Bidders Including UTA and Private Equity Firms Submit Proposals for Wasserman Agency Sale

Several private equity firms and Hollywood power players, including United Talent Agency and Patrick Whitesell, have expressed interest in buying parts of Casey Wasserman’s music and sports management firm after it abruptly went up for sale, the Los Angeles Times reported.

The agency auction is in the early stages, according to three people close to the process but not authorized to comment. Several interested parties submitted proposals to meet a preliminary deadline in the auction earlier this week, two of the sources said.

The sales process is expected to stretch into summer, the knowledgeable people said. The company changed its name to The Team last month. The company is expected to be valued at around $3 billion. Providence Equity Partners holds the majority stake in the company.

Providence Equity Partners has discussed selling the entire company or carving off Wasserman’s minority interest. Providence Equity Partners 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.

The company boasts a 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, the Los Angeles Times reported. Wasserman has a veto right over any sale of the company.

Wasserman has spent a quarter century building the company. Investment bank Moelis & Company is managing the sale. UTA is among the most aggressive suitors, the sources said. The Team’s sports marketing and music representation divisions would boost UTA’s profile and client roster.

For example, UTA could not buy the entire company because of the Brillstein television unit, as the agency is bound by an agreement with the Writers Guild of America that prevents it from owning television production, the Los Angeles Times reported. Patrick Whitesell left Endeavor last year. Patrick Whitesell launched a new firm with seed money from private equity firm Silver Lake.

Patrick Whitesell started WIN Sports Group last spring to represent professional football players. European investment firm Permira has expressed interest, according to a knowledgeable source. The New York Times first reported that Permira, UTA and Whitesell had expressed interest.

Justice Department’s trove of Epstein files. Following revelations of Wasserman’s 2003 emails with Maxwell, several musicians and athletes led by Chappell Roan and Abby Wambach said they would leave the agency then known as Wasserman.

Wasserman apologized to his staff for past personal mistakes. Wasserman had limited dealings with Epstein, flying on the financier’s jet along with former President Clinton for a September 2002 humanitarian trip through Africa.

Wasserman was joined on Epstein’s jet by his then-wife Laura, actor Kevin Spacey, Epstein, Maxwell and others including security agents. Ghislaine Maxwell was convicted of sexual abuse in 2021. Casey Wasserman remains chairman of the 2028 Los Angeles Olympics organizing committee.

Wasserman is the chairman of LA28, the nonprofit group staging the Summer Olympics in Los Angeles in 2028. LA28 board’s executive committee unanimously voted to keep Wasserman as chairman, citing his strong leadership of the Games.