Providence Equity Partners, the majority owner of THE•TEAM (the agency formerly known as Wasserman), is set to acquire full ownership of the company, according to an internal company memo obtained by Billboard on Tuesday (July 28).
“We are pleased to confirm that our sale process has concluded with Providence Equity Partners, our existing investor and partner since 2022, investing additional capital into the company,” reads the memo circulated to staff. “This will support a transaction through which THE•TEAM will acquire Casey’s remaining ownership interest.”
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THE•TEAM did not immediately respond to Billboard‘s request for comment. News of the Providence sale was first reported by Puck.
Wasserman, whose ties with Jeffrey Epstein associate Ghislaine Maxwell were revealed in the Epstein files earlier this year, announced he would be selling his agency in February after several artists on the company’s roster called for his departure and either said they were leaving or threatened to leave amid the scandal — though the full extent of artist departures remains unclear. In March, the agency rebranded as THE•TEAM, removing Wasserman’s name from the company.
Several bidders were in consideration for THE•TEAM, with sources telling Billboard that potential buyers also included UTA, with backing from private equity firm EQT, Patrick Whitesell‘s WIM and Excel Sports Management with Goldman Sachs.
“The sale process was highly competitive, with strong interest from many parties and multiple bidders at the finish line,” reads the internal memo, which adds that the sale is expected to close within the next 45 to 60 days.
Mike Watts assumed the role of interim CEO following Wasserman’s departure. Since 2022, Providence Equity Partners has been a strategic investor in the agency, which is composed of Wasserman Music, Wasserman Sports, the Montag Group, Brillstein Entertainment Partners and the Brands & Properties division. THE•TEAM’s touring roster includes Ed Sheeran, Coldplay, Imagine Dragons, Kendrick Lamar, SZA and Tyler, the Creator. The music team was formed following Wasserman’s acquisition of Paradigm’s music holdings in 2021.
