UTA is not believed to be engaged in any substantive discussions with Paradigm. The specifics of Wasserman’s interest in Paradigm are still murky, though a source tellsthat it is welcome by those on the inside who see it as “strategic” as opposed to “investment banker people who bring nothing to the table.”
Paradigm pointed to the statement Gores issued last week when reports of Wasserman’s interest first surfaced. Gores at the time said that no sale was imminent but he acknowledged that the present “environment has created unique opportunities” and that the agency was looking at “a number of them.” Because of the agency’s reliance on revenue generated from big-ticket concert tours, the mid-March timing of the lockdown was especially brutal for Paradigm. The summer concert season is traditionally the most robust period for live entertainment with students out of school.
Gores is understood to be working with his brothers, private equity investors Tom Gores, who heads Platinum Equity, and Alec Gores, who heads Gores Group, on hammering out a path forward for the agency. Tom Gores and Alec Gores are also investors in Paradigm.
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