Providence Equity Partners Set to Purchase THE-TEAM
The private equity firm currently owns 60% of the business
Providence Equity Partners has announced plans to take full control of THE-TEAM, the global talent agency formerly known as Wasserman. The private equity firm will be purchasing former CEO Casey Wasserman’s share of the company after he stepped down in February amid [his association with Jeffrey Epstein](https://newindustryfocus.com/articles/casey-wasserman-to-sell-his-talent-agency).
The deal:
Providence currently owns around 60% of THE-TEAM.
Purchasing Wasserman’s share will give them full control.
The deal values the agency at $3.4 billion.
According to the report initially published in Puck, the transaction has yet to be closed. Finalization is expected “in the coming weeks.”
Background:
Other potential buyers included United Talent Agency (UTA) as well as private equity firms Permira and New Mountain Capital.
Wasserman has reportedly signed a non-compete agreement as part of the sale.
👋 Disclosures & Transparency Block
This article was written with information sourced from Music Business Worldwide.
We covered it because THE-TEAM is one of the major agencies.
