Providence Equity Partners is set to take full control of THE•TEAM, the sports, music and entertainment agency formerly known as Wasserman.
The private equity firm, already THE•TEAM’s majority investor, will make an additional investment to fund the buyout of founder Casey Wasserman’s remaining ownership interest, the companies confirmed on Tuesday (July 28).
The transaction values THE•TEAM at approximately USD $3.4 billion, according to a report last week by Puck’s Matt Belloni.
Michael Watts, who has served as President since 2014 and assumed day-to-day control of the business in February, will be elevated to Chief Executive Officer when the deal closes.
Providence did not disclose financial terms, and the transaction is expected to close in the second half of 2026, subject to customary closing conditions.
Providence said the deal completes a sale process that drew multiple rounds of bids from prospective buyers and investors, with the firm opting to raise its own investment and take sole ownership rather than bring in a new partner.
“We’re incredibly excited to further strengthen our partnership with THE•TEAM,” said Davis Noell, Senior Managing Director and 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.”
DAVIS NOELL, PROVIDENCE EQUITY PARTNERS
“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,” Noell said.
Wasserman said: “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.”
“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.”
CASEY WASSERMAN
“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.”
Wasserman founded the then-eponymous agency in 2002 and announced his decision to sell earlier this year.
He put the company up for sale in February, telling staff he had “become a distraction.” His decision followed the release of US Department of Justice documents in late January that included correspondence from 2003 between Wasserman and Ghislaine Maxwell, an associate of Jeffrey Epstein.
Wasserman has not been accused of any wrongdoing in relation to Epstein or Ghislaine Maxwell.
Several clients left the agency amid the fallout, among them Grammy-winning artist Chappell Roan, who said in a statement that “artists deserve representation that aligns with their values and supports their safety and dignity.”
The company dropped the Wasserman name in March, rebranding as THE•TEAM.
Providence first invested in the agency in 2022 and has since grown its holding to a majority, which reports put at around 60%.
Founded in Providence, Rhode Island, in 1989, the firm says it has invested over $40 billion across more than 180 portfolio companies.
In 2019, Providence launched Tempo Music Investments in partnership with Warner Music Group, a fund set up to buy recorded music and publishing catalogs.
Tempo acquired rights and income streams tied to artists including Wiz Khalifa, Florida Georgia Line and Twenty One Pilots’ Tyler Joseph.
Warner Music Group acquired a controlling stake in Tempo in February 2025, in a deal understood to have valued the fund at more than $450 million, with Providence retaining a minority holding.
Within THE•TEAM, the music business operates as Wasserman Music, launched in 2021 through the acquisition of Paradigm Talent Agency’s North American live music representation business.
As majority investor, Providence said it will continue to support organic growth and M&A across THE•TEAM’s operations in sports, music and entertainment.
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