RESOLVING THE LEDGER
This is one outlet's own report from Billboard — the article as it was filed. Other outlets are covering the same event; open the full story to compare every source side by side.
See the full story · 1 sources
Providence Equity Partners, the majority owner of THE•TEAM (the agency formerly known as Wasserman), is set to acquire full ownership of the company, according to an internal company memo sent to THE•TEAM staff and obtained by Billboard on Tuesday (July 28). Providence confirmed the news in a press release sent shortly thereafter.
“We are pleased to confirm that our sale process has concluded with Providence Equity Partners, our existing investor and partner since 2022, investing additional capital into the company,” reads the memo circulated to staff. “This will support a transaction through which THE•TEAM will acquire Casey’s remaining ownership interest.”
Related
Casey Wasserman’s Name Appears In the Epstein Files. What’s Next For His Namesake Agency?
Chris Brown Pleads Guilty to Lesser Charge of 'Affray' in 2023 London Club Assault Case
Soulja Boy Requests DNA Test for Son With Ex Jackilyn Martinez
The press release adds that Mike Watt — who had served as president at Wasserman since 2014 and assumed day-to-day control of the agency after founder Casey Wasserman announced he would sell it in February — has been promoted to CEO, effective upon the transaction’s close. Financial terms of the deal were not divulged.
News of the Providence sale was first reported by Puck .
Wasserman, whose ties with Jeffrey Epstein associate Ghislaine Maxwell were revealed in the Epstein files earlier this year, announced his intention to sell after several artists on the company’s roster called for his departure and either said they were leaving or threatened to leave amid the scandal (the full extent of artist departures remains unclear). In March, the agency rebranded as THE•TEAM , removing Wasserman’s name from the company.
Several bidders were in consideration for THE•TEAM, with sources telling Billboard that potential buyers also included UTA, with backing from private equity firm EQT, Patrick Whitesell ‘s WIM and Excel Sports Management with Goldman Sachs.
“The sale process was highly competitive, with strong interest from many parties and multiple bidders at the finish line,” reads the internal memo, which adds that the sale is expected to close within the next 45 to 60 days.
“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,” said Wasserman in a statement included in the press release. “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.”
“We’re incredibly excited to further strengthen our partnership with THE•TEAM,” added Davis Noell , senior managing director and 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.”
Providence Equity Partners has been a strategic investor in the agency — which is composed of Wasserman Music, Wasserman Sports, the Montag Group, Brillstein Entertainment Partners and the Brands & Properties division — since 2022. THE•TEAM’s touring roster includes Ed Sheeran, Coldplay, Imagine Dragons, Kendrick Lamar, SZA and Tyler, the Creator. The Wasserman music team was formed following Wasserman’s acquisition of Paradigm’s music holdings in 2021.
AIPROPX is an independent multi-source news index — we track, compare, and connect coverage from across the web into one place you won't find anywhere else.