According to Reuters, comedian and actor Kevin Hart launched a new media company called HARTBEAT and has acquired a $100 million investment from private equity firm Abry Partners.
Abry focuses on investments in the media, communication and information services space. The firm now has a minority stake with the company at an undisclosed valuation.
Hart will be the chairman of the new venture which was created out of the merger of Hart’s entertainment businesses Laugh Out Loud and HartBeat Productions.
Thai Randolph has been selected as chief executive officer of HARTBEAT. Nicolas Massard is joining the company’s board of directors and NBCUniversal’s streaming service Peacock will remain a shareholder.
HARTBEAT produces and distributes television and film content focused on “comedic storytelling,” and they currently have more than sixty projects in the works.
Analysts pinpoint now is a great time for firms to invest in entertainment content. Last January, private equity fund Apollo committed to investing $760 million in Legendary Entertainment (the company behind films like Dune and Godzilla vs. Kong).
One bit of sobering news is that Netflix Inc last week reported it had lost subscribers for the first time in 10 years due to inflation, the war in Ukraine and strong competition.