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The Wasserman Auction Heats Up
Let the auction begin // Image by Kait Cunniff with DALL-E
Everyone from AAA talent firms to newly launched media shingles is making bids for the management giant formerly known as Wasserman (now rebranded as The Team).
Why It Hits: The Team controls one of the biggest, most starry rosters across sports and music, repping superstars like Coldplay, Kendrick Lamar, and soccer MVP Alex Morgan. Selling the company as a whole would set the stage for what could be the biggest bidding war ever in the talent-representation space. But the possibility of a breakup, with parts sold to multiple suitors, could set off a year of disparate dealmaking.
Behind The Curtain: After a two-month deadline, offers for The Team are officially in.
United Talent Agency, Patrick Whitesell’s WIN Sports Group, private equity firm Permira, and a bidding group that includes Reddit co-founder Alexis Ohanian and Avail co-founder Chris Giliberti have all made bids.
Suitors were able to submit offers for the entire company, just embattled founder Casey Wasserman’s stake, or any of its individual businesses. Wasserman (along with bank Moelis & Co.) will then decide which offers to entertain.
For context: the full company, which generates $900 million in annual earnings, is expected to be valued north of $3 billion. Meanwhile, the sports division (the second-largest in the industry after CAA) could be worth roughly a third of that.
Closing Thoughts: Casey Wasserman had little choice but to explore a sale after his name surfaced in the Epstein files, which included past, flirtatious email exchanges with Epstein co-conspirator Ghislaine Maxwell. While the LA28 Olympics Committee elected to keep him as the head of that organization, the talent he represents hasn’t been as forgiving — high-profile acts like Chappell Roan, Laufey, and Local Natives headed for the exit.
Prediction: Wasserman and Moelis would likely prefer to sell the whole company outright. But recent acquisitions like Paradigm’s music division and the Brillstein Entertainment film and TV management company may attract broader interest and be easier to spin off first.
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Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.