Kevin Hart’s Laugh Out Loud and Hartbeat Productions merge and get $ 100 million investment from Abry Partners

Kevin Hart’s two entertainment businesses, HartBeat Productions and Laugh Out Loud, will merge into a comedy-oriented unit called Hartbeat.

In parallel with the combination, the company also announces a $ 100 million investment from private equity firm Abry Partners. Nicolas Massard, Abry’s partner, will join Hartbeat’s board. NBCUniversal’s Peacock, who signed a multi-year first appearance deal with Laugh Out Loud and acquired a stake in 2020, will remain a shareholder.

Tai Randolph, who led the capital increase and served as president and COO of Laugh Out Loud and HOO of Hartbeat Productions, has become CEO of the new organization. Hartbeat Productions’ Brian Smiley will direct content, while LOL’s Jeff Clangan will lead distribution, each with the title of president. Hartbeat Productions co-founder Leland Wigington will lead the new production brand under Hartbeat.

Led by Hart, Hartbeat plans to use its new funding to strengthen existing brands and franchises and create new features that connect with a global audience, according to a press release. The company already boasts a wide range of projects designed for digital platforms, streaming services and networks, as well as a large and passionate following on social media.

“Creating Hartbeat and increasing our capital with Abra is a new era in comedy,” said Hart. “It all started with a mission to make the world laugh together, and I’m so proud our teams did it, for their hard work, to create the most innovative and inclusive comedy storytelling company.”

He continued: “In an industry that likes to say ‘no’ and close doors, I tend to forge my own path and use our success to open doors for others. With this merger and funding, we will take the new entertainment plan we have built to the next level and create opportunities for a new generation of comic talent. I hope to bring more comedians, experiences and stories to the world with humor and heart. “

Randolph spoke of the company’s “unrivaled ability to generate sales, signatures and looks” as well as “manage cultural currency and conversation among the most desirable audience.” Hartbit’s new team, he added, “builds an end-to-end entertainment company that creates, broadcasts and broadcasts the most culturally significant IPs and experiences in comedy and beyond. Mergers and acquisitions help us grow and further invest in the future of comedy entertainment, creating the most requested content and experience at the intersection of comedy and culture.

Heartbit has three divisions: Film and Television Studio; Multimedia unit dedicated to events, games, music publishing and distribution network; And the Pulse-branded entertainment store. LOL! The network, which boasts wide distribution across the streaming and digital media range, will remain the company’s flagship consumer brand in the new configuration.

Hartbeat’s portfolio includes some of Netflix’s best titles Paternity Y დ True story; hit movie Night school; Quibi transformed into Roku Original Die Hart; Lyft Legends-branded content endeavors, plus podcasts and other companies. The company has endorsed many venues for the rising generation of comic talent, including the FX series. dave. The merger statement states that the company has up to 60 projects with more than 15 business partners in different stages of development.

Evolution Media Capital and Manatt, Phelps & Phillips, led by entertainment group partner Sophia Yen, advised Hartbeat on the deal.