Creative Artists Agency (CAA) has finalised its acquisition of ICM Partners (ICM) in a deal reportedly worth $750m (£616m), having first announced an agreement to purchase the talent agency back in September last year.

The deal sees the creation of an entertainment and sports agency powerhouse believed to be worth $5bn (£4.1bn). The delay to the acquisition, which was expected to be completed by the end of 2021, was due to the deal being examined by the Department of Justice.

According to a report in Variety, the deal is likely to see staff cuts across CAA and ICM, which collectively employ 3,200 people across 25 countries.

CAA co-chairmen Kevin Huvane, Bryan Lourd and Richard Lovett said in a statement, “Today marks a new chapter in the history of our company, positioning us better than ever to deliver extraordinary opportunities for many of the world’s preeminent artists, athletes, thought leaders, brands, and organisations in entertainment, sports, and culture.

“We are thrilled to welcome our new ICM colleagues to CAA, and look forward to combining their expertise, relationships, and resources with those of our agents and executives around the world. Our diverse range of clients who entertain and inspire large global audiences have never been in more demand, nor have their opportunities been greater. With today’s addition of our new colleagues, the scope of possibilities for helping clients achieve their goals is limitless.”