Following the transition, Michael Watts—who has served as president since 2014—will step into the role of Chief Executive Officer. Watts, an original member of the company’s leadership team, has managed day-to-day operations since February. His appointment signals a strategy of continuity as the agency shifts from founder-led ownership to private equity control.
In section Releases
Casey Wasserman Exits as Providence Equity Deepens Stake in THE•TEAM
Casey Wasserman is divesting his remaining ownership in the global entertainment agency he founded 24 years ago, clearing the path for Providence Equity Partners to increase its stake in the business. The transaction, which concludes a competitive bidding process, marks a definitive shift in leadership for the firm.
Providence first entered the company’s capital structure in 2022. Davis Noell, co-head of North America at Providence, cited the firm’s sustained belief in the demand for live sports, music, and entertainment experiences as the primary driver for the additional investment. The deal, expected to close in the second half of 2026, will provide the company with fresh capital to pursue further organic growth and strategic acquisitions. While financial terms remain undisclosed, the move solidifies Providence’s position as the majority investor, tasking the current management team with scaling the agency’s presence across its 28-country footprint.
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