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Several private equity firms and Hollywood power players, including United Talent Agency and longtime agent Patrick Whitesell, have expressed interest in buying parts of Casey Wasserman’s music and sports management firm after it abruptly went up for sale.
Wasserman becameensnared in controversy earlier this yearafter his salaciousdecades-old emails to Ghislaine Maxwell, an accomplice of child sex offender Jeffrey Epstein, were released as part of the U.S. Justice Department’s trove of Epstein files.
The agency auction is in the early stages, according to three people close to the process but not authorized to comment.
Earlier this week, several interested parties submitted proposals to meet a preliminary deadline in the auction, two of the sources said.
The company, which changed itsname to the Team last month, is expected to be valued at around $3 billion.
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Providence Equity Partners holds the majority stake. The private equity firm has discussed selling the entire company or carving off Wasserman’s minority interest. Providence also has considered selling the bulk of the firm and staying on as a minority investor, one of the sources said. Another scenario could involve separating, then selling the individual business units that make up the Team.
Providence declined comment.
Wasserman and Providence’s company boasts an enviable roster of music artists, including Kendrick Lamar, Coldplay and Ed Sheeran. Its sports marketing practice is viewed as particularly lucrative and has potential to grow in value as big dollars flow into sports that draw large crowds.
Wasserman, who declined to comment, has a veto right over any sale of the company that he has spent a quarter of a century building.
UTA, which also declined to comment, is among the most aggressive suitors, the sources said. The Team’s sports marketing and music representation divisions would dramatically boost the Beverly Hills agency’s profile and client roster.
Hollywood Inc.
Casey Wasserman’s agency is now called ‘The Team.’ Wasserman and his investors are trying to sell his former namesake firm.
