Casey Wasserman is one step closer to walking away from the empire he built, and Providence Equity Partners is putting up the money to make it happen. The private equity firm announced today that it has made an additional investment in The Team, the agency formerly known as Wasserman, to fund a buyout of its founder. When the transaction closes later this year, Michael Watts will step into the chief executive officer role. Financial terms were not disclosed, though the Wall Street Journal reported back in April that Providence already held roughly a sixty percent stake in the company.
Davis Noell, senior managing director and co-head of North America at Providence, said the firm was energized by what it saw during the process. The robust interest from potential buyers throughout the sale effort only reinforced Providence’s belief in the business and its appetite for what comes next. Noell pointed to the long-term growth in demand for live experiences across sports, music, and entertainment as a driving force behind the additional capital commitment.
And there was no shortage of interest. WME, CAA, UTA, Range Media Partners, Goldman Sachs, and several other equity firms all circled the agency at various points. Nearly every suitor wanted the whole package, which includes A-lister heavy Brillstein Entertainment Partners, the remnants of Paradigm Talent Agency, various consultancies, and more under one roof.
For his part, Wasserman framed his departure as the fulfillment of a goal he set when he founded the Wasserman Media Group twenty-four years ago. He said the truest measure of anything you build is whether it can thrive beyond you, and he expressed pride in what the small agency with big ambitions became over more than two decades. The Team now operates as a global leader powered by extraordinary people and trusted by some of the world’s greatest talent, brands, and properties.
