Company Town

* Agencies: International Creative Management is exploring the possibility of selling a piece of the talent agency to further trim its debt and provide additional working capital, sources close to the agency confirmed. Prompted by favorable market conditions, ICM recently asked its investment banking firm, Furman Selz, to explore various financing options. The Hollywood trade publication Daily Variety reported Monday that the agency might sell up to a 25% stake. ICM was taken private in 1988 through a leveraged buyout, with ICM partners subsequently buying out former principal Marvin Josephson.

* Radio: Evergreen Media Corp. said it signed a definitive agreement to acquire privately held Pyramid Communications Inc. for $306.5 million in cash plus an adjustment for net working capital. The Irving, Tex.-based company said that with its purchase of Pyramid, which owns 12 radio stations in five markets, it will enter Philadelphia and Boston--giving it a presence in all of the nation’s Top 10 radio markets--and add stations in Chicago; Buffalo, N.Y., and Charlotte, N.C. Proceeds from the sale will be used to retire Pyramid’s debt, satisfy other obligations and redeem preferred stock, with the remaining funds being distributed to Pyramid shareholders, Evergreen said.