Casey Wasserman Reportedly In Talks To Acquire Paradigm Music Assets (Updated)

Buda Mendes/GettyImages – Casey Wasserman
Chairman of Los Angeles 2028 Casey Wasserman smiles questions to media during a joint press conference between IOC, Paris 2024 and LA2028 during the131th IOC Session – 2024 & 2028 Olympics Hosts Announcement at Lima Convention Centre on September 13, 2017 in Lima, Peru.

Paradigm Talent Agency is reported to be in talks to sell its music assets to Casey Wasserman, grandson of the legendary Lew Wasserman and a sports and entertainment mogul in his own right.

Variety reports that this is not necessarily new – the discussions have been “on-again, off-again” for a while and yet have not “moved to the term-sheet phase” as of Wednesday evening.

Paradigm, hit hard by the shuttering of the music business caused by COVID-19, recently furloughed some 250 employees and last summer failed to complete another deal to be acquired by United Talent Agency.

Chairman Sam Gores announced in April he would forego salary for the reminder of the year as well as establish a $1.1 million employee relief fund. He also announced Paradigm had secured funding to restore pay cuts and move forward.

The source of the funding was “confidential,” according to a Paradigm spokesman. However, several sources told Pollstar the source is Gores’ brother, Tom Gores, who founded Platinim Equity, a private equity. Variety reports that Wasserman has been “courted” by Tom Gores to acquire the agency assets.

Paradigm did not respond to a request for comment.

If the deal is made, Paradigm’s music department would join an empire of sports and entertainment built by Wasserman, chairman and CEO of Wasserman Media Group. He spearheaded the successful effort by the City of Los Angeles to secure the 2028 Olympic Games.

UPDATE — Sam Gores issued the following to Paradigm staff after reports of talks with Wasserman appeared in many media outlets, including Pollstar, May 20:

Dear Colleagues,

By now most of you have seen stories in the media that Casey Wasserman is in talks to purchase Paradigm, and that the deal is nearly done. Let me be clear: these stories are not accurate. There is no agreement to sell Paradigm, nor is any sale imminent.

The agents at Paradigm and the talent they represent have built this agency into an industry leader. Despite the difficult environment that nearly every company in the entertainment industry has faced and is facing due to the coronavirus, we have made good progress in stabilizing and strengthening our agency. This progress is in no small part due to the hard work and dedication of our team. I want you to know how much I appreciate your efforts.

We are always looking for ways to further build and grow our company. This is nothing new. What is new, in my view, is that this environment has created unique opportunities, and we are – as you might expect—looking at a number of them.

Don’t let rumors or speculative reporting upset or distract you. We are the best at what we do because we remain focused on our clients. And this is how we will continue to thrive and succeed.

If there is something to report, be assured you will hear it from us. In the meantime, stay safe, healthy, and focused.

Sam