RESOLVING THE LEDGER
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In a quiet end to what had been billed as a frenzied auction, Casey Wasserman is formally exiting his namesake management company that he founded nearly a quarter century ago.
The mogul confirmed on Tuesday that he sold his stake in Wasserman (since rebranded as The Team in March) to Providence Equity Partners, which had held a majority of the company since buying in 2022. The deal close is expected in the second half of this year. As part of the sale, Mike Watts, the veteran exec who stepped in to steady the ship in February, will be named CEO.
The move caps a sale process that was announced in February and began in earnest in April when the first round of bids to buy the company were submitted to investment bank Moelis & Co. The company said it saw multiple rounds of bids from prospective suitors. United Talent Agency and Patrick Whitesell's WIN were among the bidders that kicked the tires.
"The truest measure of anything you build is whether it can thrive beyond you — and that was always my goal when I founded what was then called the Wasserman Media Group 24 years ago," stated Wasserman on Tuesday. "What began as a small agency with big ambitions is today a global leader. The Team is powered by extraordinary people and trusted by the world's greatest talent, brands, and properties. I leave with pride in what we created together, gratitude for those who made it possible, and confidence in what comes next. Sports, music, and entertainment are the languages the whole world speaks, and The Team's future is bright."
The mogul, who is exiting his role at the management firm for an undisclosed sum but is staying on to lead Los Angeles' Olympic Games effort in 2028, faced an artist rebellion at his day job after being named in a tranche of Department of Justice documents related to convicted sex trafficker Jeffrey Epstein and accomplice Ghislaine Maxwell in late January.
More than 20 artists said they were dropping Wasserman while, behind the scenes, agents were caught in an awkward predicament as the company's name became a liability in the moment. Wasserman apologized for the flirtatious messages with Maxwell in 2003 but weeks later, as the scandal didn't abate, conceded, "I have become a distraction" to the company's business and pledged to sell his stake.
The new owner, Providence, is the same as the old one, given the firm had already boosted the fortunes of the the-named Wasserman when it invested in Nov. 2022 to take the place of prior backers RedBird Capital and Madrone Capital Partners.
The Team is now home to a powerhouse sports representation unit, a notable music agency group built from an acquisition of Paradigm's music division, as well as production-management firm Brillstein, a marketing services unit and more properties. Since founding Wasserman in 2002, the company has rolled up multiple boutique agencies and had 4,000 employees as of earlier this year.
"We're incredibly excited to further strengthen our partnership with The Team," added Davis Noell, senior managing director, co-head of North America at Providence. "The robust interest in the Company throughout this process only reinforced our belief in the business and enthusiasm for its next phase of growth. Our additional investment also reflects our conviction in the long-term growth in demand for in-person experiences across sports, music, and entertainment and the brands, talent, and partnerships that bring those moments to life."
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