Casey Wasserman is one step closer to selling his agency.
Providence Equity Partners today announced an additional investment in The Team (formerly Wasserman) to help the agency buy out its founder. Michael Watts will become the agency’s chief executive officer when the transaction closes. That is expected later this year. Terms were not dicslosed.
Also per the Wall Street Journal, Providence already had about a 60% stake in the agency this past April.
“We’re incredibly excited to further strengthen our partnership with THE•TEAM,” said 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.”
Providence also said in a statement that it is committed to “providing the capital and partnership needed to expand THE•TEAM’s capabilities.”
Among the entities that sought to make the Team their own were WME, CAA, Range Media Partners, UTA, Goldman Sachs and a smattering of equity firms. Almost all of the potential bidders are interested in the whole shebang: A-lister heavy Brillstein Entertainment Partners, what was once the Paradigm Talent Agency, the various consultancies and more.
Wasserman said he will leave with pride in what the company has become.
“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,” he 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.”
