Providence Equity is aiming to calm the waters within the Wasserman agency after Friday night’s surprise news that the firm will be put up for sale and founder Casey Wasserman will leave amid the furor over his appearances in the Epstein files.
Casey Wasserman’s position as a leader in media and sports has been rocked by revelations as part of the Justice Department’s Epstein files disclosures that Wasserman had an intimate relationship with Ghislaine Maxwell in 2003, years before she was convicted of sex trafficking through her long association with convicted sex offender Jeffrey Epstein.
Wasserman’s appearance in the Epstein files document dump, despite the consensual nature of his exchanges with Maxwell, has set off a firestorm among some of the clients represented by Wasserman’s sports, marketing and entertainment units. As the leader of Los Angeles’ Olympics organizing body, LA28, Casey Wasserman has also come under pressure from Southern California political and civic leaders to step down from his Olympics post. This controversy comes about 18 months after he weathered a tabloid-driven scandal revolving around accusations that he engaged in inappropriate office relationships.
Rhode Island-based Providence Equity became an investor in the Wasserman agency in late 2022 and now owns a majority of the firm, which encompasses management heavyweight Brillstein Entertainment Partners. Now, as Casey Wasserman leaves, Providence is understood to be committed to keeping the company intact while it considers options for the long haul. That includes M&A possibilities to enhance and expand its operations.
On Friday night, Casey Wasserman named Wasserman president Mike Watts as the company’s interim leader during the transition. On Saturday, Providence pledged its support for Watts and its faith in the agency’s future.
“We believe deeply in the strength of the company and have full confidence in Mike and the leadership team, as well as in the exceptional employees across the organization,” a Providence Equity spokesman said. “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.”
The Friday night surprise sent plenty of talent reps at rival firms pouring over Wasserman’s imprints to look for opportunities. There was much speculation about whether the industry’s largest firms — CAA, WME, UTA — will contend for any parts of Wasserman, or whether another monied player will jump in with Providence.
Multiple high-ranking agents were still reeling Saturday over Wasserman’s decision to divest in his company. Others were incredulous that Wasserman used his parting memo to his staff as an attempt to solidify his Olympics gig.
“It’s like a child deciding which toy he’ll give up as punishment,” said one veteran motion picture talent agent. Yet Wasserman’s favor to stay atop LA28 was sealed earlier this week when the board issued a statement of support. His biggest advocate on the LA28 board, multiple sources said, is former DreamWorks chief Jeffrey Katzenberg — a mogul with plenty of local political connections who seems “hellbent” on breaking the fall for Wasserman, one source observed.
“He hasn’t violated any law that we know of,” said a top Hollywood dealmaker, speaking on the condition of anonymity. “But when you couple this with the scandal from a year ago, you see a pattern of behavior. The sleaze factor is too high, and no client wants to be near that.”
Leadership in Wasserman’s sports, music and talent management businesses were previously reported to be negotiating directly with Casey Wasserman’s capital partner Providence, in an effort to rescue the assets as one bundle. While Wasserman’s music artists were largely responsible for pressuring him to step away, the actor-heavy Brillstein Entertainment Partners would inevitably have come under scrutiny. It’s only been a year since Emma Stone moved to Brillstein with manager Doug Wald. Much less for Sydney Sweeney, whose longtime talent agent, Jennifer Millar, made the pivot to management and relocated to Brillstein in December. There’s no doubt that female stars the stature of Stone and Sweeney would have felt the heat had Casey Wasserman not bowed out.
