Providence Equity Partners Announces Additional Investment in THE•TEAM to Support Acquisition of Founder's Ownership Interest
Providence Equity Partners is deepening its investment in THE•TEAM to fund founder Casey Wasserman's exit, with President Michael Watts set to become CEO.
NEW YORK, July 28, 2026. Providence Equity Partners L.L.C. ("Providence"), a leading middle-market private equity firm with deep sector expertise in media, communications, and education, and THE•TEAM (the "Company"), a leading global sports, music, and entertainment company, today announced an additional investment by Providence in the Company. 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 in the Company (the "Transaction").
Today's announcement marks the successful completion of a comprehensive sale process in which multiple rounds of bids were received from prospective buyers and investors. Through that process, Providence further strengthened its conviction in THE•TEAM's strategy, leadership, and long-term growth prospects and elected to deepen its investment in the business.
Providence first invested in THE•TEAM in 2022 and has since partnered with the management team to drive significant organic and inorganic growth, and this outcome underscores Providence's understanding of the Company's differentiated position in the marketplace, its culture, and the strength of its client relationships.
Wasserman, who founded the then-eponymous agency in 2002 and led its growth into a global marketing and talent representation business for over two decades, announced his decision to sell earlier this year.
Michael Watts, who has served as President since 2014 and assumed day-to-day control of the Company in February, will be elevated to Chief Executive Officer of THE•TEAM, effective upon Transaction close.
Davis Noell, Senior Managing Director, Co-Head of North America at Providence, said: "We're incredibly excited to further strengthen our partnership with THE•TEAM. The robust interest in the Company throughout this process only reinforced our belief in the business and enthusiasm for its next phase of growth."
Casey Wasserman commented: "The truest measure of anything you build is whether it can thrive beyond you: that was always my goal when I founded what was then called the Wasserman Media Group 24 years ago. THE•TEAM is powered by extraordinary people and trusted by the world's greatest talent, brands, and properties."
The Transaction is expected to close in the second half of 2026, subject to customary closing conditions. Financial terms were not disclosed.
J.P. Morgan Securities LLC is serving as exclusive financial advisor to Providence. Kirkland & Ellis LLP is serving as Providence's legal counsel. Moelis & Company LLC is serving as exclusive financial advisor to THE•TEAM.
About Providence Equity Partners L.L.C.
Providence Equity Partners L.L.C. is a leading middle-market private equity firm with deep sector expertise in media, communications and education focused on North America and Europe. Founded in 1989 in Providence, Rhode Island, the firm has invested over $40 billion across more than 180 portfolio companies. To learn more, please visit www.provequity.com.
About THE•TEAM
THE•TEAM is proud to provide representation and marketing services to talent, brands and properties across 28 countries and more than 70 cities worldwide.
SOURCE Providence Equity Partners L.L.C.