Providence Equity Partners is set to take full ownership of THE•TEAM (formerly Wasserman), buying out founder Casey Wasserman's remaining stake. The private equity firm, already the sports, music and entertainment agency's majority investor, confirmed on 28 July 2026 that it would make an additional investment to complete the buyout rather than bring in a new outside partner, valuing the company at roughly $3.4 billion. The deal follows Wasserman's announcement in February that he intended to sell after facing scrutiny linked to historic correspondence with Ghislaine Maxwell, which had prompted some clients, including Chappell Roan, to leave the agency.

Michael Watts, who has been President since 2014 and took over day-to-day management in February, will become Chief Executive once the transaction closes, expected in the second half of 2026. Financial terms were not disclosed, though Providence said the sale process attracted multiple rounds of bidder interest before it chose to increase its own stake. Wasserman founded the agency in 2002; it dropped his name and rebranded as THE•TEAM in March. Providence, which first invested in 2022 and had built its stake to about 60%, is a Rhode Island-based firm that says it has deployed over $40 billion across more than 180 portfolio companies.