EXCLUSIVE: The nonfiction space is heating up in the M&A space as Boardwalk Pictures, the company behind long-running Netflix series like Chef’s table And last chance for youfinalized a transaction to sell a minority stake.
The company, founded by Andrew Fried, sold a stake to investment firm Shamrock Capital. No one is commenting, but we understand the deal is in the nine figures.
The move is the latest major deal in the burgeoning nonfiction space, and follows deals such as Sony Pictures Television’s $350 million acquisition of Industrial Media, Peter Chernin’s North Road Company’s $200 million acquisition of Red Arrow Studios and Fremantles Acquisition- series including companies such as 72 Films and ITV Studio’s $126 million deal for Plimsoll Productions.
Fried, who directed We are Freestyle Love Supremefounded the company in 2010 and also makes series such as FXs Welcome to WrexhamHBO Max The big brunchshow time We need to talk about Cosby that of Netflix to encourage And Pepsi, where’s my jet? and Amazon’s fall.
He told Deadline that the investment will allow the company to expand into more genres within the non-script space and make some big hires.
Since much of his production has been for Netflix and other streamers, Fried is looking to transition into more traditional alternative formats, game shows and comedy specials.
“We have never done boardwalk shows for so many other types of partners. We haven’t really done boardwalk shows with cable networks. We had no partnerships with broadcasters. So we start to wonder, what does a live event on the Boardwalk look like? What does a promenade show for NBC, CBS or ABC look like?” he told Deadline.
He said the nonfiction business has moved closer to the mainstream entertainment world of Hollywood. “Covid was probably a catalyst. I think a lot of people discovered new things at home and looked at them together in different ways,” he added.
Shamrock Capital, founded by Walt Disney’s cousin Roy E. Disney, recently raised $600 million to acquire content and media rights. It owns stakes in Fanduel and children’s entertainment company Silvergate, bought the master rights to Taylor Swift’s first six studio albums, and recently struck a deal with Universal Music Group to sell numerous Dr. Dre in a $200 million deal.
“We believe that authentic stories will always have an engaged audience,” said Mike LaSalle, partner at Shamrock Capital. “Andrew and the Boardwalk team are pioneers in creating honest, real and raw stories in a unique and compelling way. They have raised the bar for quality nonfiction, covering a wide range of topics that resonate with audiences around the world. We are excited to work with this talented team as they continue to bring their skills and sensibilities to new genres, formats and media.”
Fried joked that the deal was finalized the same day crazy men The fictional Sterling Cooper Draper Price was founded. Boardwalk Pictures was represented in the transaction by LionTree and Venable LLP. Shamrock Capital was represented by ACF and Willkie Farr & Gallagher LLP.
Source: Deadline
Joseph Fearn is an entertainment and television aficionado who writes for The Fashion Vibes. With a keen eye for what’s hot in the world of TV, Joseph keeps his readers informed about the latest trends and must-see shows.
