Providence makes strategic investment in talent agency Wasserman

Private equity giant Providence Equity Partners has made a strategic investment in US-based talent agency Wasserman.

According to a press release, Wasserman’s Founder, Chairman and CEO Casey Wasserman will continue to retain a controlling ownership stake.

Financial terms of the transaction were not disclosed.

Wasserman says that the investment from Providence will be used “to provide capital to pursue growth initiatives” and to “fully redeem RedBird Capital Partners and Madrone Capital Partners”.

Both RedBird and Madrone have now exited as investors.

Founded in 2002, Wasserman is a global talent agency focused on sports, music and culture.

Wasserman Music launched in April 2021 with the acquisition of Paradigm’s North American live music representation business.

The music division acquired Paradigm Music UK’s live music representation business.

Providence, which says it has invested over $31 billion across more than 170 private equity portfolio companies since it launched in 1989, also counts the likes of concert promoter Superstruct Entertainment, the Ambassador Theatre Group and Sweetwater amongst its portfolio companies.

The Private equity firm is also behind Tempo Music, the music rights acquisition platform launched in partnership with Warner Music Group in 2019.

Since it launched in 2019, Tempo Music has acquired a catalog of rights / income streams from stars including Wiz Khalifa, Twenty One Pilots (via Tyler Joseph), Korn, Florida Georgia Line, and hit songwriter/producer Philip Lawrence.

In March, citing senior industry sources, MBW reported that Tempo Music is planning to sell its music catalog.

Sources now tell MBW that having explored the market to test the value of the catalog, Tempo and Providence have now decided to maintain ownership of their music rights portfolio for the foreseeable future as the streaming market grows.

“Our prioritization of client service and values has resulted in tangible business success and cultural rewards, and there is no better partner to help us accelerate and scale this purpose-driven model than Providence.”

Casey Wasserman

Casey Wasserman, said: “I am incredibly proud of the business, and more importantly the team we have built over the past 20 years.

“Our prioritization of client service and values has resulted in tangible business success and cultural rewards, and there is no better partner to help us accelerate and scale this purpose-driven model than Providence.

“Their long relationship with our executive management group plus their extensive experience and established investment approach across the sports, media and entertainment sectors, and a shared commitment to culture will help accelerate the next phase of Wasserman’s expansion.”

“Wasserman is a natural fit with our firm, and we look forward to partnering with Casey and the entire Wasserman team to help fuel the Company’s next phase of growth and success.”

Scott Marimow, Providence

Scott Marimow, Managing Director at Providence said: “Casey and his team have built a global leader and influential force in sports and music talent representation and marketing, and they have balanced their rapid expansion with maintaining a client-first approach and culture that cultivates dedicated, motivated and talented executives and agents.

“Wasserman is a natural fit with our firm, and we look forward to partnering with Casey and the entire Wasserman team to help fuel the Company’s next phase of growth and success.”

“With our strong existing relationship, similar cultures and shared passion for media, sports, and entertainment, we are pleased to have reached this agreement to partner together.”

Davis Noell, Providence

Davis Noell, Senior Managing Director and Co-Head of North America at Providence, said: “Wasserman has the potential to set the bar for the future of talent representation and brand and marketing consultancy.

“With our strong existing relationship, similar cultures and shared passion for media, sports, and entertainment, we are pleased to have reached this agreement to partner together.

“We are excited to work with the talented Wasserman team to help capitalize on the tremendous organic and inorganic opportunities ahead.”Music Business Worldwide