Providence Equity Partners is reportedly finalizing a deal to take full control of THE•TEAM, the sports, music and entertainment agency formerly known as Wasserman.
The private-equity firm already owns around 60% of the business and is set to buy out founder Casey Wasserman‘s remaining stake.
That’s according to Puck‘s Matt Belloni, who reported the development on Thursday (July 23), citing two people familiar with the situation.
The transaction values THE•TEAM at approximately USD $3.4 billion, according to the report.
The deal has not yet been signed and is expected to close in the coming weeks, Puck added.
Rather than bring in a new outside co-owner, Providence has opted to increase its investment and take sole control of the agency.
The process was overseen by investment bank Moelis & Company.
The months-long auction drew roughly a dozen bidders, according to Puck, including talent agency United Talent Agency. Others kicking the tires included two private-equity firms: Permira plus New Mountain Capital, the home of BMI.
Wasserman, who has reportedly agreed to a noncompete agreement as part of the transaction, remains Chairman of the LA28 organizing committee for the 2028 Los Angeles Olympic Games.
The sale process began in February, when Wasserman announced he would step away from the company and explore a sale of his ownership stake.
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.
Maxwell was sentenced in 2022 to 20 years in prison for conspiring with Epstein to abuse minors.
The correspondence took place before Maxwell’s crimes came to light, and Wasserman has not been accused of any illegal activity in connection with the documents.
In a statement issued shortly before he stepped down, Wasserman said: “I deeply regret my correspondence with Ghislaine Maxwell,” adding that it occurred “long before her horrific crimes came to light.”
“I never had a personal or business relationship with Jeffrey Epstein… I am terribly sorry for having any association with either of them,” Wasserman said.
A number of the agency’s clients cut ties in the wake of the disclosures, including Grammy-winning artist Chappell Roan.
The LA28 executive committee separately reviewed Wasserman‘s past interactions earlier this year and voted unanimously to keep him in the role.
Wasserman rebranded as THE•TEAM in March.
THE•TEAM‘s operations span sports representation, music, brand marketing and talent-management firm Brillstein Entertainment Partners, which it acquired in 2023 and whose clients include Brad Pitt and Russell Crowe.
Its music clients include Kendrick Lamar, SZA, Travis Scott, Kenny Chesney, Coldplay, BLACKPINK, Noah Kahan, Tyler, the Creator and Fred again..
Casey Wasserman, the grandson of entertainment mogul Lew Wasserman, founded the agency in 2002.
He moved into music in 2021 with the acquisition of Paradigm Talent Agency‘s North American live music representation business, which became Wasserman Music.
Providence first invested in Wasserman/THE•TEAM in 2022 and has since grown its holding to a majority.
Providence‘s involvement in music extends beyond talent representation.
In 2019, the firm launched Tempo Music Investments in partnership with Warner Music Group, a fund created to acquire recorded music and publishing catalogs.
Tempo went on to acquire rights and income streams tied to artists including Wiz Khalifa, Florida Georgia Line and Twenty One Pilots‘ Tyler Joseph.
Warner Music Group acquired a majority stake in Tempo in February 2025, in a deal that valued the fund at more than $450 million, with Providence retaining a minority holding.
Moelis & Company, the bank overseeing the THE•TEAM sale, also advised Providence on that transaction.
Providence‘s ties to Warner Music Group stretch back further still: it was part of the investor group that acquired the company from Time Warner in 2004.Music Business Worldwide