Casey Wasserman Sells Stake in Wasserman Media Group to Providence Equity, Ending 24-Year Tenure

In a quiet conclusion to a widely publicized auction, Casey Wasserman is formally stepping away from his Wasserman Media Group, which he established nearly 24 years ago.

The entrepreneur confirmed on Tuesday that he sold his stake in Wasserman—rebranded as The Team in March—to Providence Equity Partners, which had held a majority since its 2022 acquisition. The transaction is expected to close in the latter half of this year. As part of the deal, Mike Watts, the executive who assumed leadership in February, will assume the CEO role.

The sale process, announced in February and intensified in April with the first round of bids submitted to investment bank Moelis & Co., attracted multiple offers. United Talent Agency and Patrick Whitesell’s WIN were among the suitors who evaluated the company.

“The true test of anything you build is whether it can endure beyond you,” Wasserman stated on Tuesday. “What began as a small agency with ambitious goals is now a global leader. The Team is driven by exceptional people and trusted by the world’s top talent, brands, and properties. I leave with pride in what we achieved together, gratitude for those who supported us, and confidence in the future. Sports, music, and entertainment are universal languages, and The Team’s prospects are strong.”

The mogul, who is stepping back from his role at the management firm for an undisclosed amount but will continue leading Los Angeles’ 2028 Olympic Games effort, faced backlash from artists after appearing in Department of Justice documents linked to convicted sex trafficker Jeffrey Epstein and accomplice Ghislaine Maxwell in late January.

Over 20 artists announced they would stop working with Wasserman, while behind-the-scenes agents struggled with the company’s name becoming a liability. Wasserman apologized for past flirtatious messages with Maxwell in 2003 but later admitted, “I have become a distraction” to the business and vowed to sell his stake.

Providence Equity, the new owner, is the same entity that previously invested in Wasserman in November 2022, replacing prior backers RedBird Capital and Madrone Capital Partners.

The Team now includes a robust sports representation division, a music agency built from Paradigm’s music acquisition, production-management firm Brillstein, and additional services. Since founding Wasserman in 2002, the company has expanded through acquisitions and employed 4,000 people as of early this year.

“We’re thrilled to deepen our partnership with The Team,” said Davis Noell, senior managing director and co-head of North America at Providence. “The strong interest during this process only reinforced our belief in the company and enthusiasm for its next growth phase. Our additional investment reflects our confidence in the rising demand for in-person experiences across sports, music, and entertainment, along with the brands, talent, and partnerships that create these moments.”

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