Overview
- Casey Wasserman and majority owner Providence Equity Partners have retained Moelis & Company to advise a formal sale of the sports and entertainment firm.
- In a Feb. 13 memo to roughly 4,000 employees, Wasserman said he would step down as CEO and sell his stake to focus on LA28, whose board has backed him and noted no criminal allegations.
- The announcement followed scrutiny from 2003 email exchanges with Ghislaine Maxwell and a wave of client departures that included Chappell Roan, John Summit and Laufey.
- Industry reporting points to likely interest from strategic and financial bidders, with CAA, UTA, WME, Patrick Whitesell’s WTSL, Bruin Capital and KKR’s Arctos viewed as potential suitors.
- Ownership is reported at about 60% for Providence and 40% for Wasserman, with a Forbes estimate valuing the company above $2 billion and the sports unit generating $266 million in 2024 revenue.