Photo Credit: Scott Graham
Providence Equity will gain full ownership of The Team, formerly Wasserman, as Casey Wasserman sells his ownership stake.
Casey Wasserman confirmed on Tuesday that he had sold his stake in The Team (the talent agency that officially changed its name from Wasserman earlier this year) to Providence Equity.
The deal is due to close in the second half of the year, subject to customary closing conditions. The financial details were not disclosed, but analysts had previously estimated a valuation of $3.4 billion. Mike Watts, the veteran executive who stepped into an interim CEO role in February, will be named CEO.
“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.
“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 talents, 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.”
It’s an ending to a chapter that began in February, after Casey Wasserman stepped down and announced his intention to sell the company. The move followed immense backlash over his connection to convicted sex trafficker Jeffrey Epstein associate Ghislaine Maxwell, also a convicted sex trafficker.
The Team said it saw multiple rounds of bids from prospective buyers, including United Talent Agency and Patrick Whitesell’s WIN. Providence first invested in the company in 2022 and already owns approximately 60% of the agency.
“We’re incredibly excited to further strengthen our partnership with The Team,” said Providence’s North America co-head and Senior Managing Director Davis Noell. “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.”
The firm’s buyout will see Providence continue to support “organic growth and strategic M&A opportunities,” providing the capital necessary to help The Team expand across its existing realms.
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