After months of rumors, Paradigm Talent Agency and Casey Wasserman have announced an agreement in principle under which Wasserman will acquire Paradigm’s North American live music representation business and form a new operating unit, reps confirmed to Variety. Details of the new company including name and configuration will be shared by new owner Wasserman after the transaction closes, expected in the second quarter of 2021.
According to announcement, the agreement to divest the music assets is the latest in a series of restructuring steps that were initiated by Paradigm CEO Sam Gores prior to the coronavirus pandemic but accelerated when the pandemic began to disrupt the entertainment industry and force cancellation or postponement of both live and filmed productions.
Paradigm continues to represent talent and literary clients, is in active discussion regarding strategic partners for its Talent and Literary business, and will be revealing that strategy at a later date. Paradigm plans to enter into a shared services agreement with Wasserman to ensure continuity of service to all music clients for its talent and literary services.
As part of the Paradigm restructuring, Tom Gores stepped in to provide financial backing and to assist in strategic planning and partnership negotiation with other industry players. He will provide financial backing to the new music venture as an equity partner.
In a statement, Paradigm CEO Sam Gores said: “This agreement is a win for all parties and a vital step on the restructuring path we embarked upon more than a year ago. 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.”