US-based sports, music and entertainment agency Wasserman has appointed Steve Murray as its new Executive Vice President of Mergers & Acquisitions and Strategy.
Murray, previously a Principal at private equity giant Providence Equity Partners, brings nearly 15 years of experience to the role.
The exec’s career includes experience in the sports, music, and entertainment industries, including collaborations with the National Football League, Major League Soccer, Learfield, Real Madrid, and Warner Music. His expertise covers media rights, digital marketing, commercial rights, music rights, technology, and education.
Notably, Murray played a key role in Providence’s strategic investment in Wasserman back in November 2022, which the company said fueled its expansion efforts. Since 2020, Wasserman has completed over 20 acquisitions, with eight occurring after Providence’s investment.
Separately, Providence also owns the music rights-acquiring fund Tempo Music, which launched in 2019.
Meanwhile, Murray was also instrumental in two major deals for Wasserman: the October 2023 acquisition of CSM Sport & Entertainment, which expanded the company’s service capabilities and global reach, and the September 2023 acquisition of Brillstein Entertainment Partners, which diversified the business into entertainment management and content creation.
“Steve will play a leading role in Wasserman’s growth strategy moving forward, and we expect his firsthand experience working closely with our company over these past couple years to allow for a uniquely smooth transition.”
Elena Rochelli, Wasserman
Prior to his stint at Providence, Murray honed his deal-making skills in Citi‘s mergers and acquisitions group, where he participated in multi-billion dollar transactions.
Announcing the appointment, Wasserman Chief Financial Officer Elena Rochelli on Tuesday (July 30) said: “Steve’s nearly fifteen years of experience sourcing, structuring and executing highly complex and transformative transactions, paired with his deep knowledge of the sports, music and entertainment industries globally, are a perfect match for our business as we look to accelerate our pace of acquisition in this next leg of our growth.
“Steve will play a leading role in Wasserman’s growth strategy moving forward, and we expect his firsthand experience working closely with our company over these past couple years to allow for a uniquely smooth transition.”
Murray also commented on his appointment, saying, “I’m excited to formally join Wasserman and be a part of such a talented team. I am eager to contribute to our next phase of growth and pursue new M&A opportunities to expand Wasserman’s services, capabilities, and geographic presence.
“There is a tremendous opportunity to advance M&A and growth across the company, and I look forward to helping drive this future success.”
“There is a tremendous opportunity to advance M&A and growth across the company, and I look forward to helping drive this future success.”
Steve Murray, Wasserman
This strategic hire by Wasserman follows a growing trend of music and music tech companies hiring from the private equity and banking and finance world to spearhead M&A efforts. Companies are increasingly looking to leverage the financial expertise and strategic insights that private equity and finance veterans bring to the table.
Last month, Warner Music Group hired Goldman Sachs’ Michael Ryan-Southern, appointing him to the newly created post of Executive Vice President, Corporate Development, effective in August.
Meanwhile, MBW revealed last month that TikTok is forming an in-house Music Content Investment Team based in Los Angeles, New York, and San Jose, to focus on “partnership or acquisition opportunities in the music content space on a global level,” meaning TikTok is moving into the competitive music M&A market.
Tellingly, it’s also looking to the world of investment banking and private equity to find the execs who will lead this charge.
These developments come amid a wave of dealmaking in the music industry, with potential investors coming from the private equity sector.
About two weeks ago, Bloomberg reported that London-based ticketing platform DICE is in talks to sell a significant stake in the company, with at least three private equity firms reportedly among the interested parties.
Around the same time, Billboard reported that Downtown Music Holdings is exploring a potential sale and has been in talks with private equity firms and at least one major music company.
Music Business Worldwide
