Wasserman Media Group, which has become a force in the sports and entertainment worlds, is making a growth play, thanks to a $25 million investment from Highbridge Capital Management, The Post has learned.
The infusion will help WMG push into Asia and South America, as well as expand its athlete management practice, sources familiar with the matter said.
Sources said the Highbridge investment values privately held WMG at $250 million. A spokeswoman for the firm declined to comment.
WMG, which specializes in corporate sponsorships and naming rights for sports and entertainment projects, negotiated the 20-year deal with MetLife to buy the naming rights to the Giants and Jets’ stadium in the Meadowlands.
Casey Wasserman of Wasserman Media, which scored the Met Life Stadium naming rights deal, is winning a whopping $25 million investment from Highbridge Capital." title="Casey Wasserman of Wasserman Media, which scored the Met Life Stadium naming rights deal, is winning a whopping $25 million investment from Highbridge Capital." width="300" height="300" src="/rw/nypost/2012/03/30/business/web_photos/wasserman--300x300.jpg" />
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Casey Wasserman of Wasserman Media, which scored the Met Life Stadium naming rights deal, is winning a whopping $25 million investment from Highbridge Capital.
The firm also reps sports stars such as the NFL’s Andrew Luck and the NBA’s Derrick Rose.
WMG was founded in 2002 by Casey Wasserman, the grandson of legendary talent agent and MCA owner Lew Wasserman.
More players are jumping into the sports agency business, which is being fueled in part by lucrative sports TV rights.
At the same time, some of the biggest players are in flux.
Hollywood talent agency CAA has branched out into sports management and has partnered with an investment venture, Evolution Media Capital, although sources said its efforts in Europe have been fraught with difficulties.
The firm’s European boss, Peter Kenyon, a former CEO of Manchester United and Chelsea, quit in October amid reports of a dispute between CAA and soccer association FIFA. CAA is part owned by private-equity giant TPG.
Separately, sports and entertainment powerhouse IMG has been dealing with a management transition following the death of owner, Teddy Forstmann. IMG is now under the leadership of CEO Mike Dolan, the former CFO of Viacom.
catkinson@nypost.com
Highbridge Capital Management, Wasserman Media Group, sports and entertainment, Casey Wasserman, investment, Wasserman Media, sports management, Evolution Media Capital, CAA, sports stars, Andrew Luck, Highbridge investment
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