Wasserman Media Group Receives $25M In Funding To Fuel Growth
Wasserman Media Group “is making a growth play," thanks to a $25M investment from Highbridge Capital Management, according to Claire Atkinson of the N.Y. POST (3/30). In Monday's issue of the SPORTSBUSINESS JOURNAL, Tripp Mickle reports that WMG “plans to use the money for acquisitions and strategic growth initiatives, and sources familiar with the company’s plans say it’s particularly focused on expanding its business overseas,” especially in Europe, Asia and South America. The deal “gives one of Highbridge’s funds, Highbridge Principal Strategies Growth Equity (HPSGE), preferred equity in Wasserman.” Clifford Friedman, who oversees HPSGE, has become a director on Wasserman’s board. JP Morgan has a majority interest in Highbridge Capital, and Wasserman “has ties to JP Morgan’s most senior executives. “ Under terms of the investment, WMG CEO Casey Wasserman “is able to buy out Highbridge at any time,” and he has the “ability to secure more funding under similar terms to the group’s initial agreement.” Highbridge is the "first outside investor" in WMG (SPORTSBUSINESS JOURNAL, 4/2 issue).