Providence Equity is nearing a deal to consolidate its ownership in Wasserman—now called The Team—in a deal that values the agency at about $3.4 billion, according to a source with direct knowledge of the negotiations.

The private equity firm already owns 60% of The Team, which it bought in 2022, and bid last year on Excel Sports Management, a rival agency that was purchased by Goldman Sachs. The Team’s sale process was launched earlier this year after a dump of files related to Jeffrey Epstein revealed flirtatious emails that Wasserman had sent in the early 2000s to close Epstein associate Ghislaine Maxwell.

No sale agreement has been signed, said the source, who was granted anonymity because the matter is private. The news was first reported by Puck, which said The Team was on track for $215 million in adjusted EBITDA this year.

Wasserman declined to comment. A representative for Moelis, which was hired to run the sale, also declined to comment. A representative for Providence Equity didn’t immediately respond to a request for comment.

Should a deal be reached, it would be the latest in a slew of M&A activity for major talent agencies. In addition to Excel’s sale, CAA was sold in 2023 and Octagon’s parent was sold last year. WME Group was taken private last March as part of a reorganization of Endeavor’s assets.

It also represents a strategic shift for Providence, whose current and prior sports deals have included a stake in Soccer United Marketing, Ironman, Populous, Callaway, YES Network, Learfield, and commercial tie-ups with the NFL and Real Madrid. Sportico reported in March that Providence was looking to exit its stake in The Team as part of Wasserman’s sale process, though that position changed over the course of the last few months.

When the emails first became public, Wasserman’s relationship with Maxwell had an almost immediate impact on his business. Clients such as pop star Chappell Roan and longtime U.S. soccer star Abby Wambach left the agency, and employees expressed concerns. In mid-February, Wasserman said he would sell the agency, and in March the company changed its name, further distancing itself from its founder.

Wasserman is also the chair of the LA28 Olympic host committee, a role he has retained despite pressure to step aside. As part of the proposed Providence sale, he has agreed to a non-compete, according to Puck, which didn’t provide any additional details.