The private equity firm’s full takeover of Casey Wasserman’s former agency, reportedly valued at $3.4 billion, now has a board built for dealmaking.
The agency once known as Wasserman has a new owner, and it answers to private equity. THE•TEAM, the sports, music and marketing firm, has named an 11-member board after Providence Equity Partners completed its buyout of founder Casey Wasserman, and four of those seats belong to Providence.
The other seven go to company leadership, TheWrap reported: CEO Michael Watts, CFO Elena Rochelli, Brillstein Entertainment Partners chief Jon Liebman and four senior division heads. Providence is represented by Davis Noell, Greg Brown, Scott Marimow and Ahana Maken, and it plans to add outside directors in the coming months.
Nobody has put a price on the deal. Puck reported in July that it valued the agency at roughly $3.4 billion, after a Moelis-run auction that drew about a dozen bidders, reportedly including United Talent Agency, Permira and New Mountain Capital. Providence, which first invested in 2022 and held about 60%, said it completed an additional investment on Oct. 5, which funded the purchase of Wasserman’s remaining stake.
The sale traces back to February. Wasserman said he would step away after Justice Department documents released in late January showed his 2003 correspondence with Ghislaine Maxwell; he has not been accused of illegal activity. The firm dropped his name in March, and some clients, including Chappell Roan, left.
Big names such as Ed Sheeran and Coldplay stayed, IBTimes reported. THE•TEAM operates in 28 countries and more than 70 cities, and Providence has said it will back “organic growth and strategic M&A.” Watts called the board “an important moment for our company.”
Watch the outside seats, and the first acquisition. Providence has put M&A in the plan, and a reported $3.4 billion price tag needs growth to justify it.
Sources
- Music Business Worldwide – THE•TEAM forms 11-member board after Providence completes buyout of founder Casey Wasserman – https://www.musicbusinessworldwide.com/theteam-forms-11-member-board-after-providence-completes-buyout-of-founder-casey-wasserman/
- TheWrap – The Team Sets Board After Sale to Providence Equity – https://www.thewrap.com/industry-news/business/the-team-board-members-providence-equity-sale/
- Music Business Worldwide – Providence set to fully acquire Casey Wasserman’s THE•TEAM, valuing agency at $3.4B (report) – https://www.musicbusinessworldwide.com/providence-set-to-fully-acquire-casey-wassermans-theteam-valuing-agency-at-3-4b-report/
- Providence Equity Partners – Providence Completes Additional Investment in THE·TEAM – https://provequity.com/news/providence-completes-additional-investment-theteam
- IBTimes UK – Ed Sheeran’s Agency Has Not Been Called Wasserman Since March, and Its Founder Walked Out in February – https://www.ibtimes.co.uk/wasserman-rebrands-team-providence-equity-buyout-1820524
Featured photo: Kelvin Moquete / Unsplash, used under the Unsplash License.
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