Providence Equity Partners has made an additional investment in The Team, a Los Angeles-based sports, music, and talent agency. The capital infusion will enable The Team to acquire the remaining ownership stake held by founder Casey Wasserman. The agency was previously known as Wasserman and received its initial investment from Providence in 2022.

Following the transaction, Michael Watts, who has been president since 2014, will assume the role of CEO. Providence's decision to increase its investment signifies confidence in the company's future growth and the increasing demand for in-person experiences in sports, music, and entertainment.

The transaction is anticipated to conclude in the second half of 2026. Financial and legal advisors for both Providence and The Team, including Casey Wasserman, have been engaged for the deal.