US-based sports and entertainment talent agency Wasserman has completed its acquisition of Paradigm Talent Agency’s North American live music representation business and launched a new division called Wasserman Music.
Los Angeles-based Paradigm revealed in March that it had agreed to sell its music division to Wasserman, led by Chairman and CEO Casey Wasserman, following reports back in May last year that they were in talks.
The new business, according to a media release, “will open with a strong balance sheet, more than 130 employees, and plans to expand assertively as the live entertainment business rebounds in 2021 and 2022”.
Artists on Wasserman Music’s roster include Kenny Chesney, Coldplay, Billie Eilish, Imagine Dragons, The Lumineers, Dave Matthews Band, Janelle Monáe, Kacey Musgraves, Old Dominion, Phish, Ed Sheeran, Lorde and others.
Structurally, Wasserman says that the division will be operated as a unit of the larger Wasserman organization and will be led by Casey Wasserman, his existing executive management team, and what the release describes as “a seasoned group of executive agents”.
Marty Diamond, Jonathan Levine, Jackie Nalpant, Sam Hunt, Corrie Martin, Lee Anderson, and Matt Rodriguez will focus on executive oversight of the business on a day-to-day basis.
Meanwhile, Tom Windish, Joe Rosenberg, and Lori Feldman will round out the team to provide business development, operational, and marketing support, as well as expertise and connectivity in operating and integrating all branded entertainment.
Wasserman says that, while the formation of Wasserman Music marks the agency’s “foray into artist representation”, the new company will draw on the larger Wasserman organization’s “marketing and analytics pedigree” to advise and activate strategies for its clients.
Wasserman Music and Wasserman say that they will coordinate on what they call a “Music meets Method model” whereby artists’ touring activities, content and partnerships will be supported by analytic and insight platforms.
In a statement confirming the sale of its north American music business to Wasserman last month, Paradigm CEO Sam Gores called the agreement “a win for all parties and a vital step on the restructuring path we embarked upon more than a year ago”.
Paradigm was impacted by halted activities in the live music sector due to Coronavirus in 2020 and in March last year it started preparing to lay off over 100 members of staff.
Gores reportedly intended for the lay-offs to be “temporary” but by September the agency confirmed that 180 employees would be losing their jobs permanently.
Wasserman was represented by Sullivan & Cromwell LLP and Manatt, Phelps & Phillips, LLP. J.P. Morgan Securities LLC acted as Wasserman’s exclusive financial advisor.
Paradigm was represented by Venable LLP.
“It’s both thrilling and bittersweet to reach this agreement, transition to a new era for Paradigm, and initiate a stabilizing solution during a global pandemic that has created an existential crisis for our industry.”
Sam Gores, speaking in MArch
Added Gores in a statement issued last month: “It represents an important transition for the incredible music agents of Paradigm and the artists they so brilliantly serve.
“We are huge fans of Casey Wasserman and the company he’s built, and I am very pleased that he and his team will be at the helm of this important business line.
“It’s both thrilling and bittersweet to reach this agreement, transition to a new era for Paradigm, and initiate a stabilizing solution during a global pandemic that has created an existential crisis for our industry.”
“This is a dynamic opportunity to create new collaborations between the family of brands and talent that Wasserman currently represents in a meaningful and impactful way, and I am excited to get started.”
Casey Wasserman
Casey Wasserman said: “I have worked side-by-side with this remarkable group of people to build a blueprint for success and I am continually impressed with their tenacity and care for both their clients and the business.
“But most important is our shared commitment to cultivating a culture of forward progress so this new business appropriately reflects the artists and fans we serve.
“This is a dynamic opportunity to create new collaborations between the family of brands and talent that Wasserman currently represents in a meaningful and impactful way, and I am excited to get started.”Music Business Worldwide
The best of MBW, plus the most important music biz stories on the web. Delivered for FREE, direct to your inbox each day.
