Providence Equity Buys Out Wasserman, Takes Full Control Of THE·TEAM; Watts Elevated To CEO

Providence Equity Partners will take full control of THE·TEAM after funding an additional investment that facilitates buying out the remaining interest of Casey Wasserman, the agency’s founder, and becoming its majority owner.

“We’re incredibly excited to further strengthen our partnership with THE·TEAM,” said 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.”

Providence has been a strategic investor in the agency since 2022 and was seen as the linchpin in any deal after Wasserman announced his departure from the agency he founded — and that carried his name — and his intention to sell in February, which followed the Department of Justice’s release of the Epstein files, which tied Wasserman to Jeffrey Epstein associate Ghislaine Maxwell. Those revelations led to sharp criticism from the agency’s clients, who said they would leave the agency. For his part, Wasserman said that he had “become a distraction” and that he intended to focus on his work with the organizing committee for the 2028 Summer Olympics in Los Angeles. Wasserman has not been accused of any wrongdoing.

“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,” Wasserman said in a statement announcing the sale. “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.” 

With Wasserman’s departure — and the subsequent rebrand — Michael Watts, who had been president since 2014, took over day-to-day leadership. Providence and THE·TEAM announced Watts has been elevated to CEO.

Watts confirmed the transaction in a memo sent to employees at 6:55 p.m. Eastern and obtained by Pollstar.

“The sale process was highly competitive, with strong interest from many parties and multiple bidders at the finish line. This outcome is a testament to all of you: the deep relationships you have formed with your clients, the creative guidance that you provide to those partnerships and the innovative ideas that you bring to life together. Your dedication and hard work give our entire leadership team, Providence and me continued high confidence in the trajectory of our business. Importantly, this transaction provides the continuity and resources for us to build on our momentum from the first half of the year and continue to deliver best-in-class service for our clients across sports, music and entertainment,” he wrote in part.

The deal is expected to close in the next 60 days.