Casey Wasserman exits talent agency THE*TEAM as Providence Equity takes full ownership in private-equity deal
Founder's departure follows Epstein-related tension and artist pressure; Michael Watts named CEO as The Team rebrand closes sale.
The transaction
Providence Equity Partners, which acquired a majority stake in Wasserman's agency in 2022, is investing additional capital to acquire founder Casey Wasserman's remaining ownership interest. The agency, rebranded as THE*TEAM in March, will buy Wasserman's shares with that capital. The deal follows a months-long sale process that drew multiple bidders and is expected to close within 45 to 60 days of the July 28 announcement.
The robust interest in the Company throughout this process only reinforced our belief in the business and enthusiasm for its next phase of growth.
Context of the sale
Wasserman's decision to sell was announced in February after ties to Jeffrey Epstein associate Ghislaine Maxwell surfaced in unsealed court documents earlier this year. Several artists on the roster called for his departure and threatened to leave, Billboard reported. The agency dropped his name in March, rebranding as THE*TEAM.
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.
Competitive bidding
The sale drew interest from strategic and financial buyers. According to an internal memo obtained by Billboard, potential suitors included UTA with backing from private equity firm EQT, Patrick Whitesell's WIM, and Excel Sports Management with Goldman Sachs. Providence's existing relationship and confidence in the business ultimately led it to deepen its investment rather than allow a rival to take control.
- Casey Wasserman founds Wasserman Media Group.
- Providence Equity Partners acquires majority stake.
- Wasserman announces decision to sell his stake amid artist pressure.
- Agency rebrands as THE*TEAM, dropping Wasserman's name.
- Providence announces full acquisition and Michael Watts as incoming CEO.
- Transaction expected to close.
Leadership transition
Michael Watts, who has served as president since 2014 and assumed day-to-day control in February, will become chief executive officer upon closing. He has been with the company since its founding in 2002. Davis Noell, senior managing director and co-head of North America at Providence, said the additional investment reflects conviction in the long-term growth of in-person experiences across sports, music, and entertainment.
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.
