The list of prospective buyers for Casey Wasserman’s stake in The Team, formerly Wasserman, is “likely to be whittled down in the coming weeks” as the sale process remains “in its early stages,” according to sources cited by Toonkel & Thomas of the WALL STREET JOURNAL. Initial bids were “due Monday” as part of a process managed by investment bank Moelis & Co. The sale of Wasserman’s agency following the release of email exchanges with convicted sex offender Ghislaine Maxwell that appeared in the Epstein files “drew interest from private-equity firms and big Hollywood investors. Sources mentioned that a potential deal “could involve all or part of the agency, which could be valued at around” $3B. A source added that The Team’s annual earnings before interest, taxes, depreciation and amortization “are around” $200M. Sources noted that suitors “include the investment firms Permira, New Mountain Capital and TA Associates, United Talent Agency and former Endeavor Chair Patrick Whitesell” (WALL STREET JOURNAL, 4/21).
BIDDING PROCESS: In L.A., Meg James cited sources as saying that the auction of the agency is “in the early stages.” Sources added that earlier in the week, several interested parties “submitted proposals to meet a preliminary deadline in the auction.” Sources indicated that UTA is “among the most aggressive suitors.” The Team’s sports marketing and music representation divisions would “dramatically boost the Beverly Hills agency’s profile and client roster” (L.A. TIMES, 4/21).
