s last significant tie to ICM, as future profit participation stakes from the myriad properties in the portfolio will now flow to the new owner. Rizvi bought a sizable interest in ICM in 2005, but conflicting agendas between the investment firm and percentery spurred ICM insiders to mount a management buyout. The agency was rechristened ICM Partners in May (Daily Variety, May 24). The portfolio included the agency’s lucrative stakes in syndie hits including “Two and a Half Men,” “The Big Bang Theory” and “Modern Family,” as well as backend interests in movies, books, theatrical productions and other properties packaged by ICM over 40-plus years, prior to the management buyout. The sale of the portfolio won’t affect backend payments to ICM Partners’ clients, which will still flow to them through the agency. A rep for ICM Partners declined comment on the sale.