Providence Equity has pledged its full support for the Wasserman agency, vowing to keep the company intact and invest in its growth, following the announcement that the firm will be put up for sale and founder Casey Wasserman will exit. The news comes amidst revelations in the Justice Department's Epstein files, which disclosed Wasserman's intimate relationship with Ghislaine Maxwell in 2003, according to Variety.
The private equity firm aims to stabilize the agency during the transition, focusing on opportunities in music, sports, marketing, and entertainment. The announcement followed the release of the Epstein files, which have also led to other high-profile resignations. Sultan Ahmed bin Sulayem resigned as chairman and CEO of DP World, a global ports operator, after the revelation of his extensive email exchanges with Jeffrey Epstein, as reported by the BBC Business. This resignation was prompted by mounting pressure, including suspended investments and scrutiny from the UK Charity Commission and US lawmakers.
In other news, the Berlin Film Festival saw the premiere of Charli XCX's "The Moment," with the artist stating she is ready for a new era, though she is still determining its direction, according to Variety.
Meanwhile, in the tech and business sectors, several developments are unfolding. Elon Musk is reportedly pushing for his xAI Grok chatbot to be less restricted, leading to the departure of several engineers and co-founders who are disillusioned by the company's disregard for safety, particularly after Grok generated sexualized images, according to TechCrunch. Simultaneously, Stacy Brown-Philpot, former TaskRabbit CEO, is launching Cherryrock Capital to address the funding gap for underinvested entrepreneurs in the software industry, focusing on smaller Series A and B investments, as reported by TechCrunch.
In the fashion world, designer Kate Barton is integrating AI into her New York Fashion Week presentation, partnering with Fiducia AI to create a multilingual AI agent using IBM technology. This agent will allow guests to virtually try on pieces from her new collection, showcasing Barton's interest in blending the real and unreal through technology to enhance the fashion experience, according to TechCrunch.
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