Wasserman Providence investment pushes founder buyout ahead
Providence Equity Partners is adding money to THE•TEAM, formerly Wasserman, to help buy out founder Casey Wasserman’s stake.
By Poppy Nakagawa · Culture Writer
3 min read
The Wasserman Providence investment is moving Casey Wasserman closer to the exit at the agency he founded 24 years ago, with Providence Equity Partners announcing new financing for THE•TEAM, the company formerly known as Wasserman.
Providence said the additional investment will help THE•TEAM buy out Wasserman’s stake. Financial terms were not disclosed, and the deal is expected to close later this year.
Michael Watts is set to become chief executive officer of the agency when the transaction is completed, according to Providence’s announcement.
The Wall Street Journal reported that Providence already held about 60% of the agency as of April. The latest move keeps the private equity firm in the driver’s seat after a sale process that drew attention from major names in talent, media and finance.
What is happening with Wasserman and Providence?
Providence is putting more money into THE•TEAM so the agency can buy out founder Casey Wasserman. Once the transaction closes, Wasserman is set to depart and Michael Watts will take over as CEO.
Davis Noell, senior managing director and co-head of North America at Providence, said the firm was encouraged by the attention the company received during the process.
“We’re incredibly excited to further strengthen our partnership with THE•TEAM,” Noell said in the announcement. He added that interest in the company “reinforced our belief in the business and enthusiasm for its next phase of growth.”
Providence also said its investment reflects confidence in long-term demand for live experiences across sports, music and entertainment, along with the brands, talent and partnerships tied to those events.
In the same announcement, Providence said it plans to provide “the capital and partnership needed to expand THE•TEAM’s capabilities.”
Who else looked at THE•TEAM?
Deadline previously reported that several possible buyers showed interest in THE•TEAM, including WME, CAA, Range Media Partners, UTA, Goldman Sachs and multiple equity firms.
According to Deadline, most of the interested parties were looking at the broader company, including Brillstein Entertainment Partners, the business that was once Paradigm Talent Agency, and its consulting operations.
The company’s rebrand from Wasserman to THE•TEAM came as the sale process was under way, Deadline reported earlier this year.
What did Casey Wasserman say?
Wasserman said he was leaving with pride in the company’s growth from its beginnings as Wasserman Media Group.
“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.
He described the company as a global business powered by its staff and trusted by major 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,” he said.
Wasserman also pointed to the agency’s core fields as a reason for optimism. “Sports, music, and entertainment are the languages the whole world speaks, and THE•TEAM’s future is bright,” he said.
This story draws on original reporting from Deadline.