Kevin Hart is expanding his busy comedy production empire with the merger of two existing production banners and an inflow of $100 million, though a minority stake, to private equity firm Abri Partners.
With the deal, Hart combined Heartbeat Productions and Laugh Out Loud into a single Heartbeat banner led by CEO Thai Randolph, who helped raise capital and was the chief operating officer of both companies. NBCUniversal remains a shareholder after taking an equity stake in Laugh Old Loud in 2020.
Hart’s banner includes dramatic films (“Night School”), documentaries (Showtime’s “The One and Only Dick Gregory”), comedy series (“Dave”), Netflix titles (“Fatherhood,” “True Story”) and are hosts. of digital content for SiriusXM, Peacock, Roku, Peacock, PlutoTV and Vizio, among others. Heartbeat’s brand division has worked for Nick Cannon’s Wild ‘N Out Tour, and the shaky comedy All Star Jam, among others.
Given the breadth of Hart’s comedy class, Heartbeat is well equipped to put out buzzy short-form material from Hart as well as comedy stars such as Tiffany Haddish, Hasan Minhaj, Amanda Seales, Deion Cole, and Efian Crockett.
With the reshuffle, Brian Smiley of Heartbeat Productions became Heartbeat’s president and chief content officer. LOL’s Jeff Clanagan debates with the President and Chief Distribution Officer. Heartbeat Productions co-founder Leland Wiggington will shift to a production deal under Heartbeat. Abree Partners partner Nicolas Massard will join Heartbeat’s board of directors.
Hart appreciated the opportunity to combine and expand their functions as a springboard for growth. Ebrie Patners has handled $90 billion worth of transactions since its inception in 1989.
“Creating Heartbeat and raising our capital with Abrie represents a new era in comedy. It all started with the mission of making the world laugh together and I am very proud that our teams have created the most innovative and inclusive comedic storytelling company. Working hard to make it happen,” Hart said. “In an industry that loves to say no and shut doors, I use my success to forge my own path and open doors to others. With this merger and funding, we are taking the new blueprint we have created in entertainment to the next level and creating opportunities for a new generation of comic talent. Main Humor Aur Dil Se Duniya Ko Can’t wait to bring more comedians, experiences and stories.”
Randolph emphasized that Heartbeat wants to create an “end-to-end entertainment enterprise” that handles comedy material and stars ranging from soup to nuts.
“We have grown our business in the ever-changing media landscape by delivering comedy to audiences wherever and whenever they want to laugh, and demonstrating an unmatched ability to generate sales, subscriptions and eyesores for some of the top entertainment and brand partners world, driving cultural exchange and conversation between some of the most iconic audiences,” Randolph said. “The merger and raising capital helps us to create more highly sought-after content and experiences, build and invest in the future of comedic entertainment at the intersection of comedy and culture.”
Heartbeat has organized its expansion along sector lines. Smiley is the head of Heartbeat Studios, which finances, produces and distributes high-end comedy content for film and TV. Headed by Clanagan, Heartbeat Media, music, gaming, events and digital initiatives and distribution networks such as Pluto TV’s free streaming revolve around the LoL network. Pulse is the branded content division that has worked for blue-chip clients such as Procter & Gamble, Lyft, Sam’s Club, Chase and Verizon.
Heartbeat was reiterated in the deal by Evolution Media Capital and Manat, Phelps & Phillips, LLP.
Kevin Hart Expands Heartbeat Media Business With $100M Investment From Abri Partners - Business News (crast.net)
.
