Providence Equity Partners is set to become the sole owner of THE•TEAM, the sports and entertainment agency formerly known as Wasserman, according to an internal memo confirming that the company's sale process has concluded. The deal marks the culmination of a sale first announced in February by founder Casey Wasserman, after several artists on the agency's roster called for his departure or threatened to leave once his ties to Jeffrey Epstein associate Ghislaine Maxwell emerged in the Epstein files. The transaction cements the agency's break from its founder, following its rebrand in March that removed the Wasserman name entirely.

The memo, obtained by Billboard, states that Providence—an investor in the firm since 2022—is putting in additional capital to buy out Wasserman's remaining ownership stake, describing the process as "highly competitive" with multiple bidders reaching the final stages, reportedly including UTA (backed by EQT), Patrick Whitesell's WIM, and Excel Sports Management (with Goldman Sachs). The sale is expected to close within 45 to 60 days. Mike Watts has been serving as interim CEO since Wasserman's exit, and the agency's divisions include Wasserman Music, Wasserman Sports, the Montag Group, Brillstein Entertainment Partners and its Brands & Properties arm, with a touring roster featuring Ed Sheeran, Coldplay, Kendrick Lamar and SZA.