Ovitz Names Start-Up, Expected to Sign Partners

Michael Ovitz has named his new management-production business Artists Management Group and by today expects to sign a deal with Rick Yorn and Julie Silverman Yorn to be his partners in the new venture, sources confirmed Tuesday afternoon.

Ovitz’s plans have been closely watched by Hollywood, where the co-founder of Creative Artists Agency was once considered the entertainment industry’s most powerful talent broker. He is piecing together a firm that will encompass a number of businesses--including sports--all centered on talent.

He has aggressively been pursuing young talent representatives and production executives to populate his new endeavor. He’s also expected to draw on his long-standing relationships with some of the industry’s more established stars and directors.

After months of intense legal haggling, the Yorns--brother and sister-in-law talent managers who between them represent some of Hollywood’s hottest young movie stars--reached a settlement agreement with Industry Entertainment releasing them from employment contracts that didn’t expire until July.

Sources said 30-year-old Rick Yorn--who represents such stars as Leonardo DiCaprio, Cameron Diaz and Claire Danes--will share the majority stake in the start-up with Ovitz, while Silverman Yorn, 33, who handles such clients as Matt Dillon, Samuel L. Jackson and Steve Buscemi, will have a minority share.

Neither Ovitz nor the Yorns were available for comment.