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Providence Nears $3.4bn Deal for The Team
July28
Providence Equity is reportedly close to acquiring full ownership of The Team, the global sports, music and entertainment company formerly known as Wasserman, in a transaction valuing the business at approximately $3.4 billion.
The US private equity firm already owns around 60% of The Team after investing in the company in 2022. No final agreement has yet been signed, according to reports.
Music Agency Included in Proposed Deal
The proposed transaction would include The Team’s global music representation division, which now operates as Music·Team and was previously known as Wasserman Music.
The division represents artists across touring, festivals, live performances, brand partnerships and career development, making it a significant part of the wider agency group.
Paradigm Acquisition Created Wasserman Music
Wasserman entered the music agency sector in April 2021 through the acquisition of Paradigm Talent Agency’s North American live music representation business.
The operation was subsequently launched as Wasserman Music with more than 130 employees and a roster that included Billie Eilish, Coldplay, Ed Sheeran, Imagine Dragons, Dave Matthews Band, Kenny Chesney, Kacey Musgraves and Skrillex.
The North American business acquired from Paradigm had itself been assembled through a series of agency acquisitions and partnerships.
These included Monterey Peninsula Artists, New York-based Little Big Man, electronic music specialist AM Only and The Windish Agency. Paradigm also incorporated businesses including Ellis Industries and Third Coast Artists into its music division.
Coda Deal Expanded European Presence
Wasserman Music expanded internationally in 2022 by acquiring Paradigm’s UK live music representation business.
The London operation had originated as Coda Agency, which was founded in 2002 by agents including Alex Hardee, Tom Schroeder, Dave Hallybone and James Whitting.
Coda entered a partnership with Paradigm in 2014 and was fully incorporated under the Paradigm name in 2019.
Its acquisition by Wasserman reunited the UK team with its former Paradigm colleagues in North America and established Wasserman Music as a global booking agency.
The combination brought together several prominent independent agency businesses under one organisation, with representation across rock, pop, electronic music, hip-hop, country and alternative music.
Music Division Rebranded
Following the wider company’s rebranding from Wasserman to The Team in March 2026, Wasserman Music became Music·Team.
The change formed part of the company’s efforts to distance the business from founder Casey Wasserman following controversy surrounding him.
Providence Builds Entertainment Portfolio
Founded in 1989, Providence Equity specialises in investments across media, communications, technology and education.
Its sports and entertainment investments have included Ironman, Learfield, venue design company Populous, Soccer United Marketing and the YES Network.
Providence’s reported move to acquire the remaining shares in The Team would represent a change in strategy after the firm was previously reported to be considering selling its existing stake.
Continued Consolidation in Talent Representation
The proposed transaction would represent another major ownership change in the international talent representation sector.
CAA was sold in 2023, Excel Sports Management was acquired by Goldman Sachs, Octagon’s parent company changed ownership, and WME Group was taken private as part of the restructuring of Endeavor.
The Team is reportedly expected to generate approximately $215 million in adjusted EBITDA this year. Investment bank Moelis was appointed to oversee the sale process.
Representatives for The Team and Moelis declined to comment, while Providence had not responded to requests for comment.
Casey Wasserman remains chair of the organising committee for the Los Angeles 2028 Olympic and Paralympic Games. The proposed Providence transaction is also reported to include a non-compete agreement for Wasserman, although further details have not been disclosed.
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