Providence Equity Partners is reportedly close to buying Casey Wasserman’s remaining stake in THE•TEAM, giving the private-equity firm full ownership of the sports, music and entertainment agency. The deal would value the company at about $3.4 billion and follows a sale process launched after Wasserman stepped back amid scrutiny over historic correspondence with Ghislaine Maxwell.

Providence already owns roughly 60% of THE•TEAM; the unsigned deal, overseen by Moelis & Company, is expected to close within weeks after attracting around a dozen bidders. THE•TEAM employs about 4,000 people, including 400 in Wasserman Music, which represents major acts such as Kendrick Lamar, SZA, Coldplay and BLACKPINK; Wasserman will reportedly sign a non-compete agreement while remaining chair of LA28.