Music-centric talent agency continues to struggle financially amid the concert business shutdown
Sports and media mogul Casey Wasserman is back in negotiations to acquire the Paradigm talent agency’s lucrative music assets, two individuals with knowledge of the deal told TheWrap. In addition, insiders said that Paradigm co-owner and investor Tom Gores is leading the talks and has assumed functional oversight of the beleaguered agency from his older brother, company founder and CEO Sam Gores.
According to two individuals familiar with the agency’s current financial standing, Tom Gores is looking to recoup the recent investment he made in Paradigm through his Crescent Drive Media — which could result in a sale of the agency as a whole, spinning out the music division or doing some other deal ceding operational control of the company to extract as much value as possible. Tom Gores took an ownership stake in Paradigm this month to help bail out the overleveraged company, a dominant force in music representation that has seen its revenues dry up due to the pandemic-fueled shutdown of the concert business.