Report: Providence To Take Full Control of THE•TEAM

Casey Wasserman

Providence Equity Partners is set to take full control of THE•TEAM, according to Puck's Matt Belloni, ending months of speculation over the future ownership of the sports, music and entertainment agency formerly known as Wasserman.

In February, founder Casey Wasserman announced he would step away from the business and explore a sale of his ownership stake following the surfacing of decades-old email exchanges with disgraced Jeffrey Epstein associate Ghislaine Maxwell. In the wake of multiple client defections, the company rebranded as THE•TEAM in March.

Now, Belloni reports that Providence—which already owns a 60% stake—is finalizing a deal to acquire Wasserman's remaining interest rather than bringing in a new outside buyer.

The transaction values THE•TEAM at approximately $3.4b. The deal has not yet been signed and is expected to close in the coming weeks.

Roughly a dozen bidders initially pursued the company, including rival agency UTA and private equity firms Permira and New Mountain Capital. The process, overseen by Moelis, ultimately shifted course as Providence reconsidered bringing in a new co-owner and instead opted to increase its investment.

Per Puck, Wasserman himself has also agreed to a noncompete agreement as part of the transaction. He will continue in his role as chairman of the LA28 Olympic Games organizing committee.

THE•TEAM's portfolio spans sports representation, music, brand marketing and Brillstein Entertainment Partners, whose client roster includes a guy named Brad Pitt. If completed, the deal would leave Providence as the agency's sole controlling owner.

Wasserman employs 4,000 people, 400 of whom work for the music agency. The company’s music clients include Kendrick Lamar, SZA, Travis Scott, Kenny Chesney, Coldplay, BLACKPINK, Noah Kahan, Tyler, the Creator and Fred Again...

Wasserman, the grandson of legendary Hollywood mogul Lew Wasserman, entered the music space when he purchased the live music business of Paradigm Talent Agency in 2021. Wasserman Media President Mike Watts assumed day-to-day control of the business pending the sale.