Private equity giant Providence Equity Partners has made a strategic investment in US-based talent agency Wasserman.
According to the press release, Wasserman Founder, Chairman and CEO Casey Wasserman will continue to hold a controlling ownership stake.
Financial terms of the transaction were not disclosed.
Wasserman said that the investment from Providence will be used to “provide capital to pursue growth initiatives” and “completely acquire RedBird Capital Partners and Madrone Capital Partners.”
Both RedBird and Madrone have now stepped down as investors.
Founded in 2002, Wasserman is a global talent agency focused on sports, music and culture.
Wasserman Music Released in April 2021 with the acquisition Paradigmbusiness representing live music in North America.
Music department buying Paradigm Music UK live music representative business.
Providence, which says it has invested more than $31 billion in more than 170 private equity firms since launching in 1989, also counts concert promoter likes Top notch entertainmentthe Ambassador Group Theater and Soft drink among its portfolio companies.
The private equity firm is also behind Tempo Music, the music rights acquisition platform launched being a partner with Warner Music Group in 2019.
Since it Released in 2019Tempo Music has get a portfolio of rights / income streams from stars including Wiz Khalifa, Twenty One Pilots (via Tyler Joseph), KornFlorida Georgia Line, and renowned producer/musician Philip Lawrence.
In March, citing industry high-level sources, MBW report Tempo Music is planning to sell its music catalog.
Sources now tell MBW that after exploring the market to test the value of the catalog, Tempo and Providence have now decided to maintain ownership of their music copyright portfolio for the foreseeable future as the market matures. development streaming.
“Our preference for service and customer value has led to tangible business success and cultural rewards, and there is no better partner to help us accelerate and expand our business model.” toward this end than Providence.”
Casey Wasserman
Casey Wasserman, said: “I am incredibly proud of the business and, more importantly, the team we have built over the past 20 years.
“Our prioritization of customer service and value has led to tangible business success and cultural rewards, and there is no better partner to help us accelerate and scale our business model.” towards this end than Providence.
“Their long-standing relationship with our executive management team plus their rich experience and established approach to investing across the sports, media and entertainment sectors, and a shared commitment to culture will help accelerate Wasserman’s next phase of expansion.”
“Wasserman is a natural fit for our company and we look forward to working with Casey and the entire Wasserman team to help drive the next phase of Company growth and success.”
Scott Marimow, Providence
“Casey and his team have built a global leader and influential force in representing and marketing sports and music talent, and,” said Scott Marimow, CEO at Providence. they have balanced their rapid expansion with maintaining a customer-first approach and a culture that fosters dedicated, motivated and talented executives and agents.
“Wasserman is a natural fit for our company and we look forward to working with Casey and the entire Wasserman team to help drive the next phase of Company growth and success.”
“Given our strong existing relationships, similar cultures and shared passion for media, sports and entertainment, we are delighted to have reached an agreement to work together.”
Davis Noelle, Providence
“Wasserman has the potential to set the standard for the future of talent representation and branding and marketing consulting,” said Davis Noelle, Senior Managing Director and Co-Director of North America at Providence.
“Given our strong existing relationships, similar cultures and shared passion for media, sports and entertainment, we are delighted to have reached an agreement to work together.
“We are thrilled to be working with the talented Wasserman team to help capitalize on the enormous organic and inorganic opportunities that lie ahead.”Worldwide music business
