Wasserman, one of the world’s largest sports and entertainment agencies, has retained the investment bank Moelis & Co. To manage a sale, according to multiple reports confirmed on Monday. The move comes less than two weeks after founder Casey Wasserman announced he would step down as CEO and divest his stake in the company following the surfacing of past email correspondence with Ghislaine Maxwell, a close associate of convicted sex offender Jeffrey Epstein.
The agency, valued by Forbes at over $2 billion as of last July, manages an estimated $9.52 billion in playing contracts for 4,360 athletes and generates roughly $956 million in maximum commissions, ranking it second among sports agencies globally. Providence Equity Partners currently holds a 60% share in Wasserman, with Casey Wasserman owning the remaining 40%.
Moelis & Co. Has a proven track record in agency sales, having recently advised on Excel Sports Management’s acquisition by Goldman Sachs, as well as deals involving Athletes First and United Talent Agency. The firm also previously advised Wasserman in its 2023 acquisition of Brillstein Entertainment Partners.
The decision to sell Wasserman follows a period of intense scrutiny after the release of the Epstein files revealed emails between Wasserman and Maxwell dating back to 2003. More than 25 artists have publicly expressed concerns or severed ties with the agency in the wake of the revelations, including Grammy-winning singer Chappell Roan.
The fallout has extended beyond the agency’s client roster. Los Angeles Mayor Karen Bass publicly called for Wasserman to resign from his leadership position with the LA28 Olympics Committee, telling CNN earlier this week that “my opinion is that he should step down.” Despite the mayor’s call, the LA28 board has so far continued to support Wasserman remaining in his role.
The International Olympic Committee (IOC) has offered limited comment on the situation. When asked for its stance on Wasserman’s continued involvement with LA28, IOC spokesperson Mark Adams stated earlier this week, “I understand there are many conversations happening at this moment but I will not build any further comment. This is obviously a matter for the board of LA28 still at this stage.”
Potential suitors for Wasserman include rival agencies such as Creative Artists Agency (CAA), UTA, and WME, as well as private equity firms including Bruin Capital and Arctos, which was recently acquired by KKR. Moelis is also currently advising Netflix on its proposed takeover of Warner Bros Discovery and handling the sale of the San Jose Earthquakes of Major League Soccer.
