The sports and music agency Wasserman will get a new name after embattled founder Casey Wasserman divests his stake, TheWrap has exclusively learned.
Discussions are already underway at Providence Equity Partners, which currently holds more than 60% of the sports and talent agency, to give the firm a new moniker after its founder and namesake has formally completed his exit, a person with knowledge of the plans told TheWrap on Sunday.
Wasserman’s piece of the company is roughly 40%, and it was not yet clear whether it would be sold to Providence or a third party.
Providence said Sunday that it supports the embattled sports and talent rep’s leadership transition after Wasserman announced plans to step away and sell his stake. People close to the situation tell TheWrap that Wasserman has handed over the reins to Mike Watts and left the agency’s day-to-day operations.
Wasserman said he would step down and sell his stake of the company following fallout from emails in 2003 that suggested a sexual relationship with Ghislaine Maxwell, years before her conviction for sex trafficking linked to financier Jeffrey Epstein. The revelations sparked walkouts from clients across Wasserman’s sports, marketing and entertainment divisions, including pop star Chappell Roan and soccer player Abby Wambach.
Providence, a Rhode Island-based private equity firm that became a majority investor in Wasserman in late 2022, said it will keep its position and supports the current leadership structure.
“We believe deeply in the strength of the Company and have full confidence in Mike [Watts] and the leadership team, as well as in the exceptional employees across the organization,” Providence said in a statement shared with TheWrap. “We remain fully committed to investing in its growth, expanding its capabilities across sports, music, and entertainment, and supporting the extraordinary talent, brands, and properties the Company is proud to represent.”
Wasserman named company president Mike Watts as interim leader on Friday night, a move Providence endorsed. The CEO and founder announced the decision in a memo to staff in which he apologized for his “past personal mistakes.”
“I believe that I have become a distraction,” he wrote. “That is why I have begun the process of selling the company, an effort that is already underway. During this time, Mike Watts will assume day-to-day control of the business while I devote my full attention to delivering Los Angeles an Olympic Games in 2028 that is worthy of this outstanding city.”
The sudden announcement prompted widespread speculation across Hollywood and the sports representation business as rival agencies began closely examining Wasserman’s roster for potential opportunities.
The LA28 board, which is overseeing the upcoming Los Angeles Olympics, said earlier this week that it will continue backing Wasserman as chair. Some political leaders in Southern California have called for his resignation, citing reputational concerns for the Olympic movement.
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