Providence Equity Partners has taken an additional investment in global music, entertainment and sport agency The Team.
The investment is designed to facilitate and provide capital for a transaction through which The Team will acquire founder Casey Wasserman's remaining ownership interest. He founded the company 24 years ago.
While multiple rounds of bids were received from prospective buyers and investors, Providence opted to deepen its investment in the business. It first became an investor in 2022.
Financial terms were not disclosed although the agency was reported to be valued at $3.4 billion.
Michael Watts, who has served as president since 2014 and assumed day-to-day control of the company in February, will be elevated to CEO.
"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."
The robust interest in the company throughout this process only reinforced our belief in the business and enthusiasm for its next phase of growth
Davis Noell
"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," said Casey Wasserman. "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."
“As the company's majority investor, Providence will continue to support organic growth and strategic M&A, providing the capital and partnership needed to expand The Team's capabilities across sports, music, and entertainment, supporting the extraordinary talent, brands, and properties the Company is proud to represent,” said a statement.
The transaction is expected to close in the second half of 2026.
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