(CNS) – Creative Artists Agency announced Monday it is purchasing ICM Partners, combining two of Hollywood’s four main talent agencies.

The transaction is expected to close later this year for an undisclosed price, according to CAA and ICM company officials.

“The strategic combination of CAA and ICM bolsters our collective resources, expertise and relationships to deliver even more opportunities for our world-class clients to build their careers and their brands across multiple disciplines and platforms in an evolving marketplace,” CAA company officials Bryan Lourd, Kevin Huvane and Richard Lovett wrote in a statement.

“Our strong financial position enables us to continue to expand and diversify our businesses, with service and representation remaining central to what we do and who we are,” they said. “We’re fortunate to have a partner in ICM who shares our commitment to the widest and most inclusive vision possible for what our clients and company can accomplish together.”

ICM CEO Chris Silbermann will join CAA’s shareholder board as part of the acquisition.

“We’re thrilled to partner and combine forces with the talented CAA team,” he said in a statement. “Together, we will build upon our accomplishments and entrepreneurial spirit, and continue to demonstrate an unwavering commitment to the best interests of our clients, as well as empowering new, diverse voices within the industry.”

Both renowned companies were originally founded in 1975 and represent thousands of the world’s leading actors, directors, writers, producers, musical artists, comedians, authors, athletes, coaches, broadcasters, teams, leagues, chefs, designers, fashion talent, consumer brands and more.

ICM Partners — originally called International Creative Management — recently came under scrutiny after some former employees described alleged mistreatment by their managers to the Los Angeles Times. The paper’s investigation highlighted numerous allegations of harassment and other misconduct against women by several male agents and executives.

ICM told The Times that the company “does not tolerate harassment, bullying or other inappropriate conduct. HR investigates all reports received and addresses each with appropriate disciplinary measures up to and including dismissal.”

Two Major Hollywood Talent Agencies Set to Merge