Providence Equity is set to buy the remaining portion of Casey Wasserman’s rebranded talent agency in a deal that is expected to close later this year, signaling a new chapter for the sports and entertainment company.
Terms of the acquisition were not revealed when the news was announced late Tuesday night, but published reports last week suggested Wasserman’s portion of the agency could be worth $3.4 billion.
Wasserman said in a joint statement with Providence that he would part ways with the 40 percent of the agency that he still owned after announcing in February that he was stepping down as leader of the brand he founded in 2002.
“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,” Wasserman said. “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.”
Providence purchased 60 percent of the agency in 2022 and terms of that deal were not disclosed. Wasserman is the chairman of LA28 and is leading the effort to shape the 2028 Olympics. He was named in the federal government’s files on Jeffery Epstein and Ghislaine Maxwell in January and faced a wave of backlash within his own agency and from several of the company’s high profile clients with Chappell Roan and soccer star Abby Wambach later parting ways with the firm.
After publicly apologizing to his 4,000-person staff in February, Wasserman said he was leave the agency and sell his stake. But he has remained at his post with the LA28 organizing committed despite calls from Los Angeles mayor Karen Bass to step down. Wasserman said he had no plans of vacating his post and has received the backing of LA28 CEO CEO Reynold Hoover, the U.S. Olympic and Paralympic Committee and was cleared by he committee’s board of any wrongdoing that would impact his ability to serve as chair.
“The board has taken their position — they support him and I support him,” Hoover said in February. “We’ve got a great leadership team here at LA28. Just look at the results.”
In the wake of the fallout, Providence quickly began preparing for internal transition as agency president Michael Watts took over the company and will be the new CEO once the deal is formalized. The agency was rebranded as The Team in March and talk of an outright sale of the company surfaced, with United Talent Agency, private equity firms Bruin Capital, Permira and Arctos, with former Endeavor chairman Patrick Whitesell, Chris Gilibert, Alexis Ohanian all rumored to be submitting bids.
The Team now looks ahead to a clearer roadmap while Wasserman is closer to having little connection to the brand he built into an entertainment powerhouse.
“We’re incredibly excited to further strengthen our partnership with The Team,” Davis Noell, senior managing director and co-head of North America at Providence said. “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.”
Watts and Providence have been aggressive at shoring up a client roster The Team that includes Coldplay, Kendrick Lamar, Ed Sheeran, Pharrell, Lorde and Imagine Dragons, with sports stars like Klay Thompson, Giancarlo Stanton, Alex Morgan, Megan Rapinoe, Paige Bueckers and Rickie Fowler. Repairing the agency’s image began with the rebrand and will take a major leap with Wasserman officially out of the mix.
Providence said on Tuesday it will put its continued support behind The Team’s leadership and focus on infusing capital into the agency as it plans broader expansion across sports, music and entertainment.
