Several private equity firms and Hollywood power players, including United Talent Agency and his former 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 became ensnared in controversy earlier this year after his lewd, decades-old emails to Ghislaine Maxwell, an accomplice of child sex offender Jeffrey Epstein, were released as part of the US Justice Department's trove of Epstein files.
The agency's 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 its name to Team last month, is expected to be valued at around $3 billion.
Providence Equity Partners owns the majority stake. The private equity firm has discussed selling the entire company or spinning off Wasserman's minority stake. Providence has also considered selling most of the company and remaining a minority investor, one of the sources said. Another scenario could involve separating and then selling the individual business units that make up the Team.
Providence declined to comment.
Wasserman and Providence's company boasts an enviable roster of musical artists, including Kendrick Lamar, Coldplay and Ed Sheeran. Its sports marketing practice is considered particularly lucrative and has the potential to grow in value as large amounts of money flow into sports that attract large crowds.
Wasserman, who declined to comment, has a veto over any sale of the company he has spent a quarter-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 list.
Whitesell, former CEO of Endeavor, has been motivated to make investments in sports, media and entertainment since last year, when he left the talent agency he and Ari Emanuel built. Whitesell launched a new company with seed capital from private equity firm Silver Lake, and last spring founded WIN Sports Group to represent professional soccer players.
Whitesell was not immediately available for comment.
According to a knowledgeable source, European investment firm Permira has also expressed interest. Permira declined to comment.
The New York Times first reported that Permira, UTA and Whitesell had expressed interest.
The sales process is expected to last until the summer, insiders said. The auction could get especially complicated if Providence decides to unwind the deal.
For example, UTA was unable to buy the entire company because of the Brillstein television unit. The agency is subject to an agreement with the Writers Guild of America that prevents it from owning television productions.
Investment bank Moelis & Company is managing the sale. A representative for the firm declined to comment.
Wasserman is also the president of LA28, the nonprofit group that will host the Summer Olympics in Los Angeles in two years.
Following the revelations of Wasserman's emails with Maxwell in 2003, several musicians and athletes, led by pop artist Chappell Roan and soccer star Abby Wambach, said that to stay true to their values, they were leaving the agency then known as Wasserman.
Wasserman apologized to his staff for “past personal mistakes” and said he would sell the agency.
He had limited dealings with Epstein, flying on the financier's plane along with former President Clinton for a humanitarian trip through Africa in September 2002.
Wasserman, a prolific Clinton fundraiser whose legendary grandfather, Hollywood titan Lew Wasserman, helped the Democrat win the 1992 presidential election, was joined on Epstein's jet by his then-wife, Laura, actor Kevin Spacey, Epstein, Maxwell, who was convicted of sexual abuse in 2021, and others, including security officers.
The executive committee of the LA28 board of directors voted unanimously to keep Wasserman as president, citing his “strong leadership” at the Games.
