Sources said the talks have been on-again, off-again and there’s a good chance that a deal may never come to fruition. The discussions had not moved to the term-sheet phase as of Wednesday evening. Wasserman, chairman and CEO of Wasserman Media Group, is said to have been courted by by Tom Gores, the Platinum Equity CEO who is the brother of Paradigm founder and CEO Sam Gores.
Paradigm’s operations have been throttled by the sudden shutdown of the live music and event business. The agency has bulked up with a number of acquisition of music booking agencies and artist management boutiques in recent years, leaving it with substantial debt to service. The abrupt end of the touring business left the company in a financial pinch that forced the layoffs of more than 100 staffers and pay cuts for other employees in March.
A representative for Paradigm could not immediately be reached for comment. A rep for Wasserman declined to comment. News of the talks was
So a Paradigm shift...
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