Providence Equity is seeking to calm the turmoil within Wasserman’s agency after Friday night’s surprise news that the company is up for sale and founder Casey Wasserman is retiring amid uproar over his appearance in the Epstein files.
Casey Wasserman’s standing as a leader in media and sports has been shaken by revelations as part of the Justice Department’s Epstein filings that Wasserman had an intimate relationship with Ghislaine Maxwell in 2003, years before she was convicted of sex trafficking through her long-standing relationship with convicted sex offender Jeffrey Epstein.
Mr. Wasserman’s appearance in the Epstein file document dump caused a firestorm among some of the clients represented by Mr. Wasserman’s sports, marketing and entertainment division, even though his interactions with Mr. Maxwell were consensual. Casey Wasserman, the leader of Los Angeles’ Olympic organizing group LA28, is also facing pressure from political and civic leaders in Southern California to resign from his Olympic post. The controversy comes about 18 months after he navigated a tabloid-driven scandal centered on accusations that he engaged in inappropriate office relationships.
Rhode Island-based Providence Equity became an investor in Wasserman Agency in late 2022 and now owns a majority of the company, including management giant Brillstein Entertainment Partners. Now that Casey Wasserman has stepped down, Providence is understood to be committed to keeping the company intact while considering long-term options. This also includes the possibility of M&A to strengthen and expand our business.
On Friday night, Casey Wasserman named Wasserman President Mike Watts as interim leader during the transition period. On Saturday, Providence pledged its support to Watts and confidence in the department’s future.
“We believe deeply in the strength of our company and have full confidence in Mike, his management team, and our talented employees across the organization,” a Providence Equity spokesperson said. “We remain committed to investing in the company’s growth, expanding its capabilities across sports, music and entertainment, and supporting the extraordinary talent, brands and assets it is proud of.”
In Friday night’s surprise, many talent managers from rival companies rushed to follow Mr. Wasserman’s footsteps in search of opportunities. There was a lot of speculation about whether the industry’s biggest companies (CAA, WME, UTA) would compete for a piece of Wasserman, or whether another rich company would move into Providence.
Several senior representatives remained upset Saturday over Mr. Wasserman’s decision to sell the company. Some were in disbelief that Wasserman had used his farewell note to staff to solidify his job at the Olympics.
“It’s like a child deciding which toys to give up as punishment,” said one veteran film talent agent. But Wasserman’s support to remain at the head of LA28 was confirmed earlier this week when the board released a statement of support. Sources say his biggest supporter on the LA28 board is former DreamWorks CEO Jeffrey Katzenberg. The man is a big name with many connections in local politics and appears to be “fully committed” to overcoming Wasserman’s fall from grace, one source observed.
“He hasn’t broken any laws as far as we know,” a Hollywood dealmaker said on condition of anonymity. “But when you combine this with the scandal from a year ago, you see a pattern of behavior. The vulgarity factor is so high that none of our clients want to go near it.”
It was previously reported that executives from Mr. Wasserman’s sports, music and talent management businesses were in direct negotiations with Providence, Mr. Wasserman’s equity partner, to rescue the assets in one bundle. Although music artists are largely responsible for pressuring Wasserman to step down, it was inevitable that Brillstein Entertainment Partners, which has many actors, would be the subject of intense scrutiny. It’s been just a year since Emma Stone moved to Brillstein with director Doug Wald. In the case of Sidney Sweeney, longtime talent agent Jennifer Miller shifted her focus to management and moved to Brillstein in December. If Casey Wasserman hadn’t given in, there’s no doubt that female stars of Stone and Sweeney would have felt the heat.
