Following Casey Wasserman‘s recent announcement that he is putting his agency up for sale, Providence Equity has issued a statement in support of Mike Watts’ leadership in the time of change and overall future of the company.
In a statement shared with The Hollywood Reporter, a Providence spokesperson said, “We believe deeply in the strength of the Company and have full confidence in Mike and the leadership team, as well as in the exceptional employees across the organization. We remain fully committed to investing in its growth, expanding its capabilities across sports, music, and entertainment, and supporting the extraordinary talent, brands, and properties the Company is proud to represent.”
Wasserman sent a memo to staffers Friday night where he revealed he’d be selling the agency. The news follows a wave of backlash surrounding correspondence between the former CEO and Ghislaine Maxwell in the recently released Epstein files.
In his message to staff, he wrote that he had “become a distraction” to the company’s efforts, which “is why I have begun the process of selling the company, an effort that is already underway.” Wasserman also noted that Watts will “assume day-to-day control of the business while I devote my full attention to delivering Los Angeles an Olympic Games in 2028 that is worthy of this outstanding city.“
The private equity firm Providence Equity Partners took a stake in Wasserman in November 2022. A knowledgable source told THR on Friday Wasserman was facing pressure from Providence amid artist revolt. Earlier this week, Chappell Roan, Orville Peck, Wednesday, Best Coast and John Summit announced they were either exiting or threatening to depart unless Wasserman stepped down.
“No artist, agent or employee should ever be expected to defend or overlook actions that conflict so deeply with our own moral values,” Roan wrote in a post on Feb. 9. “I refuse to passively stand by.”
Despite the controversy, the Los Angeles Olympics Committee board issued a statement in support of the mogul on Wednesday.
“LA28 takes allegations of misconduct seriously, and our Board is committed to thoroughly reviewing any concerns related to the organization’s leadership,” the exec committee said. “Mr. Wasserman fully cooperated with the review. We found Mr. Wasserman’s relationship with Epstein and Maxwell did not go beyond what has already been publicly documented.”
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