Casey Wasserman Moves to Sell Agency as Providence Equity Partners Invests Further
Casey Wasserman is closer to selling his agency, as Providence Equity Partners has announced an additional investment in The Team (formerly known as Wasserman) to facilitate a buyout of its founder. Michael Watts will step in as CEO once the deal, expected to close later this year, is finalized. Specific terms of the investment were not disclosed.
Providence reportedly held about a 60% stake in the agency as of this past April, according to the Wall Street Journal.
Davis Noell, Senior Managing Director and Co-Head of North America at Providence, expressed enthusiasm for the partnership, highlighting robust interest in the company and the anticipated growth in demand for in-person experiences across various entertainment sectors.
The firm stressed its commitment to expanding The Team’s capabilities through this investment.
Several major entities, including WME, CAA, and Goldman Sachs, sought to acquire The Team, with most interested in its entire roster, which includes high-profile talents and various consultancies.
Wasserman expressed pride in the agency’s achievements over its 24-year history, stating that its true success is measured by its ability to thrive independently. He conveyed gratitude for the team’s efforts, confidence in the agency’s future, and acknowledged the universal appeal of sports, music, and entertainment.
