Wasserman Agency Renamed as Founder Casey Wasserman Sells Stake

The Wasserman Agency is poised for a rebranding following the exit of its founder, Casey Wasserman. This shift comes as Wasserman transfers his stake in the agency amidst controversy linked to his past conduct. The agency is now primarily backed by Providence Equity Partners, which has held over 60% ownership since late 2022.

Leadership Transition at Wasserman Agency

Casey Wasserman, who held approximately 40% of the agency, has begun the process of divesting his stake. Discussions are in progress regarding the firm’s rebranding, initiated after Wasserman’s decision to step away from leadership. Mike Watts, previously the company president, has been appointed as the interim leader to oversee daily operations.

Controversial Past and Client Reactions

Wasserman’s departure is attributed to the fallout from emails dating back to 2003, suggesting he had a sexual relationship with Ghislaine Maxwell. This situation resurfaced in light of Maxwell’s later conviction for sex trafficking in connection to Jeffrey Epstein. The revelations led to public walkouts from various clients in Wasserman’s sports and entertainment sectors, including notable figures like singer Chappell Roan and soccer star Abby Wambach.

Providence Equity Partners’ Support

• Providence Equity Partners is firm in its support of the current leadership and growth plans.
• They have expressed confidence in Mike Watts and his team.
• The firm aims to invest further in enhancing capabilities across sports, music, and entertainment.

In a statement, Providence remarked on its commitment to the agency’s future and the exceptional talent it represents. They aim to drive growth while maintaining the agency’s reputation and client relationships.

Looking Toward the Future

In an internal memo, Casey Wasserman acknowledged his previous personal mistakes, stating that his presence had become a distraction. He emphasized that his focus would now shift towards delivering an exemplary Olympic experience for Los Angeles in 2028. Meanwhile, the LA28 board has continued to support Wasserman in his role as chair.

This sudden transition is being closely monitored by rival agencies, who are reevaluating Wasserman’s roster for potential opportunities. The ongoing discussions surrounding the agency’s new name and direction signal a significant shift in the landscape of sports and entertainment representation.