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In what marks a quiet end to what had been billed as a frenzied auction, Casey Wasserman is formally exiting his namesake management and production company that he founded nearly a quarter century ago.
The mogul confirmed on Tuesday that he sold his stake in Wasserman (since rebranded as The Team in March) to Providence Equity Partners, which had held a majority in the company since buying in 2022.
“The truest measure of anything you build is whether it can thrive beyond you — and that was always my goal when I founded what was then called the Wasserman Media Group 24 years ago,” stated Wasserman. “What began as a small agency with big ambitions is today a global leader. The Team is powered by extraordinary people and trusted by the world’s greatest talent, brands, and properties. I leave with pride in what we created together, gratitude for those who made it possible, and confidence in what comes next. Sports, music, and entertainment are the languages the whole world speaks, and The Team’s future is bright.”
“We’re incredibly excited to further strengthen our partnership with The Team,” added Davis Noell, senior managing director, co-head of North America at Providence. “The robust interest in the Company throughout this process only reinforced our belief in the business and enthusiasm for its next phase of growth. Our additional investment also reflects our conviction in the long-term growth in demand for in-person experiences across sports, music, and entertainment and the brands, talent, and partnerships that bring those moments to life.”
More to come.
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https://www.hollywoodreporter.com/business/business-news/casey-wasserman-sells-stake-the-team-providence-equity-1236658638/
Erik Hayden
Almontather Rassoul
