New York-based private equity firm Crestview Partners LP acquired a one-third minority stake in Los Angeles-based talent agency ICM Partners LLC for about $150 million, Deadline reported, citing unnamed sources.

Financial terms were not disclosed, but ICM confirmed that it will retain a majority holding, with Crestview Partners becoming a minority owner, Deadline reported.

ICM will use the investment capital to fund its domestic and international expansion, the publication noted.

Sheppard Mullin Richter & Hampton, Latham & Watkins and Lazard were advisers to ICM, while Davis Polk & Wardwell was the adviser to Crestview on the transaction.